Edward A. Bougas III - Page 2

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          early distribution from his individual retirement account (IRA).            
                                  FINDINGS OF FACT                                    
               Some of the facts have been stipulated and are so found.               
          The stipulation of facts and the attached exhibits are                      
          incorporated herein by this reference.  At the time the petition            
          was filed, petitioner resided in Millburn, New Jersey.                      
               Petitioner was married to Kathleen O. Bougas (Ms. Bougas) on           
          December 27, 1969.  On July 11, 1996, petitioner and Ms. Bougas             
          were separated.  On April 6, 1998, in a Dual Judgment of Divorce            
          Incorporating Property Settlement Agreement (divorce judgment)              
          filed in the Superior Court of New Jersey for Monmouth County               
          (New Jersey court), petitioner and Ms. Bougas were ordered                  
          divorced.                                                                   
               The divorce judgment, inter alia, ordered petitioner to pay            
          (1) a lump sum of $150,000 tax free to Ms. Bougas, (2) Ms.                  
          Bougas’s credit card debt of $46,714.41 to various credit card              
          companies, and (3) a $10,000 attorney’s fee to Ms. Bougas’s                 
          lawyer.  Further, the divorce judgment contains a provision that            
          petitioner’s 401(k) and IRA accounts shall be his sole and                  
          exclusive property, free and clear of any claims by Ms. Bougas.             
               No provision exists in the divorce judgment dictating that             
          petitioner must pay the ordered obligations from his IRA account.           
          The divorce judgment did not provide for a specific source of               
          funds from which petitioner was required to pay his divorce                 






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