- 10 -
through his employer and through Transamerica with petitioner as
beneficiary. Additionally, Mr. Ohrman was required to pay,
defend, indemnify, and hold harmless petitioner for 19 specified
credit cards held in his name in addition to all other credit
cards, loans, debts, notes, encumbrances, credit lines, equity
lines, or other financial obligations in his name, with the
exception of an Alaska Airlines Visa account.
Finally, Mr. Ohrman agreed to:
pay, defend, indemnify and hold * * * [petitioner]
harmless from any claim made by any taxing agency
arising out of tax returns previously filed by the
parties. * * * [Mr. Ohrman] shall be liable, indemnify
and hold * * * [petitioner] harmless from the tax
liabilities resulting for 1999, 2000 and 2001. * * *
[Mr. Ohrman] shall be responsible for communicating
with the taxing agencies and do all that is necessary
to protect * * * [petitioner] from the tax obligation.
Excluding the right to spousal support, insurance coverages,
and the 1998 Lexus, petitioner received assets with an
approximate fair market value of $782,000 under the separation
agreement. The fair market value of the Birdshill residence as
of June 2001 was approximately $500,000. The true and actual
stated consideration in the Bargain and Sale Deed transferring
Mr. Ohrman’s interest in the Birdshill residence to petitioner
was $0. The 401(k) retirement account had a value of $36,581 on
March 31, 2001. The Dean Witter account had a value of $246,234
on May 31, 2001. Under the separation agreement, Mr. Ohrman
retained only his personal belongings, which consisted of
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