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At the time of their divorce, petitioner’s and Mr. Walker’s
marital estate was worth several million dollars. Included in
the marital estate was a piece of real property (Happy Valley
property) located next to petitioner’s and Mr. Walker’s home in
Clackamas County, Oregon, in which petitioner and Mr. Walker
jointly owned a 50-percent interest. The other 50-percent
interest in the Happy Valley property had been conveyed to a
trust for the benefit of petitioner and Mr. Walker’s children and
grandchildren (Walker Family Irrevocable Trust).
The marital settlement agreement that was entered into by
petitioner and Mr. Walker severed their joint ownership in the
Happy Valley property and conveyed separate 25-percent interests
to each of them. In accordance with the terms of the marital
settlement agreement and pursuant to a bargain and sale deed
signed and dated by petitioner and notarized on October 10, 1996,
and signed and dated by Mr. Walker and notarized on October 17,
1996, petitioner and Mr. Walker, as grantors, conveyed to
petitioner, as grantee, one-half of their previously jointly
owned 50-percent interest in the Happy Valley property. The
stated consideration for this conveyance was the Stipulated
Judgment of Dissolution of Marriage (divorce decree) entered in
Clackamas County (Oregon) Circuit Court Case No. 96 04 504,
Walker v. Walker. Neither the marital settlement agreement nor
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Last modified: May 25, 2011