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determined by the divorce court for Marilou’s one-half interest
therein, which would leave Richard as sole owner of both the farm
acreage and the residence acreage.
Under the divorce decree, in the event Richard did not
exercise his right to purchase Marilou’s interest in the farm
acreage and the residence acreage, both parcels were to be sold
in the local real estate market with the first $84,000 of the
proceeds from any such sale to be paid to Marilou (less any
amounts already paid by Richard to Marilou), and the balance of
the proceeds was to be paid to Richard.
In the divorce proceeding between Richard and Marilou,
Richard, who represented himself, argued against his own interest
that the farm acreage and the residence acreage had a value
significantly above the value placed thereon by the local realtor
and by the divorce court.
Subsequent to 1994 and through 1998, real estate values in
the vicinity of China, Maine, generally increased.
Richard made early withdrawals from his Individual
Retirement Account (IRA) of $98,500 in 1995 and $70,500 in 1996,
which cumulative $169,000 represented the total balance in his
IRA which Richard had built up over the years while working for
the Central Maine Power Company.
Richard used a portion of the IRA distributions to purchase
tools and farm equipment and a prefabricated building installed
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