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--“[t]hat the terms of this Agreement constitute a fair and
equal division of the assets and debts and that neither party
owes an equalization payment to the other”.
--carefully spelled out arrangements for child custody and
support. These arrangements are separate and apart from the
provisions for spousal support, see infra.
--that John would receive all of the stock of Sea Supreme,
Inc., a company in which the Parties owned a 50-percent interest,
and would hold Carol harmless from its debts and obligations.
Carol agreed with John’s valuation “in the vicinity of $1.2
million”.
--Detailed provisions for spousal support.
The provisions for spousal support are as follows:
IV. SPOUSAL SUPPORT
25. Each party is aware of the right of each
party to receive spousal support from the other party
based upon the relative income and needs of the parties
and the duration of the marriage.
26. Both parties are aware that this marriage is
one considered and characterized as a marriage of long
duration. As a result, certain responsibilities for
support may exist between the parties for some unknown
length of time after separation and after a dissolution
is entered unless both parties freely and voluntarily
waive their rights to support and agree to the
termination of the courts [sic] jurisdiction over the
issue of spousal support. Once this waiver and
agreement is entered, it is non-reversible and may work
a considerable hardship on either one or both of the
parties.
26. Being aware of the above, the court will
retain jurisdiction over John’s right to collect
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Last modified: May 25, 2011