- 3 - support and to maintain medical insurance for the minor children. The divorce decree did not order petitioner to maintain medical insurance for his former spouse. Pursuant to Virginia law, the divorce decree designated the marital residence, petitioner’s Thrift Savings Plan, valued at $63,445.46,1 and petitioner’s Civil Service Retirement Plan as marital property and granted petitioner’s former spouse a 50-percent interest in the marital property. The divorce decree further ordered that $31,722.73 was to be transferred immediately from petitioner’s Thrift Savings Plan into the sole name of petitioner’s former spouse. Regarding petitioner’s Civil Service Retirement Plan, the divorce decree ordered the following: 7. The plaintiff is hereby awarded fifty percent of the marital share of the defendant’s [petitioner’s] pension acquired through his employment with the United States Government, Civil Service, Department of the Navy. The plaintiff [sic] share of retirement shall be calculated using a fraction where the numerator shall be 22.5, representing the number of years of the marriage, and the denominator shall be the total number of years during which creditable retirement benefits were acquired by the defendant, times fifty percent. Petitioner timely filed a tax return for his taxable year 2002, characterizing on that return $6,724 as deductible alimony 1The Thrift Savings Plan had a gross value of $88,487.21, less $10,902.22 (borrowed from the plan to pay off the mortgage on the marital residence), less $14,139.53 (borrowed from the plan to pay off the mortgage on other marital property), for a net value of $63,445.46.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011