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[petitioner] can draw SS [Social Security]". Petitioner took the
outline to an attorney who had been retained by her (through her
legal services plan at work) for the purpose of obtaining the
couple's divorce.
Petitioner explained the outline to the attorney, including
the fact that the $1,400 monthly payment to her from Mr. Burns
was to contribute toward the payment of the expenses of the
marital home and the couple's mutually owned elderly pets,
including debt service on the mortgage and the cost of preparing
the marital home for sale, and was to be taxable to Mr. Burns.
Petitioner further explained that the couple had agreed that the
$500 monthly payments by Mr. Burns to petitioner after the
marital home was sold, until such time as she began receiving
Social Security benefits, were to be taxable to petitioner.
The attorney thereafter drafted a Marital Settlement
Agreement (MSA) for petitioner and Mr. Burns to review and sign.
The MSA included provisions intended to memorialize the Burnses'
agreements with respect to the division of all of their marital
debts and all of their real and personal property. It also
contained provisions whereby petitioner and Mr. Burns
relinquished any rights they may have had to each other's
"retirement accounts, pensions, profit sharing plans, etc.", and
released one another from all other claims and demands of any
nature except as provided for in the MSA. The MSA included an
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Last modified: May 25, 2011