Margaret Carol Burns - Page 4

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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