The petitioner had sought legal sanctity for divorce decrees
granted by the church courts.
Under the divorce decree
, W has a primary and unconditional obligation to purchase all of H's shares, and His required to sell the shares to W for $100,000.
If the IRS audits a joint return filed prior to the divorce and finds that taxes are owed, the divorce decree
or settlement agreement can stipulate which spouse is liable for any deficiency or whether the amount should be split between them.
Among other things, the divorce decree
required him to refinance within two years of the divorce, but was silent as to which party was responsible for the current mortgage.
We can still look at the divorce decree
and review their good strategies together.
The Internal Revenue Service has ruled that where a divorced wife had an absolute right, under terms of a property settlement agreement incorporated by reference in a divorce decree
, to annuity payments after the death of her former husband, such payments to be provided by insurance on his life maintained by him for that purpose, the former husband possessed no incidents of ownership in the insurance at his death; no part of the insurance proceeds was includable in his estate.
2) The high court determined that an ex-wife, as named beneficiary to her deceased ex-husband's pension plan, was entitled to his pension benefits even though she had waived the designation in the parties' divorce decree
The divorce decree
was made absolute at London's High Court.
The program provides law firm specific, customized, court room ready reports and charts that often result in the foundation of rational negotiation and the eventual non-litigated reaching of a divorce decree
If a boomer client is divorced, the advisor should ask to see the divorce decree
, says Bilderback.
Payments under a divorce decree
can be alimony even if the decree's validity is in question.
But just that quick, a pair of cowboys stepped in, guns blazing, to issue an Old West divorce decree