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Final draft, need help.

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vacren

Member
What is the name of your state (only U.S. law)? IL

Most of the background isn't really important, I hope you guys are quick because she's willing to sign after I make a few changes.

First addition:
I'm receiving a settlement. We've agreed she gets 10% after all medical and lawyer fees are paid. I need help making the wording look right.

Division of monies:
A. Husband agrees to pay wife 10% (ten percent) of remaining funds from insurance settlement RE: Auto accident of September 2006 AFTER all pertinent medical and representation debts have been paid in full.


Second addition:
If that settlement applies to taxable income I only want to give her 1/3 of taxes for next year. If it does not, I'm willing to give her 1/2. Any thoughts on how to make that fluid would be appreciated.

I'm actively writing this, so speedy input is always a plus :D

Happy to be almost done with this harpy,

~V
 


LdiJ

Senior Member
What is the name of your state (only U.S. law)? IL

Most of the background isn't really important, I hope you guys are quick because she's willing to sign after I make a few changes.

First addition:
I'm receiving a settlement. We've agreed she gets 10% after all medical and lawyer fees are paid. I need help making the wording look right.

Division of monies:
A. Husband agrees to pay wife 10% (ten percent) of remaining funds from insurance settlement RE: Auto accident of September 2006 AFTER all pertinent medical and representation debts have been paid in full.


Second addition:
If that settlement applies to taxable income I only want to give her 1/3 of taxes for next year. If it does not, I'm willing to give her 1/2. Any thoughts on how to make that fluid would be appreciated.

I'm actively writing this, so speedy input is always a plus :D

Happy to be almost done with this harpy,

~V
How about:

Division of monies:
A. Husband agrees to pay wife 10% (ten percent) of remaining funds from insurance settlement RE: Auto accident of September 2006 AFTER all pertinent medical and representation debts have been paid in full.

B. Husband and wife agree that a joint tax return will be filed for 2010 (assuming that you are still legally married on 12/31/2010, because otherwise you CANNOT file a joint return) and that they will split the refund equally. If husband's insurance settlement funds are taxable income, then the amount of the refund that wife is to receive will be reduced by the amount of tax attributable to the money wife received from the settlement.

If the settlement causes no refund to exist, or a substantially different refund than would have existed without the settlement, then husband agrees to pay wife 1/2 of what the refund would have been without the settlement, minus the portion of tax attributable to her 10% of the settlement.
 

vacren

Member
I hate this.

I'm paying her 10% of "taxable income" as maintenance. How do I word this so she's not entitled to interest, or a further 10% of the settlement as maintenance?

A. Husband shall pay to Wife 10% (ten percent) of remaining funds from insurance settlement re: Auto Accident of September 2006, AFTER all pertinent medical and representation debts have been paid in full, as her claim to Lost Consortium. Wife may not at any time seek further compensation from Husband in regard to this settlement.

Thanks again,
~V
 

mistoffolees

Senior Member
I hate this.

I'm paying her 10% of "taxable income" as maintenance. How do I word this so she's not entitled to interest, or a further 10% of the settlement as maintenance?

A. Husband shall pay to Wife 10% (ten percent) of remaining funds from insurance settlement re: Auto Accident of September 2006, AFTER all pertinent medical and representation debts have been paid in full, as her claim to Lost Consortium. Wife may not at any time seek further compensation from Husband in regard to this settlement.

Thanks again,
~V
You know, if you've reached agreement on the terms, it wouldn't be that expensive to have an attorney draft it - and might save a lot of headaches down the road.
 

vacren

Member
Thanks for the advice. I'm active military and have a lawyer who's going to review it once completed to make sure it's sound, but I find this resource allows me access to multiple attorneys with thousands of combined years of specified experience vice the JAG officer who deals mostly in military law.

Again, thank you all for your input. I will submit as is at the end of the day, any further guidance is always appreciated.

~V
 

LdiJ

Senior Member
Thanks for the advice. I'm active military and have a lawyer who's going to review it once completed to make sure it's sound, but I find this resource allows me access to multiple attorneys with thousands of combined years of specified experience vice the JAG officer who deals mostly in military law.

Again, thank you all for your input. I will submit as is at the end of the day, any further guidance is always appreciated.

~V
I hate to burst your bubble, but while there are some attorneys who post here, most of us are educated laypeople or other types of professionals with some experience with law.
 

vacren

Member
Well, I do take everything with a grain of salt ;)

The advice is appreciated, nonetheless. Everything I've heard here has been, at the very least, guiding and beneficial either to my cause or to my practice in patience.

I've read a fair amount of Illinois divorce law the past two years but still have quite a bit to gain, even from an educated layperson.

~V
 

mistoffolees

Senior Member
Well, I do take everything with a grain of salt ;)

The advice is appreciated, nonetheless. Everything I've heard here has been, at the very least, guiding and beneficial either to my cause or to my practice in patience.

I've read a fair amount of Illinois divorce law the past two years but still have quite a bit to gain, even from an educated layperson.

~V
What you're doing is fine, but don't drive yourself nuts over the details when you're going to take it to an attorney. He probably has his own wording that he'd rather use and can probably do it in his sleep, so you're not saving that much time by wordsmithing.


The real time (and money) saver is working out the details of the agreement so that both parties know what they're agreeing to. At that point, barring dishonesty on someone's part, getting it onto paper shouldn't be all that hard or time-consuming.
 

vacren

Member
Definately agree. We've worked out just about everything. As far as the dishonesty thing, she's convinced I'm trying to deceive her. I gave her everything plus alimony/maintenance and we've been separated for almost four years after two years of marriage with very broken contact.

After being separated for so long, her working full time (now), me payng to put her through school, and the monetary value of the marital property I gave her I could probably get away with giving her nothing on the settlement, but it's going to go toward our daughter either way and this makes her more willing to accept the final agreement.

This is the first time I've been in the US long enough to actually do anything that will come to fruition before I have to go again and I'm excited. I think she's got a new bf, guessing that's why she went from dragging her feet to hourly texts and calls asking if they (the papers) are ready yet.

Thanks again for your help, not going to repost here, but if you've got anything else, please PM or email me.

~V
 

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