divorce agreement question

[SMarie]

The divorce agreement states that husband and wife agree to sell the stocks after March 1, 2000, and after providing for payment of taxes, divide the proceeds from the sale of the stocks as follows: Wife will receive the first $600,000 from the sale of the stock. All proceeds, over and above the initial $600,000 shall be divided equally between the parties. The question is: Does this imply that I (wife) should receive at least $600,000 even if the stock price fell and the sale of the stock would not produce $600,000? (At the current stock price the sale would generate approximately $350,000.) In other words, does it seem like I would have a case to get my ex-husband to make up the difference?

 

[Grandma B]

Wouldn't that be great though?

 

[I AM ALWAYS LIABLE]

The divorce agreement states that husband and wife agree to sell the stocks after March 1, 2000, and after providing for payment of taxes, divide the proceeds from the sale of the stocks as follows: Wife will receive the first $600,000 from the sale of the stock. All proceeds, over and above the initial $600,000 shall be divided equally between the parties. The question is: Does this imply that I (wife) should receive at least $600,000 even if the stock price fell and the sale of the stock would not produce $600,000? (At the current stock price the sale would generate approximately $350,000.) In other words, does it seem like I would have a case to get my ex-husband to make up the difference?

My response:

Your "cut" is only dependant upon the "sale" price. It is not your husband's fault if stock prices and current trends in the market devalue the stock. You get the price of the stock at whatever price the stock sells, "up to" the first $600K. If all of the stock sells for is $350K, as long as all the stock is sold, then that's all you'll receive.

IAAL

 

[LegalBeagle]

The divorce agreement states that husband and wife agree to sell the stocks after March 1, 2000, and after providing for payment of taxes, divide the proceeds from the sale of the stocks as follows: Wife will receive the first $600,000 from the sale of the stock. All proceeds, over and above the initial $600,000 shall be divided equally between the parties. The question is: Does this imply that I (wife) should receive at least $600,000 even if the stock price fell and the sale of the stock would not produce $600,000? (At the current stock price the sale would generate approximately $350,000.) In other words, does it seem like I would have a case to get my ex-husband to make up the difference?

Too funny..

Considering how strong the markets were in March 2000, they should have been sold then. Why were they not sold in March ? The person who will suffer most here is your ex, he gets nothing.