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HomeMy WebLinkAbout97-04218 ~ ~ ~ - ".. ':) ".. CJ a... - ri ~ , t-- 0'" . ~ ~ 1 , , ! I . years, il will then be sold with David Bellon receiving Ihe proceeds of any sale and being responsible for any shortfnllto cover the existing mortgage on Ihal property. 3. The equity in the Pennsylvania house, aOer payment of costs associated with the sale, will leave the parties with approximately $42,600, Husband's half of this amount, 821,300 shall be reduced by one-half the equity of the North Carolina home. The equity in the North Carolina home totals 822,751. (fhis is based upon the combined amounl of the value of Ihe property, less real estate commission and lransfer tax costs if the home were to be sold, and less the current mortgage on the home. The bank account balance at 88&T is also included in Ihis value.) Deducting one-half this amount, 811,375,lhe remaining balance to be credited to Husband, 89,925, shall not be paid out by deduclion from Wife's half of distribution of Husband'1l40lk plan. 4. Husband's 401k plan will be divided as follows. The value of the plan as of dale of separation was 853,260. The date of separation value has grown to 868,548, but 85,300 of Ihis renects employec and employer contributions since the separation. The amount 10 be divided is therefore 863,248. Thill amount ill to be divided equally by the partiell. Wife'lI half is therefore 831,624. To he off.et a88iMt this amount, to be distributed to Wife, is $9,925. Also to be offset againstlhill amount is 85,000, representing one-h. If of \l'ife's 401k. This leavetl Wife'. interett in the 4011. at 816,699, 10 tIC lrantferred 10 her OIl March 6, 1998 by 8 Qualified Domeslic 2 Relations Order. Husband shull he responsihle for tllking stepllneeessary toward Ihe establishment of a proper QDlW. 5. Various cash assets exisl us followll: a. Harris savings slock: 300 shares, currently valued al 85,850. Wife's one-half interest and Husband's one.half inlcrest are each valued 82,925. b. Pulnam IRA, currently valued al 82,386. Husband shall retain this assel. c. Delaware IRA, valued at 84,662. Husband shall retain this asset. 6. Husband will transfer to Wife all of his interest in the Harris Savings slock. This will have the value of a cash transfer of 55,850. This amount will be offset against Wife's one-half interest in the PP&L stock. The PP&L stock is currently valued at 532,185. Wife's one-half interest of 816,092 will be reduced by 85.850, leaving Wife wilh a value of 810,142 of PP&L stock, to be transferred to her on March 6, 1998. 7. Each party will retain and be full owner of any savings, checking or other cash accounts currently in his or her own name. 8. Each party will retain Ihe vehicle currently in hi. or her own poasealion, and each party will maintain sole respOIljibility for payment of any finaneill! connected with hi. or ber respective vehicle. 3 . Any other items of personal property shall remain the sole possession of the party currcnlly possessing Ihat property. 11. Husband shall pay Wife a lump 8um property selllemenl of 812,000. on or before March 6, 1998. While this distribution is a property selllement, not alimony, Wife agrees nol to assert any claim for alimony, in exchange for this distribution. 12. On March 6,1998, Husband and Wife will each sign affidavits consenling to a divorce. 13. The parties agree thai in the event of absolute divorce between them, they shall nonetheless continue to be bound by all the tentls oflhis Agreement, and neither this Agreement, nor the tentls hereof, shall be deemed to have been merged in any decree or judgment granled in the divorce action, but shall survive and be forever binding upon the parties. 14. Each of the parties shall, from time to time at the n.'quest of each other, execute, aclmowled8C and deliver to the other party any and all further instrwnenla that may reasonably be required in orner to give full force and elTeclto Ihe provi.ions of this Apeement. 15. Each party hereto II"'" thai he or .he .hall individually be responsible 5 for any and all counsel fees and expenses incurred by him or her in connection with Ihe prepamlion of this Agreement and the divoree between the parties. 16. Except as provided for in this Agreement, the parties hereby remise, release, quit-claim and forever discharge each other and the estate of each other, for all time 10 come, and for all purposes whatsoever, from any and every claim, including alimony, alimony pendente lite, equitable distribution of marital property, counsel fees or cosls under the Divoree Refonn Act or spousal support, or otherwise,lhat they make or hereafter make in and to or against each other's estates or any parts thereof, whether by way or dower or curtesy, or under the intestate laws, or the right to take or elect against the other's will, except only such rights as accrue pursuant to this Agreement. 17. The failure of either party to insist in anyone or more instances upon the strict perfonnance of any of the tenns hereof in this Agreement shall not be construed as a waiver or relinquishment of such tenn or tenns in the future. 18. In the event that either party breaches any provision of Ihis Agreement, he or she shall be responsible for any and all costs incurred 10 enforce the Agreement, including, but not limited to, court costs and counlSCl fees of the other party. In the event of breach, the other party shall have the right, at his or her election, to sue for damages for such breach or to seek such other and additional remedies al may be 6 COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND On thiB, th~~y -:;J;;~cj SS: , 1998, before me, a Notary Public in and for .. the aforeB8id Commonwealth and County, personally appeared B. DAVID BETTON, known to me, or utiBfactorily proven, to be the person whose name iB Bubscribed to the within inBtrument and acknowledged that he executed the same for the purpose therein contained, IN WITNESS WHE to set my hand and official seal. y. JC'f~ c.- -, ICIIO." JND co. N lftCOlr1l1l C,,-.NOI- -t._ COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND ss: On thia, the~daY of ~ 1998, before me, a Notary Public in and for the aforesaid Commonwealth and County, penonally appeared MARTHA J. BETTON, known to me, or aatiafactorily proven, to be the penon whose name is lubec:ribed to the within inBtrument and acknowledged that ahe executed the aame for the purpoae therein contained. IN WITNESS WHEREOF, I hereunto aet my hand and official aeal. My Commiaion Eapirea: NlllA11lAl SlAl SHEW 0 SlIT~ NllfAll'lPUalC CAIllISlI llOIlO. ~ COUlI1Y II1~N'l' ,mU'llllK.'. \It!llOel, "'~ta AsIO(II1IIIIl III....... II 7, Alternall! Payee ~hall 1'l'l'L,jl'e :1,1/, ,hil' es 0(' t h.. 1'1'&1. ~tock held III the Employ,." Stock Own"r~hip Plan. 8, Alternate Payee shall receive $16,Il!lU from the Employee Savings Plan, This a1lluunt shall be placed in u ~..greguted account within the I'P&L Plan, in the Alternate Payee's name und shall accrue any interest, dividends. and growth, effective !'Ilarl'h G, 1!.l98, und 1'l'lIlain H'gl'l'l'alt.d frolll I h" ".'count of the Participant. !l, The distrihuI ion 10 AllI'rnalt' I'an'e Ir"lll the 1';:-;01' and ESP shall he mad.. a~ ~o"lI as admilliHrati\'e1y 1Il""'!,,'a!'!,. ft.tl"wil1;' the I'lan's dl'tl'rllllllation that thi, Order is a Qualified D01llestic Helations Order, 10, Participant's death shall haw no "''fect on payment of Alternate Payee's hl'nefit under the ESOP or i':~;p. 11. In the event the Alternate Pay!'e dib ,"efore the Alternate Payee's henefit is paid, the benefit shall be paid in accordance with the applicable Plan provisions regarding payments to beneficiaries, including payments when no beneficiary is designated. The Alternate I'uyee shall he 1'lIlitled to name a beneficiary (or beneficiaries) to receive the unpaid balance of the benefits, The death of Alternate Payee before the Plan determines that this is a (~ualified Domestic Relations Order shall not effect the right of Alternate Payee's beneficiary to benefits from the Plan. ~ ~ -.:;.' ~~Q V) -.J ~ r-' - , /"() rt. c<; ,. (Y) .-( '. -a 0 ' ~ @ HI t'.:: "'J ( ~ ~ ~C~() ~ i r: ~ ~ I ~ : " ~ t; , ~ l.," , ('0. 1..., , t5 ,: \., l!; I It) i."il ,. ~ ri ~i1 ... ~, ~ " r-- {j 0- . ~ d cJ( ... .. ... ... C III Z .. .. 0 c: ... ... 0 ... c: .. .. "" ~lJ.~ ... ... Z lloo .. .... Q :i :cj R~ . Z ,,"Ill O~I-- 0 Z XU ~e ~~ E 011I 0 <.10 .. t: Cl::: ~i~~~ > ... ZCl . .. 0( ., ... ~ Q <.I Q<I!! ... ... ... l:; ~ i <.I iil Z OQ . ." . ... " . . . fi: (\J 6 ;0: N 1,- 8 -- tU~~ ~-":r, Ef(; :.i ".~~~~ Lit: .....-... ~C . . ,~J <:> .:(.:; (0,: -,. Ullt N _1..- -J!, , "j#' U.' 1'1 liJj .: :::.' >~t\.. -. . "- r- :'1 0 t1' 0 z o (I) l z ~ '" :cj R::l 9.~J"''''~ olt~ ~ ~ . ~~I~g !<~ ~ . 6;' . . ., . . , . . ,. . \..') -:> 1:" '" , I ~:. ",. -I ~. , .-, '-,'" ~',l , ."- , t .., >';1 ,~; : ,,::> , -n -.., : ;~ - . :. " .. ..;, ~'. -, - .~, C:J .... .,~: .... " . .. . n ,0 () ;;oJ -n ~ ~, ..~.. ~ ..'t' .,,} I ~, r....' ? ,-, -" ,,7, ~. ;;"') - f.j I .. ~..:; -' ~l -~ <1:1 ...... . .' . .. " oil MARTHA J. BETTON, Plaintiff :IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COUNTY, PENNSYLVANIA v. BRUCE D. BETTON, Defendant :CML ACTION. LAW :NO. 97-4218 CML TERM :IN DIVORCE WAIVER OF NOTICE OF INTENTION TO REQUEST ENTRY OF A DIVORCE DECREE UNDER t SSOl(c) OF THE DIVORCE CODE 1. I consent to the entry of a fmal decree of divorce without notice. 2. I understand that I may lose rights concerning alimony, division of property, lawyer's fees or expenses if I do not claim them before a divorce is granted. 3. I understand that I will not be divorced until a divorce decree is entered by the Court and that a copy of the decree will be sent to me immediately after it is filed with the prothonotary. I verifY that the statements made in this affidavit are true and correct. I understand that false statements herein are made subject to the penalties of 18 Pa.C.S. t 4904 relating to unsworn falsification to authorities. Date: ~(t h~ .., ......~;.#~!. BRUCE D. BETl'ON .... . . . .. (') t,.;:) 0 (~ C;) ." .... .,. "7" .." , J ;F- I .-"t1 .. """' T"o.' b -:" . ,.\l ~ 7, ,. "'" ) - :"it .. ::. ,- .- :4 (~') - MARTHA J. BETTON, Plaintiff :IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COUNTY. PENNSYLVANIA v. , . :CML ACTION. LAW :NO, 97-4218 CML TERM :IN DIVORCE BRUCE D. BETTON. Defendant ADDENDUM TO SEPARATION AGREEMENT We. BRUCE D, BETTON and MARTHA J, BETTON, ask that the attached Qualified Domestic Relations Order be entered as an Order of Court. Date~~d r~l4~ B. DAVID BETTON ~~ SAMUEL W. MILKES, ESQ. Date:~fif ~~.-~~r P&~ /J6~ I:"'" {? it, J. HfS:~ -- t MARTHA J. BETTON, Plaintifl' :IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COUNTY, PENNSYLVANIA v. , :CML ACTION. LAW :NO. 97.4218 CML TERM :IN DIVORCE BRUCE D. BETTON, DeCendant QBDE.B IT IS ORDERED, ADJUDGED, AND DECREED: 1. Bruce D. Betton, DeCendant, date oCbirth 4/2/47, (Social Security Number 165-38-0468), hereinafter reCerred to 88 "Participant" is a participant in the Pennaylvania Power and Light Company benefit plans described below (hereinafter reCerred to as the "Plan" or .Plans"). 2. The current and last known mailing addresa oC Participant is 31 Big Spring Avenue, Newville, PA 17241. 3. Martha J. Betton, P1aintifl', date oC birth 5/4/46, (Social Security Number 193-36-4602), hereinafter referred to as "Alternate Payee," il the lpOuae oC the Participant and baa raised elaima Cor, inter aliL equitable distribution oC marital property punuant to the Pennl)'lvania Divorce Code, 23 PLC.s. Section 3101, et sea. .. The current and last mown mailing addreu oC the Alternate PlIJl!8 is 609 ColODW View Road, Mecbanicaburr. PA 17066. 6. Tbia order applies to the Collowing plana: Employee Stock Ownenbip Plan (ESOP), and EIDfIlo1ee 8mDp Plan (ESP), 8. A portioe or Participant', account In the Plan it marital properll auItec:t to clUtributioll b7 thfa Court. 7. Alternate Payee shall receive 348 shares of the PP&L stock held in the Employee Stock Ownership Plan. 8. Alternate Payee shall receive $16,699 from the Employee Savings Plan. This amount shall be placed in a segregated account within the PP&L Plan, in the Alternate Payee's name and shall accrue any interest, dividends, and growth, effective March 6, 1998, and remain segregated from the account of the Participant. 9. The distribution to Alternate Payee from the ESOP and ESP shall be made as soon as Ildministratively practicable following the Plan's determination that thia Order is a Qualified Domestic Relations Order. 10. Participant's death shall have no effect on payment of Alternate Payee's benefit under the ESOP or ESP. 11. In the event the Alternate Payee diell before the Alternate Payee's benefit ill paid, the benefit shall be paid in accordance with the applicable Plan provisions regarding payments to beneficiaries, including payments when no beneficiary is designated. The Alternate Payee shall be entitled to name a beneficiary (or beneficiariell) to receive the unpaid balance of the benefits. The death of Alternate Payee before the Plan determines that this i. a Qualified Domelltic Relation. Order shall not elred the rilbt of Alternate Payee'. beneficiary to benelits from the Plan.