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HomeMy WebLinkAbout98-04441 ! I I , I I i c...; ~l --.I. V1 ~, I J ~' o ~;t;> -1 ~4;," \"" I, \" i " .1/ ~" ..f:,' I'. I 1 ! ! I I I ~' ~\ ~\ i i - i - , ..:.) ! _ i l" \ I '-.)1 I I j --- ') ~\ , 1 ~l ~i I , 1 l>o 1 ~1 ~\ I \ SEPARATION AND PROPERTY SETTLEMENT AGREEMENT TI'IlS AGREEMENT made and entered into this..lL!!:- day of ~, 1998, by and between WILLIAM R, LONG, of III Stanford Court, Mechancisburg, Cumberland County, Pennsylvania 17055, party of the first part, hereinafter referred to as "Husband," and DIANNE R, LONG, of 13 Stone Spring Lane, Camp Hill, Cumberland County, Pennsylvania, 17011, party of the second part, hereinafter refelTed to as "Wife," WITNESSETH: WHEREAS, the parties hereto are husband and wife, having been married on December 2, \988; and WHEREAS, certain differences have arisen between the parties as a consequence of which they intend to live separate and apart from each other during the rest of their natural lives; and WHEREAS, the patties desire to confirm their separation and desire to enter into an agreement for the final settlement of their pl'Opelty and affairs; and WHEREAS, the parties intend to dissolve their marital status by means ofa divorce pursuant to Section 3301 [c) of the Divorce Code of Pennsylvania, NOW, THEREFORE, in consideration of the foregoing and in further consideration of the covenants and promises hereinafter mutually to be kept and performed by each party hereto, as well as for other good and valuable considerations, it is agreed as follows: I, SEPARATION. It shall be lawful for each party at all times hereafter to live separate and apart from the other party, at such place or places as he or she from time to time may choose or deem fit. 2, NONINTERFERENCE, Each party shall be free from interference, authority and control, direct or indirect, by the other in all respects as fully as if he or she were single and unmarried, Each may, for his or her separate use or benefit, conduct, carryon and engage in any business, occupation, profession or employment which to him or her may seem advisable, Neither party shall molest, harass, disturb or malign the other or the family of said other, nor compel or attempt to compel the other to cohabit or dwell with him or her, 3, MUTUAL RELEASES, Husband relinquishes his inchoate intestate right in the estate of Wife, and Wife relinquishes her inchoate intestate right in the estate of Husband, and each of the parties hereto by these presents, for himself or herself, his or her heirs, executors, administrators or assigns, does remise, release, quitclaim, and forever discharge the other party hereto, his or her heirs, executors, administrators or assigns, or any of them, of and from any and all claims, demands, damages, actions, causes of actions, or suits at law or in equity, of whatsoever kind or nature, for or because of any matter or thing done, omitted, or suffered to be done by said party prior to and including the date hereof; except that his release shall in no way exonerate or discharge either party hereto from the obligations and promises made and imposed by reason of this Agreement, and shall in no way affect any cause of action in absolute divorce which either party may have against the other party, 4, MARITAL PROPERTY, The parties hereto acknowledge and agree that they acquired various assets and debts during their marriage, whether the same were held jointly or individually by the parties hereto, including but not necessarily limited to: (a) Household goods, contents, furnitlll'e and furnishings presently located in the family residence, (b) Wife's 1987 300D Mercedes 4-door sedan, titled in the Wife's name, (c) Wife's Nissan SX 200, part of the marital estate at the time of Separation and worth approximately $2,800, which was used as a trade-in subsequent to the separation ofthe parties for the purpose of purchasing Husband's 1997 Toyota Avalon, (d) The marital residence, a single family home located at 13 Stone Spring Lane, Camp Hill, PA, The market value of the marital home at the time of separation is estimated to be $160,000 and the amount owed on this property is estimated at approximately $160,000, It is estimated that this property had no net equity value at the time of separation, and has no net equity value at the time of the execution of this Agreement. The marital residence is presently in the process of foreclosure, (e) An increase in value of Husband's interest in the Oppenheimer Mutual Fund, account number 3303300290312, during the course of the marriage. Husband is joint tenant with the right of survival with Sharon M, Long being the other joint tenant. At the time oflhe marriage, the fund had a value of approximately $1 ,000, said amount being non-marital property, The market value of the fund was $2,141.48 on September 30, 1998, (I) Husband's ownership of one hundred percent (100%) of the shares in Phoenix Associates, Inc" a Pennsylvania corporation, the value of which is unknown at the time of separation, (g) Husband's ownership of fifty percent (50%) of the shares in Phoenix AC, Inc, The value of the physical assets in Phoenix AC, Inc" is believed to be approximately thirty thousand dollars ($30,000) at the time of separation, (h) Husband's ownership of fifty percent (50%) of the shares in American Contract Services, Inc" a Pennsylvania Corporation, the value of which is unknown at the time of separation, 5, DISTRIBUTION OF MARITAL PROPERTY, The parties hereto covenant and agree that the assets described in Paragraph 4, above, have been or are hereby being divided and distributed between them as follows: (a) Husband and Wife agree that Wife shall become and remain the sole owner of the bedroom assemble presently in her bedroom of the marital residence, All other household goods, contents, furniture and furnishings obtained during the marriage shall become and remain the sole property of the Husband, Each of the parties hereto relinquishes and disclaims any and all ownership, right, title and interest in or to the household goods, contents, furniture and furnishing being provided to the other party by the terms of this agreement. (b) Husband relinquishes and disclaims any and all ownership, right, title and interest in Wife's 1987 Mercedes and Husband agrees that Wife shall become and remain the sole and separate owner of same, Wife agrees to take full and sole responsibility for repayment of any debt that may exist on said vehicle, (c) Wife relinquishes and disclaims any and all ownership, right, title and interest in the monies obtained from the trade-in of the Wife's Nissan SX 200, and on Husband's 1997 Toyota Avalon, and Wife agrees that Husband shall be and remain the sole and separate owner of same, Husband agrees to take full and sole responsibility for repayment of any debt thaI may exist on said vehicle, (d) In view of reasonable belief that both parties will benefit by rescuing the marital home from foreclosure sale, Husband and Wife both agree that the marital residence located at 13 Stone Spring Lane, Camp Hill, shall be provided to Husband in consideration in the amount of $10,000, all or most of which will be bon-owed by Husband, Payments to Wife shall be made in two or more installments, The first installment shall be in the amount of $2,000, to be paid no later than ....'-) 30 days after Wife moves from the marital residence, The balance in the amount of $8,000 shall be paid no later than September 30, 1999, Husband, following execution of this agreement and delivery of the deed, shall be responsible for past and future obligations pertaining to the note and mortgage, In order to make a loan to Husband possible, Wife agrees to execute and deliver a deed providing for sole ownership of the property to Husband immediately upon execution of this agreement. Further, Wife agrees to provide sole possession of the marital residence to Husband by moving out no later than January 15, 1999, As additional consideration to Wife, Husband agrees to pay Wife's moving costs not to exceed $1,000, (e) Wife relinquishes and disclaims any and all ownership, right, title, interest or entitlement in or to the Investments in Husband's Oppenheimer Mutual Fund, (f) Wife relinquishes and disclaims any and all ownership, right, title, interest or entitlement in or to Husband's shares in Phoenix Associates, Inc, (g) Wife relinquishes and disclaims any and all ownership, right, title interest or entitlement in 01' to Husband's shares in Phoenix AC, Inc, (h) Wife relinquishes and disclaims any and all ownership, right, title interest or entitlement in or to Husband's shares in American Contract Services, Inc, items of personal and real propcrty, tangible or intangible, hercafter acquired by him or her, with full power in him or her to dispose of the samc as fitlly and effectively in all respects and for all purposes as though hc or she were unmarried, 10, MUTUAL RELEASES, The partics acknowledge that under prevailing Pennsylvania law they each have certain possible fiscal rights, including but not limited to the following: spousal suppOJ1, alimony pendente lite in the event of a divorce, permanent alimony subsequent to a divorce, recovery of counsel fees, costs and expenses in the event of a divorce, and equitable distribution of marital property, It is the intention of the par1ies hereto that all of the foregoing rights and remedies, with the exception of those otherwise provided in this Agreement are hereby waived and forever released and that this Agreement shall have the effect of a final Order of Court relieving each party of the obligation to the other for any and all of the foregoing possible rights and remedies, The par1ies have effected an equitable distribution of their marital property and neither will seek further distribution by any action at law or in equity, II, EFFECT OF DIVORCE DECREE, The parties covenant and agree that unless otherwise specifically provided herein, this Agreement shall continue in full force and effect after such time as a final decree in divorce may be entered with respect to the parties, 12, INDEMNIFICATION FOR FUTURE DEBTS, Each of the parties hereby covenants and agrees with the other pm1y not to make, incur or attempt to make or incur any debt or obligation for or on behalf of the other j,arty hereto, or for which Agreement is held to be invalid or unenforceable by a court of competcnl jurisdiction. all other provisions shallneverthelcss continue to be in lilll force and eflect. 16, LAW OF PENNSYLVANIA APPLICABLE, Both palties covenanl and agree that they have had ample and sufficient time to carefully and fully review the terms and provisions ofthis Agreement and to seek and obtain the advice and counsel of an attomey with respect to the same, Husband has engaged the services of G, Patrick O'Connor, Esquire, and Wife has had adequate opportunity to seek legal counsel of her choice, and each party has carefully reviewed the terms and conditions of this Agreement. Both parties covenant and agree that they fully understand the facts upon which this Agreement is premised and based, that they believe this Agreement to be fair and equitable, that said Agreement is being entered into freely and voluntarily by each of them, and that the execution of this Agreement is not the result of any duress or undue influence and that it is not the result of any collusion or improper or illegal agreement or agreements, 17, INTEGRATION, This Agreement constitutes the entire understanding between the parties and supersedes any and all prior agreements and negotiations between them, Both parties further agree that there are no covenants, conditions, representations or agreements, oral or written, of any nature whatsoever, other than those contained herein, 6, The Plaintill'has been adviscd of the availllhility ufcollnseling and the right to request that thc Court require the parties to participatc in counseling, 7, 130th the Plaintiff and Defendant are sui juris and are citizens ofthc Unitcd States, 8, The Plaintiff avers as the grounds upon which this action is bascd is that the marriage between the parties hereto is irretrievably broken, WHEREFORE, the Plaintiff request your Honorable Court to enter a decree divorcing the Plaintiff and Defendant absolutely, COUNT I CLAIM FOR EQUITABLE DISTRIBUTION UNDER SECTION 3502 OF THE DIVORCE CODE 9, Paragraphs I through 4 ofthis Complaint are incorporated herein by reference as though set forth in full, 10, The Plaintiff and Defendant have acquired property during their marriage, which is subject to equitable distribution by this Court, II, The Plaintiff and Defendant have been unable to agree as to an equitable distribution of said property, WHEREFORE, the Plaintiff requests this Honorable COUlt to divide all marital property pursuant to Section 3501 and 3502 of the Divorce Code prior to the entry of the final divorce decree, r:? .... , ~~~. 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