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HomeMy WebLinkAbout04-2739McKenna, DuPont, Higgins & Byrnes, Esqs. 229 Broad Street P. O. Box 610 Red Bank, NJ 07701 (732) 741-6681 Attorneys for Plaintiff STEVEN D. TRIGILI, Plaintiff, V. AMY E. TRIGILI, Defendant. SUPERIOR COURT OF NEW JERSEY CHANCERY DIVISION FAMILY PART MONMOUTH COUNTY DOCKET NO. FM-13-1934-03B Civil Action JUDGMENT FOR DIVORCE This matter being presented to the Court by McKenna, DuPont, Higgins & Byrnes, Esqs., attorneys for plaintiff, Steven D. Trigili (Jennifer A. Burgess, Esq., appearing); and in the presence of Anna-Maria Pittelli, Esq., attorney for defendant, Amy E. Trigili; and the Court, The Honorable E. Benn Micheletti, J.S.C., having heard and considered the complaint and proofs on August 28, 2003, and it appearing that the plaintiff and the defendant were lawfully married on September 6, 1991; and the plaintiff having pleaded and proved a cause of action for divorce under N.J.S.A. 2A:34-2, in such case made and provided, and the plaintiff has been a bona fide resident of this State for more than one year next preceding the commencement of the action, and jurisdiction having been acquired over the defendant pursuant to the Rules Governing the Courts, and the Court having found as a fact that the parties knowingly, willingly and voluntarily entered into the attached Property Settlement Agreement; It is on this 28~ day of August, 2003 ORDERED and ADJUDGED, that pursuant to the statute in such case made and provided, the marriage between the parties be and the same is hereby dissolved; and it is further ORDERED that the Property Settlement Agreement between the parties, marked into evidence as J-l, be and the same is incorporated herein and made a part hereof with the understanding that the Court took no testimony as to the merits thereof and, therefore, makes no judgment with respect thereto. HONORABLE E. BENN MICHELETTI, J.S.C. SUPPORT AND PROPERTY SETTLEMENT AGREEMENT This is an agreement made this /~7~'rday of~(t,f., 2003, between Amy E. Trigili (hereafter called WIFE) currently residing at 3240 Spring Road, Carlise, Pennsylvania, and Steven D. Trigili (hereafter called HUSBAND) currently residing at 56 Standish Road, Little Silver, New Jersey (also jointly referred to as the parties). MARITAL BACKGROUND AND BASIS OF AGREEMENT WHEREAS: The parties were married on September 6,1991, in a religious ceremony in York; Pennsylvania, and; 2. 5, 1997; 11, 1995; and 3. There are three children born of the marriage; Jared Anthony, date of birth - June Lydia Madelin, date of birth - July 20, 1999; and Miriam Elise; date of birth - January The parties have entered into a Memorandum of Understanding (hereinafter MOU) as mediated by Joan M. Kugelmann of New Paradigm Medication Services, which outlines certain financial and non-financial agreements as more particularly set forth in the attached MOU. The MOU is based on the financial data contained in the document and in other disclosures made by each of them to the other during the mediation of disputed financial issues; and 4. The parties have each had the benefit of separate legal counsel, the Wife having been advised and represented by Anna Maria Pittella, Esq., with offices located at 180 White Road, Little Silver, New Jersey; and the Husband having been advised by Edward J. McKenna, Jr., Esq. of McKenna Dupont Higgins & Byrnes, P.C., with offices located at 229 Broad Street, P.O. Box 610, Red Bank, New Jersey; and 5. The parties wish to make the aforesaid MOU and the modifications stated herein part of their permanent Matrimonial Settlement Agreement with the same force and effect as a Court Order and which agreement shall survive their divorce and be made a part of their Judgment of Divorce. The attached MOU shall be collectively referred to herein as the "Agreement"; and 6. The financial and non-financial agreements contained in the MOU and the modifications stated herein, shall include the settlement of all their marital property fights and obligations growing out of the marriage relationship; and NOW, THEREFORE, be it resolved that for and in consideration of the mutual promises and covenants herein contained and set forth below in the Memorandum of Understanding, the parties agree as follows: MISCELLANEOUS PROVISIONS 1. EQUITABLE DISTRIBUTION: The parties agreement as to the equitable distribution of the marital home is set forth in Paragraph IX of the MOU. The payout to the Wife of her share of the equity of $50,000.00 is set forth below: a) April 24, 2003 the Wife received a wire transfer for the refinance of their home in the amount of $31,840.33. 2 b) On May 6, 2003 the Wife received $2,500.00 from the husband's share of the tax refunds. c) On June 6, 2003 the Wife received $500.00 d) On June 10, 2003 the Wife received $500.00 e) On July 25, 2003 the Wife received $5,000.00 The Husband agrees to make a second payment in the amount of $5,000.00 to the wife by August 10, 2003. The balance of the amount due the Wife will be paid in $500.00 per month installments until paid in full. The balance due as of August 1, 2003 is $9,659.67. 2.. INDEPENDENT COUNSEL: The parties acknowledge that the provisions of this Agreement are, by them, deemed to be fair and adequate and satisfactory as to each of them. They both acknowledge that they have had an opportunity for-INDEPENDENT representation by counsel of their own selection and choice with respect to all aspects of this agreement. They acknowledge that the other party has in no sense participated in the selection of their individual counsel. The Wife having been represented by Anna Maria PitteIla, Esq., with offices located at 1006 Commons Way, New Jersey. The Husband having been represented by Edward J. McKenna, Jr., Esq. of McKwenna Dupont Higgins & Byrnes, P.C., with offices located at 229 Broad Street, P.O. Box 610, Red Bank, New Jersey. 3. DOCUMENTS: Husband and Wife hereby agree to execute any and all other papers or instruments in writing if and when such execution shall be necessary, in order to effectuate the express conditions of this Agreement. 4. MODIFICATION OR WAIVER: This Agreement, containing the entire understanding of the parties, shall be binding on the parties, their heirs, executors, administrators, and assigns. It is the whole and only Agreement between Husband and Wife and shall not be modified or varied by oral understandings. 5. SITUS: This agreement is entered into in the State of New Jersey and shall be construed and interpreted under and in accordance with the laws of the State of New Jersey. 6. STRICT PERFORMANCE: Failure on the part of either party to insist upon the strict performance of any of the provisions of this Agreement shall in no way constitute a waiver of any subsequent default of the same or similar nature. 7. NO BAR TO DIVORCE; NO MERGER: Nothing in this Agreement shall be construed as a relinquishment by either party of the right to prosecute or defend any suit for divorce in any court of proper jurisdiction. It is further specifically understood and agreed that' the provisions of the agreement relating to the equitable distribution of property of the parties are accepted by the party as a final settlement for all purposes whatsoever. Should either of the parties obtain a decree, judgment, or order of separation of divorce in any other state, country or jurisdiction, each of the parties to this Agreement hereby consents and agrees that this Agreement and all of its covenants shall not be affected in any way by any such separation or divorce; and that nothing in any such decree, judgment, order of further modification or revision thereof shall alter, amend or vary any term of this Agreement, whether or not either or both of the parties should remarry, it being understood by and between the parties that this Agreement shall survive and shall not be merged into any decree, judgment, or order of divorce or separation. 8. INCORPORATION WITHIN JUDG1V[ENT: It is specifically agreed, however, that a copy of this Agreement may be marked into evidence at the time ora final divorce hearing and may be incorporated, by reference, into a divorce judgment. This incorporation, however, 4 shall not be regarded as a merger, it being the intent of the parties to permit this Agreement to survive any such judgment. 9. COUNSEL FEES: The Husband shall be responsible for the payment of counsel fees in connection with the ensuing divorce litigation. 10. WAIVER OF CLAIMS: Except as expressly set forth in this Agreement, or as may arise out of the making of this Agreement, each of the parties hereby releases the other of and from any and all claims and demands for damages of any and every nature which either of the parties ever had, now has, or may hereafter have against the other, arising out of or in connection with any matter or thing whatsoever up to the date of this Agreement. 1 I. NON-COLLUSION: The parties agree that there have been no collusive agreements made by either party of them orally or in writing, nor have any representation by one party been made to the other regarding a divorce to be secured in this or any other jurisdiction, and this Agreement has not been made for the purpose of encouraging any matrimonial action of any kind between the parties and submitted for the court's approval. 12.. HEADING FOR REFERENCE ONLY: The heading preceding the text of the several section of this Agreement are inserted for convenience and shall not affect the meaning, construction, scope or effect of this Agreement. 13. PARTIAL INVALIDITY: If any of the provisions of this Agreement are held to be invalid or unenforceable, all other provisions shall nevertheless continue in full force and effect. 14. WARRANTEE OF DISCLOSURE: This Agreement has been reached between the parties after extensive negotiations. The parties have mediated the terms of their agreement with Joan M. Kugelmann, located at 130 Maple Avenue, Suite 3F Red Bank, New Jersey. There 5 has been a formal exchange of financial information as part of the mediation process and the parties acknowledge that reference has been made within this Agreement to all assets that were acquire during the marriage. Each party represents that they have fully disclosed all information as to assets to the other. The parties further acknowledge that by entering into this Agreement they are satisfied with the disclosures that have been made and are further satisfied that this Agreement is a fair, reasonable and equitable resolution of all the issues dividing the parties. 15. WAIVER OF CLAIMS AGAINST ESTATES: Except as herein otherwise provided, each party may dispose of their property and each party waives and relinquishes any and all rights either may now have or hereafter acquire under the present or future laws of any jurisdiction to share in property or the estate of the other as a result of the marital relationship including without limitation dower, curtesy, statutory allowance, widows allowance, homestead rights, right to take intestacy, right to take against the will of the other, and the right to act as administrator of the others estate, and each party will, at the request of the other, execute, acknowledge and deliver any and all instruments that may be necessary or advisable to carry into effect the mutual waiver and relinquishment of all interest, claim and right. It is the intention of each of the parties to remove the other as beneficiary of all life insurance policies, IRAs and retirement plans, etc., except as stated in the Memorandum of Understanding. 16. MODIFICATION OR WAIVER: This Agreement, containing the entire tmderstanding of the parties, shall be binding on the parties, their heirs, executors, administrators, and assigns. It is the whole and only Agreement between Husband and Wife and shall not be modified or varied by oral understandings. 17. NON-INTERFERENCE: Neither party shall molest or annoy the other. Neither party shall call upon or visit the other, except as set forth in this Agreement. 18. INCOME TAX RETURNS: The parties represent that they have paid all income taxes, Federal and State, on all joint returns heretofore filed by them and that no interest or penalties are due and owing with respect thereto; that no tax deficiency proceeding is pending or threatened thereon; and that no audit thereof is pending. If there is a deficiency assessment in connection with any of the aforesaid returns (heretofore or hereafter filed), the party receiving the notice shall be notify the other immediately in writing. The parties shall be responsible for any amount ultimately determined to be due as determined by mutual agreement. If the parties, are not able to agree, they shall submit this dispute to mediation as set forth in the MOU. 19. RECONCILIATION: If the parties, after the effective date of this Agreement, cohabit regularly, sporadically or temporarily, or if they reconcile, this Agreement, nevertheless, shall continue in full force and effect until modified, altered or terminated by an agreement in writing to such effect signed by each of the parties hereto. Neither party has represented to the other, prior to the execution of this Agreement, that there is any prospect of reconciliation and no promises or inducements have been offered by one party to the other in this regard. 20. FAILURE TO ABIDE BY TERMS OF AGREEMENT: Should either the Husband or the Wife willfully fail to abide by the terms of this Agreement, the defaulting party will indemnify the other for all reasonable expenses and costs including attorneys fees incurred in successfully enforcing this agreement. This provision is intended to be enforced as a freely bargained.for contractual agreement, and a counsel fee claim for reimbursement pursuant to this provision is not intended to and shall not be subject to the Court's discretion under R. 4:42-9 (a). 7 21. BANKRUPTCY: In the event of the declaration of bankruptcy by either party whether in connection with the defense of any suit instituted by creditor or in connection with the payment of any monies to such creditor, it is the intention of the parties that any bankruptcy filed should be effective as against the creditor but shall not be intended to act to the financial detriment of the other spouse. The parties further agree that in the event a financial detriment to the other spouse is encountered as a result of the bankruptcy laws, then in that event, any provisions regarding equitable distribution and/or alimony shall be modified so as to compensate the aggrieved party. The parties further agree that if a financial detriment is encountered as the result of a bankruptcy it shall be considered a change of circumstances sufficient for a Lepis application to modify equitable distribution, alimony or support. 22. EFFECTIVE DATE: THIS Agreement shall become effective upon the date that the last party executes this Agreement. In the event any portion of this Agreement expressly provides for a specific effective date, that portion of the Agreement shall govern as to the effective date of the Agreement. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals on the day and year first set forth above. S~N D. TRIGILI 8 STATE OF PENNSYLVANIA SS certify that on .~a;-~r.r,'/ /;2 ,2003, AMY E. TRIGILI personally came I before me and acknowledged under oath, to my satisfaction, that she is the person named in and who personally signed the attached document and that she signed, sealed and delivered this document as her act and deed. STATE OF NEW JERSEY SS COUNTY OF MONMOUTH I certify that on Notarial ~eal Carolyn E. Swel~er, Notary Public MI~ Twp. Cumberland County My Commlsslo~ Expires June 19, 2004 Membef, PennsytvaniaAssociationofNotaties ,2003, STEVEN D. TRIGILI personally came before me and acknowledged under oath, to my satisfaction, that he is the person named in and who personally signed the attached document and that he signed, sealed and delivered this document as his act and deed. Notary Public ' MEUNDA D, YURKOW A Ngtapj Public of New Jersey My Commission Expires July 18, 200~ Memorandum of Understanding Understanding We, Steven D. Trigili and Amy E. Trigili, through the process of mediation with Joan M. Kugelmann of New Paradigm Mediation Services, have reached an agreement regarding our dissolution of mamage. This Memorandum of Understanding reflects these agreements. We understand that our agreements contained m this Memorandum of Understanding are not binding until they are set forth in a Matrimonial Settlement Agreement which is to be prepared by our attorneys and signed by us. Nevertheless, the agreements contained in this Memorandum of Understanding represent a total package carefully balancing our mutual and self interests and the best interests of our children, Miriam Elise, Jared Anthony, and Lydia Madeline. They deal with the substance of our proposed Matrimonial Settlement Agreement. We wish our respective attorneys to incorporate this substance into the formal Matrimonial Settlement Agreement. I. Premises We have relied upon the following facts and assumptions when negotiating our agreements (all time periods and calculations made as of January 2003 unless otherwise noted): A. We were married on September 6, 1991, a period of eleven years. We have three children, Miriam Elise, age 8, born January 11, 1995, Jared Anthony, age 5, born June 5, 1997, and Lydia Madeline, age 3, bom Jtfly 20, 1999. Steven is 32 years old, bom September 6, 1970, and Amy is 34 years old, born January 10, 1969. Steven is living at 178 Patterson Avenue, Shrewsbury, New Jersey. Amy is living at 3240 Spring Road, Carlise, Pennsylvania. Steveffs Social Security Number: 147-72-3209. Amy's Social Security Number: 174-64-5449. Steven is a Senior Vice-President, employed by International Planning Alliance in South Plainfield, New Jersey for eight years. He earns a base salary of $118,625.00. He received commissions of $30,205 for 2001, and anticipates commissions of approximately $10,000 for 2002. He has his BA in Communications. Amy has been taking care of the children since approximately 1995. She has her BA in Economics, and has completed some graduate work. She plans to enter a three-year program to receive her Master's of Divinity at the Lancaster Theological Seminary, to enable her to become a Minister. II. Parenting A. We have shared in the parenting of Miriam, Jared, and Lydia and will continue to do so. Therefore, we have decided that joint legal custody is approphate for us and beneficial to our continued dual responsibilities to Miriam, Jared, and Lydia. B. Our daughter, Miriam Eiise: 1. Our 8 year-old daughter, Miriam, is profoundly disabled, diagnosed at the age of 4 months with Aicardi syndrome with intractable seizures and 2 severe neurological deficits. She requires 24-hour nursing care, and lives at Children's Specialized Hospital, a Long-Term Care Nursing Facility of Children's Specialized Hospital in Toms River, New Jersey. Her expenses at this time are completely covered by Steven's medical insurance and Medicaid. We agree that Miriam shall stay in Children's Specialized Hospital, that we will cooperate fully on an on-going basis regarding her parenting needs and visiting with her. We will also cooperate fully with regard to Miriam's Medicaid requirements, and in all ways possible to provide for her care. There is a medical malpractice lawsuit file in February, 2000, on behalf of Miriam. We agree that the settlement will be used for Miriam's care, and shall cooperate in holding and applying these funds for her. C. Jared and Lydia Livin~ in Pennsylvania with Amy: 1. We agree that Amy will be living in Pennsylvania, and that Jared and Lydia will live both with Amy in Pennsylvania, and Steven in New Jersey, according to our agreed Parenting schedule herein. D. Acknowledgments We acknowledge that we want each other and our children, Mir/am, Jared, and Lydia, to live our separate lives successfully, and believe that our agreements will enable us to do so. Our pr/mary concern is a parenting arrangement that will enhance the psycholog/cal well being of Miriam, Jared, and Lydia, and believe that our agreements will enable this to occur. 3. We acknowledge that we are both willing to put our personal differences aside for the benefit of M/riam, Jared, and Lydia. We acknowledge that as Miriam, Jared, and Lydia's parents we are equally important to them. We will encourage and support Miriam, Jared, and Lydia in maintaining a good relationship with the other, 5. We are both willing to make changes in the living and the parenting arrangements as Miriam, Jared, and Lydia's developmental needs change. 3 E. Parentin~ Schedule Normal Schedule: Because Miriam lives at Children's Special/zed Hospital, our Parenting Schedule will only address Jared and Lydia. We will use the following time-sharing schedule during the week and on the weekends. This will be referred to as the "normal schedule." Our general rule and intent is that Jared and Lydia will be with Steven every other weekend. However, because of the distance between our residences and the demands of our schedules, we agree to cooperate and be flexible with each other about making changes to this normal schedule, 2. Flexibility: We agree to coordinate calendars as necessary. 3. Chances in the "Normal Schedule": When Jared and Lydia are not with the normally scheduled parent we agree to give the other parent first option to have them. If the other parent isn't available then it is the normally scheduled parent's responsibility to arrange for child care. ii. Any changes in the children's schedule regarding pick-up and activities are the responsibility of the parent-in-charge, and are to be negotiated between the children and the parent-in-charge. iii. We agree to meet or communicate periodically at appropriate times to d/scuss schedule changes (e.g,, May for summer, August for school year). iv. In the event of illness of the parent-in-charge, we agree that the other parent will provide good faith assistance in caring for the children. 4. Transportation: i. All transportation arrangements are subject to each parent's good faith schedule availability. 5. Holidays and Special Occasions: Regarding Miriam: We will share holidays and special occasions with Miriam on an ongoing, cooperative 4 basis, and we agree that this sharing need not be further detailed in our parenting agreement, Regarding Jared and Lydia: Except for changes by mutual agreement, we will share time with Jared and Lydia on the holidays and special occasions according to the following schedule which will override the normal schedule: i. Easter: Jared and Lydia will spend Easter with Amy during odd years, and with Steven during even years. ii. Memorial Day: Jared and Lydia will spend Memorial Day with Amy during even years, and with Steven during odd years. iii. Labor Day: Jared and Lydia will spend Labor Day with Amy during odd years, and with Steven during even years. iv. Thanksgiving: Jared and Lydia will spend Thanksgiving with Amy during even years, and with Steven dtmng odd years. Christmas Eve and Christmas: Jared and Lydia will spend Chrisnnas Eve and Christmas with Amy during odd years, and with Steven during even years. New Year's Eve and New Year's Day: Jared and Lydia will spend New Year's Eve into New Year's Day with Amy during even years, and with Steven during odd years. vii. Summer Vacations: We intend that Jared and Lydia spend longer periods of time with Steven during the summer vacation. We will therefore work out our joint summer schedule with the children in advance of each summer vacation. 6. Vacations with Jared and Lydia: i. We agree that each of us may take Jared and Lydia on vacation bom time to time. ii. We agree to give the other parent a minimum of one month's notice, if possible. The vacationing parent will get the appropriate permission 5 from school if the children are scheduled to be in school during that week. iii. When the vacation ends, the normal parenting schedule will resume. 7. Vacations or Work-Related Travel without Jared and Lydia: We agree to give each other one month or more notice if possible about our travel plans. We recognize that business trips can come up with less than one month's notice, and we agree to cooperate with each other. ii. We agree to give the parent not traveling the first option to care for Jared and Lydia while the traveling parent is gone. If the traveling parent is scheduled to have Jared and Lydia under the normal or holiday schedule, then it is his or her responsibility to arrange for their care if the parent not traveling is unable to care for them during that time. iii. When the traveling parent returns, the normal parenting schedule will resume. 8. Review of Parenting Plan: We will confer and review every year from the date of divorce our parenting plan as to its adequacy, feasibility and appropriateness in light of M/r/am, Jared and Lydia's ages and developmental needs. 9. Decisions and other factors that affect Miriam, Jared, and Lydia's welfare: We will refrain from making disparaging remarks about the other, his/her partner and his/her chosen life directly to Miriam, Jared, and Lydia or within their hearing. ii. We agree that all major decisions regarding Miriam, Jared, and Lydia shall be made by both of us. Neither of us will act unilaterally, but rather discuss it together first before letting M/rim, Jared, and Lydia know what has been decided. iii. The parent-in-charge shall make decisions regarding the day-to-day care and control of Miriam, Jared, and Lydia while they are residing with him or her. iv. In a medical emergency the parent-in-charge may seek medical treatment for Miriam, Jared, and Lydia and must inform the other parent as soon as possible thereafter. We agree to notify the other as soon as possible in the event of an illness (fever, accident or illness requiring medical attention) of the child(ren) that occurs while they are/n that parent's care. If Miriam, Jared, and Lydia become sick before a scheduled transfer to the other parent, we will talk about it and work out together the best thing to do. vi. Each of us agrees to tell the other parent in advance of any necessary changes in our parenting schedule. vii. Each of us agrees to be reasonably flexible in trading off time sharing with Miriam, Jared, and Lydia to accommodate the other parent's needs. viii.Each of us agrees to prepare Miriam, Jared, and Lydia in a positive way for each upcoming transfer to and time with the other parent. ix. Each of us agrees to work out our problems with the other parent in private, not to conduct adult business in Miriam, Jared, and Lydia's presence, including at the time we transfer them between us.. x. Each of us agrees not to use Miriam, Jared, and Lydia as confidants, messengers, bill collectors, or spies. xi. Each of us agrees to overcome the temptation to enlist Miriam, Jared, and Lydia on our side of any issue. xii. Each of us agrees to listen caringly, but to encourage Miriam, Jared, and Lydia to work out problems with the other parent directly. xiii. We agree that each parent will have equal access to and notice of all of Miriam, Jared, and Lydia's school notices whatever they may be, and of all of their medical or recreational notices whatever they may be, as welt as any other notice which concerns them. We agree that we will both inform Miriam, Jared, and Lydia's schools, doctors, recreational authorities and whatever other authorities concern them to give notice to both of us. Each parent will keep the other informed about conversations with doctors, dentists, o~thodontists, teachers, etc., as they relate to Miriam, Jared, and Lydia's welfare. mv.Important social events and extra-curricular activities of special merit will be significant to Miriam, Jared, and Lydia. We agree that both of us may attend these events and activities. xv. Prior to enrolling Miriam, Jared, and Lydia in extra-cumcular activities we will decide together which extra-curricular activities they will become involved with, and allow our children's input prior to making out decision. xvi.We agree to maintain school, homework, and extra-curricular activities during the time Miriam, Jared, and Lydia is with each of us by providing transportation and making other necessary arrangements. xvii.Prior to enrolling Miriam, Jared, and Lydia in any schools we will decide together which schools they will attend. xviii.At all times, each of us will keep the other informed of our place of residence and phone number, and shall promptly notify the other of any changes. mx. We will both encourage Miriam, Jared, and Lydia to communicate with us while they are at the other's home at all times via letters, telephone or e-mail. xx. In the event either of us moves his/her residence to a distance greater than a two hundred (200) mile radius of the other parent's residence, then the provisions of the Parenting Section of this Marital Settlement Agreement shall no longer apply and shall have to be renegotiated. xxi. Should any change in circumstances occur affecting access to either parent, we shall consider the terms of this Parenting Section of this 8 Matrimonial Settlement Agreement in light of the then existing circumstances. These may include but are not limited to physical or mental disability, work schedule changes, financial status changes. We shall make every effort to facilitate continued access to both parents in as close to the time proportions as the present arrangement, taking all factors into consideration. xxii. We will resolve issues surrounding a parent's new partner as follows: a. Miriam, Jared, and Lydia will always know that we are their parents, regardless of their attachment to a parent's new partner. b. Miriam, Jared, and Lydia will refer to new partners by anytlfing that the children are comfortable with. Any new partner will participate in decisions regarding Miriam, Jared, and Lydia as follows: Steven and Amy will have the final say in decisions. d. In the event of Amy's remamage, Miriam, Jared, and Lydia will keep Steven's last name. xxiii. The Parenting Section of this Marital Settlement Agreement is not intended to be affected by the remarriage of either parent. xxiv. In the event of the death of one parent, the other parent shall have sole custody of Miriam, Jared, and Lydia. IlL Alimony A. Alimony Payments: Steven agrees to pay to Amy, Rehabilitative Alimony for education expenses, in the amount of Two Hundred ($200.00) Dollars per week, for a period of four (4) years, beginning the date of divorce. Payment shall be made twice per month, each payment in the amount of Four Hundred Thirty-Three ($433.33) Dollars and Thirty-Three Cents. Payment shall be payable to Amy, by check mailed to her residence, or auto-deposited into her checking account. ii. This alimony payment is intended to be and shall be alimony and, as such, taxable income to Amy and included in her gross income under Section 71(b)(l)(b) and a deduction to Steven under Section 215 of the Internal Revenue Code 1986, as amended. Steven and Amy agree to treat the payment for federal income purposes consistently with this designation. B. Standard of Livine Durin~ the Marria~,e: 1. Amy and Steven agree that the standard of living for both of them will be less after the divorce. They further agree that this is the best that they can do given that their income levels are decreased from what it was during the marriage, and they are now supporting two households. Termination of Alimony: Subject to the above, Steven's alimony obligation to Amy shall continue until the first happening of any of the following events, at which time Steven's alimony obhgation shall automatically terminate: 1. If Amy voluntarily leaves school for a period of four (4) months except for instances ofilhiess or disability of herself or one of the children; 2. Death of Amy; 3. Death of Steven; However, nothing herein contained shall be deemed to reheve Steven's estate of any obhgations incurred hereunder by Steven and vested with Amy prior to Steven's death. Thus, any alimony that shall be due as of the date of death shall continue to be payable for any time per/od after said date of death. Should Amy predecease Steven, then and in that event, Amy, for herself, her heirs, executors, administrators and assigns, hereby agrees that all rights for alimony, except as provided in this subparagraph, shall terminate. 4. Termination of Steven's alimony obligation by agreement or Court Order. 10 D. Insured and Uninsured Medical, Dental and Prescriotion Exoenses of Steven and Amy: As of the date of divorce Steven and Amy waive all future rights to require the other to provide for or contribute to each other's medical, dental or prescription expenses, and agree that they shall be solely responsible for their own future insured or uninsured medical, dental and prescription needs incurred after the date of divorce. Cobra: Notwithstanding any of the above, Amy reserves any rights she may have under Steven's health insurance policy or policies to maintain or purchase such insurance on her own behalf, whether such right or option consists of a COBRA election or otherwise, and Steven shall furnish simultaneously with the execution of this Matrimonial Settlement Agreement any and all information pertinent to the purchase of such health insurance. IV,Child Suooort, Medical Exoenses of Children, and Education of Children A. Child Suooort: Because Miriam lives at Children's Specialized Hospital and all of her support is covered by Medicaid and Health Insurance, our Child Support agreement only applies to Jared and Lydia. Steve will pay to Amy Three Hundred Seventy-Five ($375.00) Dollars per week in child support. Payment shall be made twice per month, each payment in the amount of Eight Hundred Twelve ($812.50) Dollars and Fifty Cents. Payment shall be payable to Amy, by check mailed to her residence, or auto-deposited into her checking account. In addition to the weekly child support amount, Steven will also pay to Amy as additional child support, Twenty-Five (25%) Per Cent of his gross commissions, on a quarterly basis. Steven shall make the quarterly payment to Amy by the last day of the month following the end of each quarter (e.g., April 30, July 31, October 31, and January 31). Payment shall be payable to Amy, by check mailed to her residence, or auto-deposited into her checking account. Each year by April 30th, Steven shall send to Amy a copy of his Federal Income Tax Schedule C 11 for the previous year; such Schedule C to show the total amount of commissions received by Steven for the previous year. 4. Steven and Amy's weekly child support amount is above that required by the New Jersey Child Support guidelines as revised in 1997. They wish to use this increased amount because they feel that it is appropriate for their situation and their children. B. Rene~otiation of Child Suooort: Steven and Amy agree to renegotiate the child support amount every two years from the date of divorce. We further agree to apply the New Jersey Child Support Gnidelmes, if apphcable, to reach our agreement, or otherwise apply the then apphcable New Jersey State statutes pertaining to child support. 1. Steven and Amy recognize that although the Child Support Guidelines do not apply to a child attending college, the New Jersey State statutes pertaining to child support do apply. Therefore, Miriam, Jared, or Lydia's. attendance at college will be considered a triggering event to recalculate the child support obligation, taking into consideration all of the circumstances at that time. C. Calculatint and Pavin~ Prol~ortional Share: Wherever in this Matrimonial Settlement Agreement Steven and Amy have agreed to share expenses proportional to their income, they shall determine the proportion by looking to a child support worksheet to be run for that year, at page 1, line 6, "Percentage Share of Income" to determine their respective ptoportional share of all expenses they have agreed to share proportionally in this Agreement. If a current child support worksheet reflecting proportional incomes is not available, then Steven and Amy shall determine proportional share in the following manner: Steven's proportional share: divide Steven's total gross income by the sum of Steven and Amy's total gross income. Multiply the result by the expense to be shared for Steven's proportionate share. 12 ii. Amy's proportional share: divide Amy's total gross income by the sum of Steven and Amy's total gross income. Multiply the result by the expense to be shared for Amy's proportionate share. Whenever possible Steven and Amy shall pay their proportional share directly to the provider; if that is not possible, then whoever pays a bill to be proportionally shared will send a copy of the bill to the other indicating the proportional share due. Payment of proportional share shall be delivered by mail or in person to the parent who incurred the bill within ten days after receipt of the bill. D. Work-Related Child Care and/or Summer Camo: 1. Although we do not have work-related child care or summer camp costs at this tune, we agree that if either one of us wishes to raise this issue in the future, the other agrees to deal with the issue, agreement not to be unreasonably withheld. E. Children's Insured and Uninsured Medical, Dental and Prescriotion Exoenses: 1. Children's Health Insurance: So long as Steven is covered by health insurance through his employer, Steven shall provide health insurance coverage for the unemancipated children. If this situation should change, then Steven and Amy agree to re-negotiate how to cover the children under health insurance. ii. We will choose medical professionals for the children together, and with flexibility because of the distance between our residences. This does not apply in a medical emergency. 2. Children's Unreimbursed or Uninsured Medical, Dental, Oofical and Theraoeutic Exoenses Includin~ Extraordinary or Elective Medical, Dental or Orthodontic, Hosoital, and Prescriotion Drm, Exoenses: In accordance with the New Jersey Child Support Guidelines Amy shall be responsible for the first $250 per child per year unreimbursed or uninsured medical, dental, optical and therapeutic expenses, including extraordinary or elective medical, dental or orthodontic, 13 hospital, and prescription drag expenses. Steven and Amy agree to share such unreimbursed or uninsured expenses in excess of $250 per child per year proportional to income. F. Children's Emergency Medical Care: In a medical emergency the parent-in-charge may seek medical treatment and must inform the other parent as soon as possible thereafter. G. Children's College Education: We agree to share proportional to income, the college or trade school expenses of Jared and Lydia according to what we are able to afford at the time. Further, we agree to so share college expenses so long as Jared or Lydia attends college or trade school within sixteen months, or longer by mutual agreement between Steven and Amy, after graduating high school, and attends college or trade school full-time, graduating within four years3 or longer by mutual agreement of Steven and Amy, exceptions being made for illness and accidents, and other reasons within the mutual discretion of Steven and Amy. We agree, for purposes of this agreement, to define college or trade school expenses as room and board, tuition, fees and books, SAT exams, application fees, transportation to and fxom school and home, and a computer, if necessary. ii. We further agree that this agreement in no way waives our parental prerogatives regarding college or trade school selection and attendance. We acknowledge that we both have the right to equal input into the selection of which college or trade school our children will attend. We will share with each other all information regarding which colleges or trade schools Jared and Lydia are contemplating, iii. We agree that we are agreeing to share expenses of a college or trade school which we can afford at the time. We further agree that if Jared or Lydia wish to choose a different, more expensive college or trade school, then that child will pay for the difference between what we can afford and the college or trade school the child wants. 14 We further agree that Jared and Lydia are required to exhaust their scholarships and tuition loans before we contribute to their college expenses. We will give each other copies of apphcations for student loans and scholarships and the replies to such applications prior to reaching final agreement on our yearly share of college or trade school expenses. a. We agree that each of us shall provide timely financial information as required for financial aid and scholarship applications. H. Emancioation/Terminafion of Child Suuuort Oblieation Steven and Amy's obligation to make child support payments, child care expenses, insured or uninsured medical or dental expenses, or educational expenses shall terminate as the children are emancipated. However, Steven and Amy acknowledge that they have been informed by their mediator and their attorneys that the child support set forth in their Matrimonial Settlement Agreement is based on the child support guidelines in effect on or about the date of their Matrimonial Settlement Agreement, and that where there are two or more children, the emancipation of a child will not result in a proportionate reduction of the support order. Instead, the amount of child support shall be recalculated based upon the guidelines in effect at the time of emancipation and upon the remaining unemancipated child or children. Emancipation shall be defined and deemed to occur at the earliest happening of the following events: i. Reaching eighteen (18) years of age; except, ii. if a child attends college or trade school, completion of four (4) academic years of college education within a reasonable period of time, or interruption of the college or trade school education for an unjustifiable cause; or iii. if a child undertakes vocational training, at the completion of such training, but in no event to exceed four (4) years of such training; or 15 iv. marriage of a child, even though such marriage may be void or voidable and despite any annulment thereof; permanent residence away from the residence of the primmy custodial parent. Residence at boarding school, camp or college shall not be deemed to be a residence away from the residence of the primary custodial parent and thus shall not be deemed an emancipation event; or vi. death of a child; or vii. entry into the Armed Forces of the United States, whether voluntary or involuntary; or viii.engaging in full-time employment upon or after the attainment by a child of eighteen (18) years of age, except that engagement by a child in partial employment shall not be deemed emancipation and engagement by a child in full-time employment during vacation and summer periods shall not be deemed emancipation; ix. additionally, the obligation of Steven to make any payments on behalf of the child(ren) shall terminate upon the death of Steven. However, nothing herein shall be deemed to relieve Steven's estate of any obhgation incurred hereunder by Steven's estate and vested with Amy prior to Steven's death. Thus, any payments of child support or child-related expenses, such as, by way of example and not of limitation, child care expenses, insured or uninsured medical/dental expenses, educational expenses that shall be due as of the date of death shall continue to be payable, although there shall be no obligation to make payments for any time period after the date of death. V. Garnishment of Waues: A. Steven agrees that if he becomes fourteen (14) days late in the payment of child support and/or alimony, then Amy has the option of having future child support and/or alimony payments made by way of wage garnishment through Probation. Steven also agrees that he will pay all costs associated with 16 placement of the wage garnishment including but not limited to, Amy's legal fees and court costs. VI.Verification of Income: A. Steven and Amy agree that they shall exchange copies of all W-2 and 1099 statements of income annually, on or before April 15th of each year, ending when the children are emancipated and alimony ceases. VII.Life Insurance A. Steven has the following four life insurance policies with The Guardian Life Insurance Company: 1. A whole life policy, with a face amount of $500,000.00, and a cash value of $174.00 as of 11/5/02. Amy owns this policy. 2. A whole life policy, with a face amount of $225,000.00, and a zero cash value as of 11/5/02. Amy owns this policy. 3. A term pohcy, with a face amount of $750,000.00. Michael J. Trigili, Trustee, owns this policy. A "life paid up at 96" policy, with a face amount of $25,277.00, and a cash value of $1,318.00 as of 11/5/02. Michael J. Trigili, Trustee, owns this policy. B. Amy has the following two life insurance policies with The Guardian Life Insurance Company: 1. A term policy with a face amount of $200,000.00. Amy owns this policy. 2. A "life paid up at 96" policy, with a face amount of $50,734.00, and a cash value of $2,446.00 as of 11/5/02. C~ Distribution of Life Insurance Cash Values 1. Amy and Steven agree to equalize the cash values of the three life insurance polices with Guardian Life Insurance Company that have cash 17 value. To do this Amy will cash out her "life paid up at 96" life insurance pohcy no later than sixty (60) days of the date of divorce. They will obtain the cash value of the remaining two life insurance policies cash value as of the date that Amy cashes out her policy. Steven shall receive one-half of the difference between the cash values of his two policies and the cash value of Amy's pohcy, assuming that the value of Amy's policy remains in excess of the value of Steven's two policies. If Amy incurs an income tax upon the mount paid to Steven, Steven shall reimburse her for the tax attributable to the amount paid to him. D. Life Insurance to Secure Alimony: So long as Steven has an obligation under this agreement to pay alimony to Amy, Steven and Amy agree that Steven will maintain One Hundred Thousand ($100,000.00) Dollars in life insurance upon his life naming Amy as beneficiary. Steven shall maintain all premiums for the above insurance and shall annually provide Amy with proof that the insurance remains in force and that the beneficiary designation remains as required. Additionally, by his signature on this Agreement, Steven gives his authorized consent to Amy to contact directly his insurance company for verification of the existence of the required insurance and beneficiary designation, and authorizes his insurance company to provide the information necessary to corroborate the satisfaction of the provisions of this Agreement. 3. Steven's obligation to maintain this insurance shall terminate upon the termination of his obhgation to provide alimony. During the time that Steven is required to maintain such life insurance, Steven agrees that there will be no hypothecation, borrowing or encumbrances of any kind upon the policy or policies, or allow any act to be done that detracts from the death benefits of said insurance or from the face value thereof so long as this insurance is required to be maintained. 5. In the event that Steven fails to maintain the hfe insurance coverage required by the Matrimonial Settlement Agreement, any amounts that Amy 18 and/or the children would have received had the required coverage been maintained shall be paid out of Steven's estate. E. Steven's Life Insurance For The Children: If Steven's obligation to provide alimony ceases while Jared, and/or Lydia remains unemancipated, Steven and Amy agree that when he removes Amy as beneficiary of his life insurance policy or policies as set forth above, he will simultaneously irrevocably name Jared and/or Lydia as beneficiary with Amy as trustee for Jared and/or Lydia. So long as Jared and Lydia are unemancipated, Steven agrees to maintain Nine Hundred Thousand ($900,000.00) Dollars in life insurance upon his life irrevocably naming Jared and Lydia as beneficiaries with Amy as trustee for Jared and Lydia. By entering into this Matrimonial Settlement Agreement and consenting hereto, Steven, as Grantor, creates a trust for the benefit of Jared and Lydia with the life insurance proceeds as described herein naming Amy as Trustee. If Jared and/or Lydia becomes entitled to a share of the life insurance proceeds placed in trust for them, such share shall be held by the Trustee, in trust, for the following uses and purposes: To manage, invest and reinvest the same, to collect the income and to apply the net income and principal for such minor's care, support, maintenance, education and general welfare, to such extent and at such time or times and in such manner as the Trustee, in its sole and absolute discretion, deems advisable, until all such minor children become emancipated, and thereupon to transfer, convey and pay over the principal of the trust, as it is then constituted, in equal shares among the children of the marriage. Any such application may be made without bond, without intervention of any guardian, without order of court, without regard to the duty of any person to support such minor child(ten), and without regard to any other fimds, which may be available for the purpose. Any net income not so applied shall be accumulated and added to the principal of the trust at least annually and thereafter shall be held, administered and disposed of as part thereof. 4. Steven shall maintain all premiums for the above insurance and shall annually, by January 31 of each year, provide Amy with proof that the 19 insurance remains in force and that the beneficiary designation remains as required. Additionally, by his signature on this Matrimonial Settlement Agreement, Steven gives his authorized consent to Amy to contact directly his insurance company for verification of the existence of the required insurance and beneficiary designation, and authorizes his insurance company to provide the information necessary to corroborate the satisfaction of the provisions of this Matrimonial Settlement Agreement. 5. Steven's obligation to maintain this insurance shall terminate upon the termination of his obligation to provide child support. During the time that Steven is required to maintain such life insurance, Steven agrees that there will be no hypothecation, borrowing or encumbrances of any kind upon the policy or policies, or allow any act to be done that detracts from the death benefits of said policy or from the face value thereof so long as this insurance is requ/red to be maintained. In the event that Steven fails to maintain the life insurance coverage required by the Matrimonial Settlement Agreement, any amounts that Amy and/or the children would have received had the required coverage been maintained shall be paid out of Steven's estate. F. Amy's Life Insurance for the Children: So long as Jared and Lydia are unemancipated, Steven agrees to maintain Two Hundred Thousand ($200,000.00) Dollars in life insurance upon Amy's life irrevocably naming Jared and Lydia as beneficiaries with Steven as trustee for Jared and Lydia. By entering into this Matrimonial Settlement Agreement and consenting hereto, Steven, as Grantor, creates a trust for the benefit of Jared and Lydia with the life insurance proceeds as described herein naming Steven as Trustee. If Jared and/or Lydia becomes entitled to a share of the life insurance proceeds placed in trust for them, such share shall be held by the Trustee, in trust, for the following uses and purposes: To manage, invest and reinvest the same, to collect the income and to apply the net income and principal for such minor's care, support, maintenance, education and general welfare, to such extent and at such time or times and in such manner as the Trustee, in its sole and absolute discretion, deems 20 advisable, until all such minor children become emancipated, and thereupon to transfer, convey and pay over the principal of the trust, as it is then constituted, in equal shares among the children of the marriage. Any such application may be made without bond, without intervention of any guardian, without order of court, without regard to the duty of any person to support such minor, and without regard to any other funds, which may be available for the purpose. Any net income not so applied shall be accumulated and added to the principal of the trust at least annually and thereafter shall be held, administered and disposed of as part thereof. 3. Steven's obligation to maintain this insurance shall terminate upon the termination of his obligation to provide child support. During the time that Steven is required to maintain such life insurance, Amy agrees that there will be no hypothecation, borrowing or encumbrances of any kind upon the policy or policies, or allow any act to be done that detracts from the death benefits of said policy or from the face value thereof so long as this insurance is required to be maintained. G. Life Insurance on the Lives of the Children: Steven has a life insurance pohcy each on Miriam and Jared's life. Steven also agrees that he shall obtain a life insurance policy upon the life of Lydia within sixty (60) days of the date of divorce. Amy and Steven agree that Steven will maintain these three policies until each child reaches twenty-one (21) years of age. During the time period of Steven's obligation to maintain these policies, in the event of the death of any of their children, the death benefit of the life insurance policy shall be used to cover the death related expenses for the deceased child. VIII.Taxes A. 2002 Income Taxes: Steven and Amy agree to file joint income tax returns for the tax year 2002, sharing equally any taxes owed or refunds received. B. Exemptions: Steven and Amy agree that each year they shall share their children as deductions for federal and state income tax purposes. While all three children are unemancipated, Amy will claim two children in odd years, 21 Steven will claim one child in odd years, Steven will claim two children in even years, and Amy will claim one child in even years. When two children remain as dependents, Steven and Amy will each claim one child as a deduction, and when only one child remains as a dependent, they shall alternate taking the child as a deduction until he or she becomes emancipated. They agree that if in any given year taking the child(ren) as a deduction yields no tax benefit to one of them, then that parent will give the deduction(s) to the other parent who would benefit. We agree to execute such documents as may be necessary on an annual basis to effectuate the waiver(s) as expressed herein. IX.E~luitable Distribution A. Marital Home: 1. Steven and Amy acknowledge that they own as tenants by the entirety real property at 56 Standish Road, Little Silver, New Jersey. This real estate was used during the marriage as the marital home. i. We have a first mortgage with First Savings Bank, with a balance of $341,781.97 as of 1/1/02. ii. We have a home equity line with Bank One, with a balance of $44,852.38 as of 10/31/02. iii. Fair Market Value: Amy and Steven listed the marital home for sale with a broker for approximately one month in early 2003. They received two offers for the real estate, in the amounts of $477,000.00 and $489,000.00. They were advised by the real estate broker not to accept an offer lower than $500,000.00. They have not otherwise obtained a written appraisal of the marital home's fair market value, They are confident that they can rely upon the listing broker's statement of value of their marital home's fair market value as being accurate, and freely choose to do so, and freely and knowingly choose not to have any other appraisals performed and submitted to them in writing. Therefore, they agree that the fair market value of their marital home for equitable distribution purposes is Five Htmdred Thousand ($500,000.00) Dollars. 22 2. Distribution of Marital Home: Amy and Steven agree that Steven shall purchase Amy's one-half interest in the marital home, and Steven shall pay Amy Fifty Thousand ($50,000.00) Dollars of the net equity of the marital home as they define it below. Steven and Amy shall transfer tifle to the marital home to Steven by Bargain and Sale Deed, along with an Affidavit of Title, t~ee and clear of all liens and judgments except for the mortgage in Steveffs name with Wells Fargo Home Mortgage, Inc., no later than the date of divorce. Steveffs attorney shall be responsible for preparation of the Bargain and Sale Deed and recording of title. ii. Net Eouitv of Marital Home: Steven and Amy agree to calculate the net equity of their mahtal home in the following manner: the balances of their first mortgage with First Savings Bank, their home equity line with Bank One, and the unsecured line of credit with Somerset Valley Bank, having an aggregate balance of $401,002.00 as of the value dates listed in this Memorandum of Understanding, shall be subtracted from their agreed fair market value of $500,000.00. They further agree that Amy's share of the net equity is Fifty Thousand ($50,000.00) Dollars. iii. Steven and Amy also agree that no later than the date of divorce, Steven shall refinance into his name only their first mortgage with First Savings Bank, their home equity line of credit with Bank One, and the unsecured line of credit with Somerset Valley Bank. Steven was approved for a first mortgage in his name with Wells Fargo Home Mortgage, Inc., in the approx/mate amount of $445,000.00, with an anticipated closing date in March, 2003. Steven shall give to Amy whtten proof that their first mortgage with First Savings Bank and their home equity line of credit with Bank One have been paid in full no later than the date of divorce. iv. Payment of Amy's Net Etluitv: Amy and Steven agree that Steven shall pay to Amy Fifty Thousand ($50,000.00) Dollars as her share of the net equity of the marital home in the following manner: a. Steven shall pay to Amy Forty Thousand ($40,000.00) Dollars within five (5) days after he closes his mortgage with Wells Fargo 23 Home Mortgage, Inc. Amy agrees that when she receives payment of the $40,000.00, she shall pay off the balance of the Disney Timeshare mortgage, as further contained herein, below. Steven shall rollover to Amy t5om his 401(k) with the Trustees of the International Planning Alliance 401k Plan of The Guardian Life Insurance Company of America, the amount of Five Thousand ($5,000.00) Dollars. This $5,000.00 amount is comprised of $3,800.00 of the marital home net equity which Steven owes to Amy, plus an additional agreed upon income tax amount of $1,200.00 to cover the income taxes that Amy will incur when she withdraws these funds from her qualified plan. The agreed upon income tax factor is 31.58%. The rollover shall be into a qualified plan for Amy, and the details of the rollover are stated under the "Distribution of Retirement Accounts" section herein, below. Steven agrees to pay to Amy the remaining balance of Six Thousand Two Hundred ($6,200.00) Dollars, under the following terms: Five Hundred ($500.00) Dollars per month for Twelve (12) months, with the remaining payment in the thirteenth month in the amount of Two Hundred ($200.00) Dollars, all at no interest. Steven shall make the monthly payment no later than the thirtieth (30th) day of each month, beginning in the month in which Amy transfers title of the marital home to Steven, by check payable to Amy, and separate from Steven's monthly alimony payment to Amy. Effective the date that Amy transfers title of the marital home to Steven and prior to the refinance into his name, Steven agrees to continue to pay and to be solely responsible for the mortgage, home equity line of credit, taxes, and any other expense related to the marital home, and agrees to indemnify Amy for any loss she might sustain as a result of his default upon said mortgage or home equity line of credit, or his non-payment of any indebtedness incurred in connection with the marital home. In addition to the expenses Steven is to pay with regard to the marital home, he shall also be responsible for maintaining home owner's insurance comparable to the coverage held during the marriage. 24 vi. Steven and Amy represent to each other that neither of them have incurred any other liens, loans, and/or mortgages against the marital home which have not been disclosed herein to the other. B. Distribution of Disney Timeshare: Amy and Steven own an undivided 0.4323% interest in Unit 29C of the Disney Vacation Club at Disney's BoardWalk Villas, a leasehold condominium. They have a mortgage upon this property with a balance of approximately $5,300.00 as of 11/20/02. They both have been advised by the mediator that they have the right to have this property valued, and they choose to waive this right. Steven and Amy agree that Amy shall keep the Disney Timeshare, and Steven waives all right, title and interest that he may have in this asset. Amy agrees that when she receives payment of the $40,000.00 from Steven as part payment of her share of the mahtal home net equity as detailed above, she shall pay offthe balance of the Disney Timeshare mortgage from her share of the marital home net proceeds. Amy shall provide Steven with proof that the Disney Timeshare mortgage has been paid in full no later than sixty (60) days after the payment has been made as provided for herein. After Amy pays offthe Disney Timeshare mortgage, Steven agrees that he will cooperate with her in deeding into Amy his title to the Disney Timeshare. C. Distribution of Shrewsbury Financial Partners. LLC: Steven and a partner formed Shrewsbury Financial Partners, LLC in approximately 8/02. Amy and Steven agree that this partnership is not doing any business right now, and that it has no assets and no value. i. Steven and Amy agree that Amy waives all rights, title or interest that she may have in Shrewsbury Financial Partners, LLC. D. Distribution of Retirement Accounts: 1. Steven has a 401(k) with the Trustees of the International Planning Alliance 40 lk Plan of The Guardian Life Insurance Company of America, 25 with a balance of $22,370.91 as of 9/3002. On 11/15/02 Steven borrowed $10,000.00 f~om this plan. Steven and Amy agree that they divided evenly between them the proceeds of the $10,000.00 loan against Steven's 401(k) plan, and are applying those funds to their mutual satisfaction. They agree that Amy shall pay to Steven one-half of this $10,000.00 loan by foregoing her equitable distribution share of the balance of this 401(k) plan, and that Steven assumes full responsibility for repayment of the $10,000.00 loan without further recourse to Amy. HOWEVER, even though Amy is foregoing her equitable disthbution share of the balance of this 401(k) plan, Steven shall rollover to a qualified plan for Amy, as part of his buyout of Amy's share of the net equity of the marital home as detailed herein above, the mount of Five Thousand ($5,000.00) Dollars. ii. It is Amy and Steven's intent for Steven to rollover to a qualiOed account for Amy this $5,000.00 amount without incurring penalty or tax. If a Qualified Domestic Relations Order ("QDRO") is required to roll Amy's $5,000.00 into another qualified plan for her, then the QDRO shall be prepared by William Troyan, Inc., or whomever Steven and Amy mutually decide, and the cost of preparation shall be shared equally by both Amy and Steven. Amy's attorney shall be responsible for arranging for the preparation of the QDRO. iii. Until such time as the Trustees of the International Plarm/ng Alliance 40 lk Plan of The Guardian Life Insurance Company of America accepts and implements the QDRO, or otherwise rolls Amy's $5,000.00 into her qualified plan, Steven shall continne to maintain Amy as beneficiary of the account. In the event that Steven fails to maintain Amy as beneficiary as required, any amounts that Amy would have received had the required beneficiaJy designation been maintained shall be paid to Amy by Steven's estate, heirs, assigns, or benefited third parties. 2. Steven has a SEP IRA with Aim Funds, with a value of $4,248.02 as of 9/30/02. 26 Steven and Amy agree that Steven will keep this SEP IRA with Aim Funds, and Amy waives any claim, interest or title she might have in this SEP IRA. 3. Amy has an IRA with Aim Funds, with a value of $3,035.02 as of 9/30/02. Amy and Steven agree that Amy will keep this IRA with Aim Funds, and Steven waives any claim, interest or title he might have in this IRA. E. Distribution of Investment Accounts: 1. Steven and Amy have a joint account with The Guardian Cash Management Fund, with a value of $736.76 as of 11/15/02. Amy and Steven agree that they closed this account in December, 2002, and that Amy applied the funds to their current joint expenses, to their mutual satisfaction. 2. Amy and Steven have a joint account with Franklin, Templeton Investments, with a value of$511.70 as of 9/30/02. Steven and Amy agree to sell the shares held by the account, close the account, and apply the funds to their joint current expenses to their mutual satisfaction, no later than the date of divorce. 3. Amy and Steven have a joint account with MFS Investment Management, with a share balance of $825.06 as of 9/30/02. Steven and Amy agree to sell the shares held by the account, close the account, and apply the funds to their joint current expenses to their mutual satisfaction, no later than the date of divorce. F. Distribution of CheckinR Accounts: 1, Steven and Amy have two joint checking accounts with Commerce Bank, one with a balance of $3,612.95 as of 11/18/02, and the other with a balance of 0.59 as of 11/18/02. 27 Amy and Steven agree that Steven will either close these accounts or remove Amy's name from the accounts no later than the date of divorce, and they agree that the funds in these accounts have been used to their mutual satisfaction. 2. Amy and Steven each have their own separate checking and savings accounts. Steven and Amy agree that Amy shall keep their respective separate checking and savings accounts, and each waives all rights, title or claims of interest they might have in the other's accounts. G. Disoosition of Automobiles: Steven leases a Volvo V70 and a Volvo S80. Amy uses the Volvo V70, and they anticipate that this lease will end in approximately October, 2003. Steven and Amy agree that Amy shall continue to use the Volvo V70 that is leased to Steven, and that Steven will continue to make the lease payments on this vehicle until the lease ends. H. Disoosition of Children's Bank Accounts: We agree that there are seven Series EE Bonds in Miriam's name with a total face value of $950.00, four Series EE Bonds in Jared's name with a total face value of $750.00, and one Series EE Bond in Lydia's name with a face value orS100.00. Steven also is the custodian for a UTMA/NJ account in Jared's name with a value of $994.22 as of 9/30/02. Amy and Steven agree that Steven shall deposit the Series EE Bonds for Miriam, Jared and Lydia into UTMA accounts for the children, with Steven as the custodian. They fimher agree to share equally all decisions on how they will apply these UTMA account funds for the benefit of their children. I. Distribution of Household Prooertv: Steven and Amy's personal property will be divided between them as they cooperatively decide. Each can then do whatever they wish with their property. 28 J. Other Assets: 1. Steven and Amy agree that there are no other assets other than those listed in this Matrimonial Settlement Agreement. X. Non-Mortgage Debt A. Steven has an unsecured line of credit with Somerset Valley Bank, with a balance of $14,368.93 as of 11/13/02. Steven and Amy agree that Steven is paying the balance of this unsecured line of credit in full by refinancing it into his mortgage with Wells Fargo Home Mortgage, Inc., as detailed in the "Distribution of Marital Home" section herein, above. They further agree that Amy is reimbursing Steven for one-half of this debt by reducing her share of the marital home equity, and as detailed in the "Distribution of Marital Home" section heiein, above. B. Steven has a student loan with American Education Services, with a balance of $13,790.17 as of 9/15/02. 1. Amy and Steven agree that Steven shall be responsible for the repayment of this student loan, and Steven shall indemnify and hold Amy harmless from this debt. C. Amy has a student loan with America Education Services, with a balance of $29,172.54 as of 11/5/02. 1. Steven and Amy agree that Amy shall be responsible for the repayment of this student loan, and Amy shall indemnify and hold Steven harmless from this debt. D. Amy has a credit card with Bank One with a balance of $3,111.99 as of 10/15/02. Amy shall assume full responsibility for the repayment of this debt, and shall indemnify and hold Steven harmless from this debt. 29 Steven has a Chase MasterCard account with a balance of $8,376.38 as of 10/14/02. Steven shall assume full responsibility for the repayment of this debt, and shall indemnify and hold Amy harmless fi.om this debt, Steven and Amy have an American Express credit card with a balance of $2,480.88 as of 11/8/02. Steven shall remove Amy's name fi.om this credit card no later than the date of divorce, and he shall assume full responsibility for the repayment of this debt, and shall indemnify and hold Amy harmless fi'om this debt, Steven has a credit card with Direct Merchants Bank Titanium, with a balance of $10,187.79 as of 11/6/02. Steven shall assume full responsibility for the repayment of this debt, and shall indemnify and hold Amy harmless fi.om this debt. Steven and Amy have a Texaco credit card with a credit balance of $27.35 as of 10/17/02. Steven shall remove Amy's name fi.om this account no later than the date of divorce, and shall assume responsibility for payment of this credit card. Steven and Amy have a Macy's credit card with a balance of $68.30 as of 11/13/02, Steven shall remove Amy's name from this account no later than · the date of divorce, and shall assume responsibility for payment of this credit card. Steven and Amy agree that there are no other debts other than those listed in this Matrimonial Settlement Agreement. We agree that any debts either of us currently has or incurs in the future will be the sole obligation of the person incurring the debt, except as we have specifically agreed in this Matrimonial Settlement Agreement Each of us shall and does hold the other flee, harmless and indemnified for any and all such obligations, now and in the future. XI.Counsel Fees and Mediation Fees l. Mediation Fee: The balance of mediation fees after 1/30/03 shall be paid by Steven. 2. Legal Fees: Steven agrees to pay for both his and Amy's legal fees. 30 Xll. Mediation/Arbitration 1. If we are unable to agree on the application or interpretation of any pa~t of our agreements, or if we are unable to negotiate any of the issues we agree to negotiate in the future such as child support and college related issues, or if there is a significant change in the status of either of us, we agree, before cormnencing litigation, to make a diligent effort to resolve our differences. If we cannot settle of these issues ourselves, we agree to enter into mediation. We agree to share the costs of mediation equally. We designate Joan M. Kugelmann as mediator, or another mediator we agree upon. If we are unable to agree upon a mediator then we will each choose a mediator and they will choose the mediator. 31 Xlll. Aooendix A. Steven and Amy acknowledge that the following documents have been exchanged between them and used in the mediation: 1. The last three year's tax returns 2. Wage stubs 3. All loan, credit card and bank statements showing the balance 4. Evidence of health and life insurance policies 5. Pension and Retirement Account Statements 6. Marital home documentation 7. Case Informati~ Statements CONSISTING OF 32 PAGES TO BE INCORPORATED INTO OUR SUPPORT AND PROPERTY SETTLEMENT AGREEMENT. Ar6y 5~. Trigili 32