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WHEREAS, whether or not the parties reconcile, each party wants to
enter into this Agreement. The parties desire to settle by agreement certain
of their rights, interests, and obligations between them and to resolve claims
or demands each might have against the other now and in the future as to
those provisions set forth below, and each party is entering this Agreement
voluntarily and by his or her own free will and choice.
WHEREAS, the parties contemplate that this Agreement will be
offered in a court of competent jurisdiction in which their rights and
obligations may be decided at a later time as a partial property settlement
agreement, in the place of any court determined resolution of the matters that
are expressly set forth in this Agreement.
(Emphasis added.) The Agreement, which has a severability clause, contained the
following terms, which we summarize:
1. In the event of divorce, the parties waive any claim to any right of
equitable distribution as to any property addressed in the Agreement;
2. If the parties divorce, Husband will convey the “marital residence” to
wife; pay off the mortgage within 60 days of a divorce order; and pay the
taxes, insurance, and repairs over $2,000 on the residence until their son
turns 22 years of age;
3. The first installment of husband’s inheritance from his grandmother shall
remain titled as tenants by the entirety during their marriage and shall be
split evenly between the parties in the event of a divorce. Husband’s
expected second inheritance installment from his grandmother shall be
placed in an account titled tenants by the entirety and in the event of
divorce the property shall be evenly split between the parties;
4. Liquid assets from any other inheritance husband receives during their
marriage shall be placed in an account titled in the names of both parties
as tenants by the entirety and in the event of divorce, the parties shall split
those assets evenly. Non-liquid assets that husband inherits during the
marriage shall remain in husband’s sole name during the marriage and
shall remain his sole property upon divorce;
5. If the parties divorce, husband may spend any subsequent inheritance at
his discretion, except on any subsequent girlfriend, wife, or child;
6. The proceeds of the sale of a particular brooch husband inherited from
his grandmother, which occurred on April 21, 2015 for $850,000, shall