‒Unreported Opinion‒
17
down there. Ultimately, [Husband] did not want to be -- take responsibility
for the debt [at the Vacation Property], and so I just -- I agreed to take that
on. That alone was almost a half a million dollars in debt. I agreed to take
on the obligations for [son], his tuition, his student loans. [Husband] rode
the route of, he’s 18. I’m not responsible for him anymore, so I don’t want
to pay for anything related to him. With the cars, we had four cars. Two
were paid off. [Husband] took the two that were paid off. I assumed the
payments for the two that had notes on them. I’m trying to think of what
else. What else was there in debt? The operating loss, the credit -- we split
the credit cards. The decision there was to split them. Whoever had taken
out the card and it was legal in their name would service that debt going
forward.
Wife explained that she “agreed to take on the bulk, almost 80 percent, of the marital debt.”
Wife further explained the process of how her pension allocation was written in the
final Agreement:
So this being three years ago, at that point we, we realized that both of us
have, you know, 15, 16, 17 years to work in the future to earn money. I’m a
salaried employee. I don’t have -- I don’t get bonuses. I get very small raises.
There is no profit-sharing at the International Monetary Fund. So I, I, I’m
doing good if I get a, a one percent raise a year there. That’s -- I think that’s
-- we’re a quasigovernmental agency.
[Husband], on the other hand, is commission-only. He has the potential to
earn two and three times the amount of money I did. And so [Husband]
traded future cash flow for having cash flow upfront and being able to not
have to -- have to pay off this -- all this debt that we had, had built up over
time. So the offset was that he would keep his retirement vehicles that he
had. He had three at the time. There was a supp. Prudential offered a
pension, and he had something else called an RMA that to this day I don’t
even understand what it is, but he said it was part of his retirement package.
I get a pension from the IMF. There’s a mandatory contribution to that. I
have no say-so or control over how that pension works. And then there was
a, an annuity that were dribs and drabs of, you know, money I have
accumulated from previous employment then that [Husband] had actually
invested for us. So we agreed that we -- both of us would keep our pensions.
And so the -- my pension would be the offset to taking on the debt for [son],
which we calculated at that time was almost $100,000 over his education