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Divorce and the New Bankruptcy Law
Among the more arduous tasks for an attorney handling a matrimonial case is the negotiation of the financial aspects, primarily support and maintenance and the division and distribution of marital property. In many cases, exhaustive financial disclosure is necessary; evaluations of property are obtained and challenged, and months of negotiations and legal services result, finally, in a resolution of the financial issues.
Once the major issues of the case are settled, an agreement is prepared so that the acrimony and bitterness of the parties can hopefully become history. The deal is set, and the parties proceed to restructure their lives for a better future in reliance upon the agreement. It is usual that the settlement agreement is executory; that is, there is required of the parties future performance of the obligations that they assumed under the provisions of the agreement. Commonly, the obligations include future payments or distributions of marital property. Although the agreement may determine the respective shares and entitlement of each party, the actual distribution frequently does not take place until a later date.
For example, if a husband owns a business, or an interest in a business, the wife may be entitled to a portion of the value of the husband's interest in that business. After it has been evaluated, it is not uncommon that there is insufficient cash flow to fund the buyout of the wife's interest in one lump sum at the time of the settlement. Consequently, there are often payout arrangements extending sometimes over a period of years.
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