Claudia and Bert were married more than 30 years before their divorce. At the time of their divorce, their marital estate was worth several million dollars. Among their assets was the "Happy Valley property" in which they each received a 25 percent separate interest as part of the divorce settlement. The other 50 percent owner was a trust for the benefit of their children and grandchildren. Purchase Bob Bruss reports online. As part of the divorce, Claudia received a $500,000 equalizing money judgment from Bert. About 10 months after the divorce was final, the Happy Valley property was sold to a developer. But shortly before that sale, Bert transferred his 25 percent interest in the property to Claudia, in return for a credit against the $500,000 judgment he owed to her. This transfer to Claudia was tax-free, as allowed by Internal Revenue Code 1041 for property transfers to a spouse within 12 months after the divorce. Claudia then signed a deed selling her 50 percent interest in ...
by Brad Inman | on Mar 21, 2017
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