007

FORM 7.

Pertinent Alimony Clauses to Consider Including in a Separation Agreement

1. RESPONSIBILITY FOR DEBTS: Both parties represent, warrant, and covenant that they have not hereto, nor will they hereafter, incur or contract any debt, charge, obligation or liability whatsoever for which the other party, his or her legal representatives, property, or estate is or may become liable, except as otherwise specifically set forth in this Agreement. Both parties agree to indemnify and hold the other party harmless of all loss, expenses, including reasonable attorneys' fees and damages, in connection with or arising out of a breach by the other of his or her foregoing representation, warranty, and covenant. 2. SUPPORT AND MAINTENANCE OF THE WIFE: The Husband shall pay to the Wife for her support and maintenance, the sum of (specify $) per week, due in advance on Saturday of each week. Said payments shall continue for a period of (specify) years from the execution date of this Agreement; however, all payments shall cease prior to the end of said ___ year period in the event the Wife remarries, or in the event the Wife cohabits with another man. Remarriage of the Wife as used in this Agreement shall be deemed a remarriage of the Wife regardless of whether such marriage shall be void or voidable or terminated by divorce, annulment, or otherwise. Cohabiting shall mean living with another man for a minimum consecutive period of at least (specify) days, or (specify) nonconsecutive days within any three-month period. All payments by the Husband to the Wife under this Article shall be made by check or money order and forwarded to the Wife at her residence or at such other place as she shall designate in writing to the Husband. The parties hereby acknowledge that the aforesaid payments made by the Husband to the Wife as support and maintenance shall constitute taxable income to the Wife and be a taxdeductible expense to the Husband, and the sums specified herein have been computed with such tax consequences in mind and in consideration of the relative tax burdens and benefits upon the parties based upon the respective incomes of the parties. Or: The Wife acknowledges that she is in good health and is capable of earning an adequate salary of at least (specify $) as a (specify job function) and that she has sufficient means of her own support from her share of the joint property distributed between the parties including (specify, such as transfer of the husband's share of marital premises, other property, or assets). Accordingly, she waives and renounces (specify) all and any claims against the Husband for support and maintenance exceeding those amounts specified in this Agreement, and for any other property, either joint or separate, owned by or due to the Husband, and agrees that she will not at any time demand or apply therefor for said additional support, maintenance, or property, and will hold the Husband harmless therefrom. 3. LIFE INSURANCE: The Husband's life is insured by (specify company, address, policy number) in the face amount of (specify $) of which the Wife has heretofore been sole beneficiary. The Husband agrees that he will provide and maintain, at his own expense, said life insurance policy insuring his life for the benefit of the Wife, until the youngest child of the parties is emancipated or reaches the age of 21, whichever comes sooner. The Husband shall not pledge, hypothecate, or encumber the policy by loan or otherwise during such period. Each year he shall forward written proof to the Wife that said policy remains in full force and effect. Any dividends payable under said policy shall belong exclusively to (specify). (Note: If to the Husband, the clause could read, "who shall have the option of accepting payment thereof or applying same in reduction of premiums.") 4. TAXATION: Regardless of their marital status, the parties shall file separate tax returns from this day forward. Each party agrees to cooperate fully with the other in the event of any audit or examination by a taxing authority of any previous joint tax return filed by the parties. Each party agrees to furnish

to the party being examined or his or her designees, promptly and without charge, such papers, records, documents, and information as may be reasonably appropriate in connection with such audit or examination. In the event an audit indicates that additional money, interest, and penalties are due, the party who is primarily responsible for said deficiency shall be responsible to pay all such sums, and shall indemnify and hold the other party harmless from same. 5. DIVISION OF PROPERTY: The parties acknowledge that all items of personal property, fixtures, furnishings, and real property wherever they may exist, as enumerated more fully on Schedule A attached to this Agreement and made a party hereof, have previously been divided to the satisfaction of both the Husband and the Wife upon the signing of this Agreement. Accordingly, neither party will make any claim against the other in the future with respect to any of the aforesaid stipulated property. --Author's Note: The above clauses merely illustrate a few of the important concepts to be addressed in a comprehensive separation agreement. Speak to your lawyer for advice and guidance where applicable.