MARITAL SETTLEMENT AGREEMENT
FOR
OKSANA SHADDOCK
AND
FREDERICK J. SHADDOCK
Table of Contents
Section Title
1.0 Separation
2.0 Tangible Personal Property
3.0 Financial Assets
4.0 Tax Deferred/Retirement Assets
5.0 Real Property
6.0 The DC Apartment
7.0 Alimony
8.0 Debts
9.0 Taxes
10.0 Legal Fees
11.0 Alternative Dispute Resolution
12.0 Releases
13.0 Miscellaneous
14.0 Partial Breach
15.0 Partial Invalidity
16.0 Merger or Incorporation
17.0 Bankruptcy
MARITAL SETTLEMENT AGREEMENT
THIS MARITAL SETTLEMENT AGREEMENT (hereinafter referred to as Agreement or MSA) is executed this day of ,2025 by and between Oksana Shaddock, (hereinafter referred to as the "Wife") and Frederick J. Shaddock , (hereinafter referred to as the "Husband).
R E C I T A L S
A. The parties were married on January 17, 2001 in Arlington, Virginia. . B. There have been no children born or adopted of this marriage.
C. The parties are joint owners, as tenants by the entirety, of the premises known as 806 4th Street, Fairfield, Iowa, 52556 , hereinafter referred to as the Iowa Property. The Wife owns shares in her separate and sole name in Harbor Square Cooperative which entitles her to occupy the Cooperative Apartment known as Unit S-316, 520 N Street, SW, Washington, DC 20024, hereinafter referred to as the DC Apartment.
D. The parties each own tangible and non-tangible personal property titled in their separate names or untitled but held by a separate party.
E. In consequence of certain events and unhappy differences, the parties are mutually and voluntarily living separate and apart. The parties being irreconcilably estranged, and there being no probability of a reconciliation between them, it is their desire to effect a full, final and complete settlement of their respective rights and responsibilities regarding matters such as property division and alimony as well as all other rights, claims, relationships or obligations arising out of their marriage or otherwise.
F. The Husband has initiated litigation against the Wife in both the District and Columbia and in Iowa. The Iowa case(s) include a claim for divorce. The parties desire that all such litigation be dismissed except for the Husband proceeding with only an Uncontested Divorce in Iowa.
NOW THEREFORE, in consideration of the mutual promises, covenants, and undertakings hereinafter more fully set forth, and for other good and valuable consideration, the parties agree as follows:
1.0 SEPARATION AND DIVORCE
1.1 The parties may and shall hereafter continue to live separate and apart. Each shall be free from interference, authority, and control, direct or indirect, of any kind by the other party. Neither party shall interfere in any manner with the other and each party shall be at liberty to act and do as she or he sees fit and to conduct her or his personal and social life as freely and as fully as if he or she were sole and unmarried. Each of the parties hereby waives and releases any and all right or rights in or to, or growing out of, the consortium of the other party, past, present and future. Neither party will bring an action based upon the right, claim to the right, or a violation of his or her right, to the consortium of the other person. The parties will cooperate with each other to obtain a Judgment of Absolute Divorce.
1.2 The Husband shall dismiss all litigation filed against the Wife in the District of Columbia, Iowa and in any other jurisdiction except for a claim for an Uncontested Divorce to be maintained in Iowa. The Husband shall notify the Iowa Court that the parties have signed this MSA and shall immediately proceed with finalizing the divorce. If the Husband fails to finalize the divorce within sixty 60 days, the Wife may file for divorce in any Court of competent jurisdiction and the Husband shall accept service of process, file an uncontested Answer and otherwise cooperate with the Wife to obtain a Judgment of Absolute Divorce. In the event the Wife proceeds with the divorce, the Husband shall reimburse her all of the costs and legal fees that she incurs in finalizing a divorce,
2.0 TANGIBLE PERSONAL PROPERTY
2.1 Except for the items listed on Schedule A, the parties have heretofore divided all tangible personal property, including but not limited to articles of clothing, jewelry, accessories, furniture, rugs, artwork, appliances, electronics and other household items to their mutual satisfaction. The Husband shall allow the Wife or her designated representative, access to the Iowa Property on a mutually agreeable date within 120 days of the date of this Agreement to retrieve all of her tangible personal property listed on Schedule A. Henceforth, each of the parties shall own, have, and enjoy, independently of any claim or right of the other party, all such items of personal property which are now owned or held by him or her, or designated for him or her pursuant to Schedule A, with full right to him or her to dispose of the same as fully and effectually, in all respects and for all purposes, as if he or she were unmarried. Each party waives all right, title and interest he or she may have in such personal property held by the other.
2.3 The Husband quitclaims in favor of the Wife all of the right, title or interest whatsoever which he may have in the 2000 Mercedes C230K automobile and will execute upon the Wife's request any and all instruments required to give effect to this paragraph. Thereafter the Wife shall assume all costs associated with said automobile, including loan payments, insurance, repairs and maintenance and indemnify the Husband and hold him harmless as to any and all liability therefore.
2.4 The Wife quitclaims in favor of the Husband all of the right, title, or interest whatsoever which she may have in the 1989 Mercedes 190e automobile and will execute upon the Husband's request any and all instruments required to give effect to this paragraph. Thereafter the Husband shall assume all costs associated with said automobile, including loan payments, insurance, repairs and maintenance and indemnify the Wife and hold her harmless as to any and all liability therefore.
3.0 FINANCIAL ASSETS (EXCLUDING TAX DEFERRED/RETIREMENT ASSETS)
3.1 Each party owns non-tangible personal property including, bank accounts, investment accounts, securities, stocks, bonds and other financial assets and the like. Each party quitclaims and waives all of his/her right, title and interest in such financial assets in the other’s sole name or in his or her name jointly with another, not the spouse.
3.2 Each party shall own, have and enjoy, independently of any claim or right of the other, all bank accounts, investment accounts securities, stocks, bonds and other financial assets in his or her name or jointly with another who is not his or her spouse.
4.0 TAX DEFERRED/RETIREMENT ASSETS
4.1 Waiver. Each party owns tax deferred retirement assets. Each party waives any and all claim, interest or right to the retirement interests of the other, including any right as a survivor to pre-retirement death benefits or post-retirement survivor benefits. Each party will execute any and all documents necessary to effectuate the waivers set forth herein. In the event either party receives funds as a beneficiary of the other's retirement interests without being named in a beneficiary designation executed after the date of this Agreement, the surviving party hereby waives and relinquishes any and all rights he/she might have as a beneficiary, as a surviving spouse, as a surviving former spouse and/or otherwise to receive the proceeds of any such retirement interest, or to receive any death or survivor benefit or other amounts payable in connection with any such retirement interest; and the surviving party does hereby irrevocably assign any rights he/she might have to receive such proceeds, benefits or amounts to the estate of the deceased party for distribution pursuant to the Last Will and Testament of the deceased party, or if the deceased party dies intestate, for distribution in accordance with the laws of intestacy.
5.0 REAL PROPERTY - THE IOWA PROPERTY
5.1 The Iowa Property is presently occupied by Husband and he shall have the exclusive right to live there unless it is sold pursuant to the following provisions. The Wife shall not enter the Iowa property or reside there without the written consent of the Husband. The Husband shall provide his written consent for purposes of the Wife retrieving her tangible personal property as provided above. The Husband shall be solely responsible for all costs related to the Iowa Property, whether incurred before or after the signing of this Agreement including, but not limited to, mortgage payments, taxes, utilities, maintenance and repairs and shall indemnify and hold harmless the Wife as to any liabilities thereon.
5.2 The Iowa property is encumbered by a mortgage in the joint names of the parties. The Husband shall payoff the mortgage note by refinancing in his sole name or making a cash payment within 120 days of the date of this Agreement. Simultaneously with the Husband paying off the mortgage note the Wife shall quitclaim all of her right, title and interest in Iowa Property to the Husband . She will execute all necessary deeds, tax forms and transfer documents to give effect to this paragraph.
5.3 If the Husband is unable to pay-off the mortgage note within 120 days, the Wife is authorized to list the Iowa property for sale and to finalize a sale with any buyer. The Husband shall receive all of the net proceeds of the sale. The net proceeds shall be the amount remaining after the payment of the balance on the mortgage note, any other lien that may exist against the Iowa property, utilities, taxes and the like.
6.0 THE DC APARTMENT
6.1 The Husband is currently occupying the DC Apartment. He shall immediately vacate the Apartment. The Wife shall have the exclusive right to occupy the Apartment and shall continue to be solely liable for all costs related to her interest in this cooperative apartment. The Husband shall not enter the DC Apartment or reside there without the written consent of the Wife.
6.2 The Husband waives all right title or interest that he may have to the ownership of the Cooperative shares the Wife owns in the Harbor Square Cooperative and waives any right he may have to occupy the DC Apartment. He will execute all necessary deeds, tax forms and transfer documents to give effect to this paragraph.
7.0 ALIMONY
Neither party shall pay alimony to the other and each waives the right to claim maintenance, alimony or support of any kind for herself or himself temporarily or permanently from the other and waives any right to seek any modification by any court.
8.0 DEBTS
8.1 Each party represents and warrants that he/she has not incurred any debts or obligations for which the other party may be liable and each covenants that hereafter neither shall contract any debt in the name of the other party, and each shall hold the other harmless and make the other whole in the event of the breach of this paragraph.
8.2 Each party shall be solely liable for debts in his or her sole name.
8.3. The parties acknowledge that there are no joint debts other than the mortgage note secured by the Iowa Property which the Husband assumes and will pay-off pursuant to the provisions of this Agreement..
9.0 TAXES
9.1 The parties shall file separate United States and local tax returns for the calendar year 2025 and all following years.
9.2 Any refund or tax due arising out of joint returns previously filed shall be allocated between the parties in the same proportion as that which results from the fractions created by using each party's income as the numerator and their total combined incomes as the denominator, then taking into consideration taxes already paid or withheld by a party during the year.
9.3 When filing separate tax returns, the Husband shall be entitled to claim the mortgage interest deduction and real estate tax deduction for the Iowa Property.
9.4 The parties recognize that each will assume the existing basis on any assets being transferred to him or her and when sold the transferee will owe any capital gain tax which may be due.
9.5 The parties have made the following assumptions concerning the tax consequences of this Agreement. Each agrees to file his or her tax returns in conformity with these assumptions. If any of these assumptions is incorrect, the parties shall negotiate an equitable apportionment of the burden or windfall. The assumptions are:
(a) No gift taxes will accrue from any transfers or relinquishments under this Agreement, pursuant to Internal Revenue Code Section 2516, provided the parties are divorced within two years. For the same reason, neither party will have to include any of the transfers in his or her cumulative lifetime transfers, taxable under federal tax laws.
(b) No income taxes will accrue from any transfers of property or cash adjustments under this Agreement, pursuant to Internal Revenue Code Section 1041. Each party is required by Section 1041 to declare as his or her basis for capital gains tax purposes with respect to any property transferred pursuant to this Agreement, the basis the transferor had in the property immediately prior to the transfer.
10.0 LEGAL FEES
Each party shall be responsible for and pay his or her legal fees for the negotiation of this Agreement and for any subsequent divorce action. This does not preclude either party from seeking legal fees in any action for enforcement of this Agreement. In the event there is a material breach of this Agreement, the breaching party shall be responsible for all legal fees and costs incurred by the non-breaching party.
11.0 ALTERNATIVE DISPUTE RESOLUTION
Any dispute regarding this Agreement shall be submitted to mediation and mediation shall be completed before either party may file for relief in any Court. Mediation shall consist of at least two one-hour sessions before a jointly chosen qualified mediator, or if the parties cannot agree, before a mediator chosen by a court. Neither shall resort to a court until the two mediation sessions have been completed. In the event that a party fails to respond to a written request for mediation of an issue for more than 30 days, the party requesting the mediation may file for relief in any Court of competent jurisdiction.
12.0 RELEASES
12.1 Each party hereby waives, renounces and releases any and every statutory right of election of surviving spouse to take, claim, demand, or receive any share or part of the estate of the other party hereto, or to serve as the personal representative of the other spouse in any such estate. This provision does not preclude either party from naming the other as a beneficiary under his or her Will or from taking a devise or bequest under the Will of the other.
12.2 Except as otherwise specifically provided hereunder, each party hereby waives, releases, and bars herself or himself of all right of dower or curtesy, respectively, statutory share or of any rights or benefits under the community property laws of any state in and to any and all personal property and to any and all real property which her or his spouse now owns, or may hereafter own or acquire. Each will, upon request of the other, execute good and sufficient release of dower or curtesy, respectively, statutory share, or community property benefits to the other spouse, her or his heirs and assigns, or personal representatives, or will join, upon request, with the other, or her or his heirs and assigns, in executing any deed or deeds to any real property now or hereafter owned or acquired by the other spouse, at the expense of the spouse so requesting.
12.3 Each party hereby waives and releases to the other any and all claims that she or he may or might have, or claim to have, against the other, by reason of any matter, cause or thing whatsoever, up to the date of this Agreement, except as otherwise expressly provided herein.
13.0 MISCELLANEOUS
13.1 All covenants, stipulations, promises, agreements and provisions in this Agreement shall apply to, bind and be obligatory upon the parties hereto, their heirs, executors, administrators, personal representatives, successors and assigns, or any of them, whether so expressed or not.
13.2 Each party has sought and obtained, or has had the opportunity to obtain, independent legal advice by counsel of her or his own selection. Each fully understands the facts and has been fully informed of all legal rights and liabilities and after such advice and knowledge, each believes this Agreement to be fair, just and reasonable and each signs this Agreement freely and voluntarily.
13.3 This Agreement shall be construed in accordance with the laws of the District of Columbia.
13.4 The parties have incorporated in this Agreement their entire understanding. No oral statement or prior written matter extrinsic to this Agreement shall have any force or effect. The parties are not relying upon, and specifically herein repudiate, any representations other than those expressly set forth herein. All prior agreements between the parties, whether written or oral, are hereby revoked and held for naught.
13.5 No modifications or waiver of any of the items of this Agreement shall be valid unless in writing and executed with the same formality as this Agreement. No waiver of any breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature, and no waiver of any breach or default of any provision of this Agreement shall be deemed a waiver of any breach or default of any other provision.
13.6 Whenever called upon to do so by the other party within ten (10) working days of the receipt of written request to do so, a party shall execute, acknowledge, and deliver to or for the other party without consideration, any and all deeds, assignments, bills of sale or other instruments that may be necessary or proper to carry out the provisions of this Agreement, or that may be required to enable the other party to sell, encumber, hypothecate, or otherwise dispose of the property now or hereafter owned or acquired by such other party.
13.7 For reasons personal to each of them, the parties have not each fully disclosed his or her respective financial data to the other. Each party has ascertained and weighed all the facts and circumstances that each deems likely to influence his or her judgment and each is satisfied that he or she has sufficient knowledge to enter into this Agreement without specific financial disclosure. All the provisions of this Agreement, as well as questions pertinent to this Agreement have been fully and satisfactorily explained and each party clearly understands and assents to all the provisions hereof.
13.8 The parties acknowledge that they each had the opportunity to conduct formal discovery through litigation but chose not to for reasons of cost and in the interest of an amicable settlement. This Agreement is therefore entered into without formal discovery of the parties' assets, liabilities and income.
13.9 Although this Agreement was initially drafted by the the Wife’s attorney, it has been reviewed, negotiated, and modified by both parties. The fact that one counsel may have made the initial draft shall not be a basis for construing ambiguities against the drafter.
14.0 PARTIAL BREACH
In the event either party breaches any portion of the Agreement or contractual provisions herein, this Agreement and contract shall not thereby be terminated nor subject to rescission. In the event the other party agrees to or accepts a compromise or settlement thereon or ignores any such breach, such circumstances shall not constitute a waiver by the injured party of the breached provision nor of any other provision herein, and no waiver of a breach of agreement or contractual provision herein contained shall be construed to waive or in any manner affect the Agreement or contractual provisions herein, or any subsequent breach of this Agreement or any provision herein.
15.0 PARTIAL INVALIDITY
If any provision of this Agreement is held to be invalid or unenforceable, all other provisions shall nevertheless continue in full force and effect.
16.0 MERGER OR INCORPORATION OF AGREEMENT
In the event an action for divorce is instituted at any time hereafter by either party in any court of competent jurisdiction the parties shall be bound by all terms hereof. This Agreement shall be incorporated but not merged in any decree or judgment that may be granted in any such action.
17.0 BANKRUPTCY
Any financial duties and responsibilities of the parties to each other specified or referenced herein are domestic support obligations as defined by 11 U.S.C. § 101(14A) and are debts to a spouse, former spouse or child of the debtor pursuant to 11 U.S.C. § 523(a)(15) and as such no debt or obligation arising from this Agreement shall be dischargeable in bankruptcy. The parties agree that the debts and obligations herein shall survive the filing of any petition in bankruptcy by either party, whether voluntary or involuntary, and all proceedings taken thereunder, as well as general assignment for the benefit of creditors or other proceedings based on insolvency, and any claims hereunder shall remain in full force and effect and enforceable until performed and discharged in accordance with the terms of this Agreement.
IN WITNESS WHEREOF, the parties have set their hands and seals to four counterparts of this Agreement, each of which shall constitute an original this ______day of ____________, 20__.
________________________(SEAL)
________________________(SEAL)
DISTRICT OF COLUMBIA, ss:
On this ____ day of _________ _____, before me the undersigned, a Notary Public in and for the aforesaid jurisdiction, personally appeared ________________________ known to me as the Wife described herein and who executed the foregoing Separation and Settlement Agreement and acknowledged to me that she freely and voluntarily executed the same for the purposes named herein.
_______________________________
NOTARY PUBLIC
My Commission expires:
______________________
DISTRICT OF COLUMBIA, ss:
On this ____ day of _________ _____, before me the undersigned, a Notary Public in and for the aforesaid jurisdiction, personally appeared ________________________ known to me as the Husband described herein and who executed the foregoing Separation and Settlement Agreement and acknowledged to me that he freely and voluntarily executed the same for the purposes named herein.
_______________________________
NOTARY PUBLIC
My Commission expires:
______________________