FRAUDULENT CONVEYANCES Nassau Academy of Law CLE Live ...

397 B.R. 642 Page 11397 B.R. 642(Cite as: 397 B.R. 642)judgment on Count 1 of the Amended Complaint shouldbe granted, and that portion of the Trustee's Cross-Motionon Count 1 of the Amended Complaint should be denied.based upon the consideration *655 exchanged as set forthin the Settlement Agreement, the Transfer was not afraudulent transfer under Section 548 as a matter of law.In the Alternative, the Transfer Was Not a FraudulentTransfer Under Section548 Based Upon the Consideration Exchanged[11] In the alternative, this Court has determined that,Defendant asserts the Transfer was not a fraudulent transfer,by using the following calculations:Agreed value of marital residence: $532,000Less:Wells Fargo Mortgage balance: ($140,000)Projected real estate commission, transfer tax and closing ($ 20,960)costs if property were sold:Total $160,960Net Equity: $371,040Debtor's Net Equity transferred to Defendant: $185,520--------Defendant then asserts that she was entitled to the followingcredits against Debtor's Net Equity:Child support arrears, pursuant to pendente lite order: $ 45,532Parents loan to parties to build and maintain the marital $ 61,000residence (total $122,000) l/2 due from Debtor:Repairs and maintenance of $8,300 to house during divorce; $ 4,150one half charged to Debtor per pendente lite order):Outstanding bills for life insurance, automobile insurance, $ 1,800water and miscellaneous, which was Debtor's obligationduring the divorce, per pendente lite order but whichDebtor did not pay:Defendant's attorney's legal fee, which Debtor did not pay: $ 29,500One half of marital assets improperly taken by Debtor: $ 15,213Value of waiver of interest in Debtor's $92,000 annuity: $ 32,200Waiver of maintenance (alimony) of $1,000 per month for 48 $ 48,000months:Total value to Debtor from settlement: $237,395--------Thus, even if this Court did examine the considerationexchanged under the Settlement Agreement and theJudgment of Divorce, the Defendant argues she did notreceive a fraudulent transfer as a matter of law, and that,in fact, Debtor received more value than he relinquished.Agreed value of the Marital Residence: 532,000Less: Wells Fargo Mortgage balance $140,000Net Equity: $392,000The Debtor's interest in the Marital Residence: $196,000The Trustee asserts that the proper calculation regardingthe Transfer is as follows:Then, according to the precise terms of the SettlementAgreement, the Trustee asserts Defendant was entitled toonly the following credits:Support arrears under the pendente lite Order: $ 45,532© 2009 Thomson Reuters. No Claim to Orig. US Gov. Works.