EMAIL DETAILS

Per our conversation, here are the outlines of what we discussed.

1) A floor of spousal support of $15,000 a month and Child Support of $10,000 a month. (Which would require approximately $420,000 of income a year for that alone. And recall that the $15K a month is pre-tax to Kathleen so she would net approx. $9.75K a month after tax.)

2) A certain percentage of your salaried income via Owasco, P.C. or an equivalent percentage from any one-time “windfall” payments from Owasco, LLC up to a ceiling of $40K a month.

3) Once Kathleen hits $40K a month and once the tax debts from 2014, 2015 and 2016 are paid off by you, she is entitled to a certain percentage of any windfall payments paid to you via Owasco, LLC.

4) You both agree to sell the Loughboro house within six months (to get through the school year) and 50% of the proceeds should be dedicated to payment of tax debts to 2014, 2015 and 2016 and the remainder should go to Kathleen. (That would give you approx. $300K to dedicate to taxes and Kathleen a “nest egg” of $300,000 to use for a down payment on a house or to draw down from as additional spousal support until the point that your income can increase.)

5) Kathleen gets the Lake House, will pay all expenses and mortgages related to it and can keep or sell it. If she sells it a percentage of proceeds can be given to her family in recognition of the their support over the years.

House Values:

Loughboro - $1.563m in Mortgages (first and second)
$ 2.2m Appraisal Value on Zillow
Equity = $637,000

Lake House- $471,334 in Mortgages (first and second)
$620,382 Appraisal Value on Zillow
Equity = $149,048


Eric D. Schwerin
Rosemont Seneca Advisors, LLC
2900 K Street, NW
Suite 507
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com <x-msg://59/eschwerin@obblaw.com>
P Consider the environment before printing this email.

WE’VE MOVED: PLEASE NOTE OUR NEW ADDRESS ABOVE