Judgement ordering appellant to pay to his ex-wife out-of-pocket sum of $64,044.45, in addition to $33,955.55 sum from his share of net profits from sale of parties’ lake house, PARTIALL REVERSED ; plain language of Paragraph 7 (b) of parties’ post-nuptial agreement stated that appellant was required to reimburse appellee for her separate $98K investment in property solely ‘ “from his 50% share of the net profits,” ‘ not from any separate assets, which he may have, and appellant’s 50% share of net profits was $33,955.55; trial court did not err in ordering that sale proceeds from lake house be used to pay $220,564 line of credit, which parties incurred, since Paragraph 7 (b) defines net profit in relevant part as net of debt on Lake House, with no language limiting term debt to money borrowed to improve house itself; appellee conveyed title to house to bank to secure line of credit, and it is clear that line of credit constituted debt on Lake House with-in post-nuptial agreement’s plain language; appellant’s contention that it would violate Paragraph 16 16(a)(4) of post nuptial agreement – providing generally that debt incurred with express permission of other party – to deduct final line of credit from lake house proceeds, since specific provision will prevail over general one, Paragraph 7 (b) provides that parties’ debt on lake house, which clearly indicates lines of credit secured by house, must be paid off when house is sold, and record showed that appellant was explicity aware of first two lines of credit on lake house, which were used to purchased parties’ martial residence and to fund parties’ juoint business, reguardless of whiter they were made in appellee’s name alone.
Holland v. Holland, S10A1158 (10/04/2010), 10 FCDR 3176
From: Fulton County Daily Report, October 15, 2010.