Separation Agreement Provision
1. Remarriage or Cohabitation. If Wife remarries, or cohabits with a person with whom she has a meretricious relationship, the payments specified in Paragraph ---------- will be reduced by ---------- percent (----------%) [or, will terminate immediately].
2. Gainful Employment. If wife is or becomes employed, and if her gross income during any calendar year exceeds the sum of ---------- dollars ($----------), then the payments specified in Paragraph ---------- will be reduced in the next calendar year by 1 percent (----------%) for each ---------- dollars ($----------) of gross income earned by Wife in each pay period. This reduction will be allowed if an as long as (a) Husband has complied with all of his obligations under this Separation Agreement and (b) Wife remains employed.
3. Cost-of-Living Changes. The payments specified in Paragraph ---------- will increase or decrease each year by a percentage equal to the percentage change in the U.S. Bureau of Labor Statistics' Consumer Price Index for Urban Dwellers for the twelve-month period ending [month] of each year. Such increase or decrease will be effective as of the [number] day of each year, beginning as of [date].
4. Cap-Percentage of Husband's Gross Income. The annual support and maintenance payments under Paragraph ---------- as modified by this Paragraph may not exceed ---------- percent (----------%) of Husbands' gross income, which is defined as the adjusted gross income reported by Husbands in his federal income tax return plus all nontaxable income and tax preferences (both as defined and treated by the Internal Revenue Code of 1986, as amended).
5. Extraordinary Circumstances. If, by reason of illness or a drastic change in the financial condition of either Husband or Wife, either party is subjected to extraordinary expenses, the parties agree to confer to adjust the support payments under this Agreement. If they cannot reach an agreement as to such payments, the parties agree to submit their dispute to the American Arbitration Association and to be bound by the decision of its arbitrators.
Share with Twitter Share with Facebook Share with Google+ Share with LinkedIn