Opinion ID: 1748481
Heading Depth: 1
Heading Rank: 2

Heading: Financial Status of the Parties

Text: At the time of the divorce, John worked as the Director of the Port of Greenville at a salary of $46,761 and also drew his Army retirement. However, his position was eliminated at the end of September, 1985 and he had not been able to find other employment through the time of the modification hearing. John testified that he had made applications and interviewed for at least eight jobs during the period between leaving his old job and 1987, when he applied for early Social Security benefits at age 62. John's income after the payments to Anna were deducted for the years 1985 through 1989, as reflected on his federal income tax returns was: 1985  $59,663; 1986  $40,711; 1987  $45,208; 1988  $18,677; 1989  $30,180. At the time of the trial, John's only income came from his share of the military retirement of $3,258.90 per month and the social security payments of $704 per month. A Financial Statement submitted into evidence by John listed his net worth as $59,723.32 considering assets of $155,220.97 and liabilities of $95,723.32. His monthly expenses included a $900 mortgage payment, $500 home equity loan payments, $600 payments on credit cards, $50 for lawn care and maintenance, $150 for medical care, $400 for food and various other expenses which all totalled $3,732 a month. He testified that he also belonged to the country club, presumably at some monthly expense. Major costs he had incurred prior to the trial were $2,500 for cataract removal and eye lens implants and $1,900 to paint his house. Anna Brennan has at no time relevant to this case been employed. The only income she has received has been the portion of John's retirement benefits and gifts received from members of her family, and income derived from those gifts, such as interest and mineral royalties. Her income for 1985 through 1989, as reflected on her federal income tax returns, was: 1985  $8,157; 1986  $5,412; 1987  $14,707; 1988  $15,913; 1989  $20,728. It should be noted here that these amounts do not include the approximately $14,535.60 in annual payments received annually from John's retirement, which she did not include as taxable income, presumably because it comes from a property settlement. The financial statement Anna submitted to the court listed assets of $595,703.09 and liabilities of $109,900, for a net worth of $485,803.09. Anna's monthly expenses included $862 in payments on loans, $300 for maintenance on her home, $400 for food and supplies and various other expenses that amount to $3,217.95. At the time of the trial, she had just moved from the home she bought when she first moved to Muskogee into a larger home on the same street. She stated that she intended to sell the old house for approximately $73,500 due to repairs needed and the depressed real estate market in Muskogee.