Marriage of Cappello CA2/6

Facts The parties were married in 1970 and separated in 1990. Their 1992 marital settlement agreement awarded Appellant $23,500 per month in spousal support, with reductions as various items of property were sold and obligations liquidated. Appellant received additional cash and a parcel of unimproved real estate known as the "Mulholland property." The settlement agreement contemplated Appellant would sell the Mulholland property within three years, but provided for reduction in her monthly spousal support payment even if the property did not sell. In 1997, the trial court reduced her monthly spousal support to $11,727. Appellant invested the lion's share of her assets in real estate. In addition to the Mulholland property, she acquired a primary residence in Calabasas and rental properties in Scottsdale, Arizona, and in Los Angeles, La Quinta, Big Bear, and Encino, California. These investments have never generated positive cash flow. To the contrary, in June 2012, Appellant reported net rental income of negative $5,080 per month. In 2005, she acknowledged liquid assets of $833,708. By 2012, her liquid assets had dwindled to $67,500 and she estimated her net real and…