Marriage of Corona CA2/8

BACKGROUND

1. Proceedings in the Dissolution Action The parties married in 1959. Arthur filed a petition for dissolution of the marriage in April 2003. The court entered a status-only judgment in January 2007. On September 19, 2008, the parties entered into the MSA, which they memorialized on Los Angeles Superior Court form FAM 024(A) (Stipulation/Settlement Agreement). The MSA divided assets between the parties. Over the course of the marriage, Arthur had built a real estate business with properties worth over $20 million. Among other things, the MSA awarded Bonnie 11 parcels of real property as her sole and separate property. It allocated a similar number of properties to Arthur. The MSA provided that both parties assumed all debts associated with the assets allocated to them. Similarly, it provided that all real estate was allocated to the parties subject to existing mortgages, liens, and encumbrances. Arthur represented and warranted in the MSA that he had not “encumbered or hypothecated” several of the subject properties allocated to Bonnie. The parties waived “[a]ll other claims, including but not limited to, claims for re-imbursement, breach of fiduciary duty and the…