Husband had stock gifted to him. By his father during the marriage. Husband sold the stock after the marriage. He sold it at a loss.
Wife argued that his child support payments should be higher based on the sale of stock.
The trial court said that the cash proceeds simply took the place of the shares of stock. It was not new money. The fact that, at the time of dissolution, the asset was in the form of stock rather than money is meaningless. The stock was a liquid asset, readily converted into cash.
The proceeds from the stock sale did not constitute “income” for purposes of child support. You need to consider the plain and ordinary meaning of “income”. It is in the statute’s definition of income. Also, the cost basis of the stock was $282,079. The sale price was $275,000. So, no increase in “wealth” was realized from the sale.
In re Marriage of Marsh, 2013 IL App (2d) 130423.
Share This Story, Choose Your Platform!