The divorce court first listed all of the various items of property. It then placed a total value on each item of property. In this case that total value was $2,847,964.51. The court then determined which items of property were marital and which items were nonmarital. The trial court concluded that husband was entitled to [...]
The divorce court classified husband's interest in the retained earnings of a closely held subchapter S corporation as nonmarital property. It awarded wife approximately 60% of the marital estate. Wife appealed. Wife maintained that the retained earnings should be classified as a marital asset. Because they are not corporate assets but rather income available to [...]
Wife has nonmarital assets of $1 million. The previous year, it had generated income of $69,000. The record additionally reflects wife has experience teaching high school students. Wife could increase her income if she chose to return to teaching. Husband has no nonmarital assets. He has nonmarital debts of $70,000 from the business. He earned [...]
Parties divorce. Wife appealed a number of issues. One of them is the valuation of husband’s share in a corporation. The Appellate Court did not agree with Wife’s arguments for the valuation. Wife’s expert, Lipman, testified that the capitalization of excess earnings method is generally employed in divorce cases. He wrote a valuation report. He [...]
Shortly before their marriage, Sandra and Edward signed a premarital agreement. Both parties were represented by separate attorneys. The Agreement defined the parties' rights on the issues of property and maintenance in the event of a divorce. Edward was the sole shareholder and chief executive officer of a company. He earns in excess of $250,000 [...]
Mrs. Neeland purchased two diamond watches, a diamond cocktail ring, a pearl necklace, pearl earrings, and a lighter. The value of the merchandise exceeded $6,000. Payments made by the wife reduced the balance due on her account to $2,608.94. No further payments were made. The seller of the jewelry brought suit against both the husband [...]
Husband and wife agreed to carry insurance on their lives in their divorce decree. Upon the death of a party, each of their two children shall be entitled to receive death benefits. Each child was entitled to $50,000.00 in death benefits. The Agreement did not specifically mention husband's existing life insurance policy. Husband had not [...]
The parental rights of both mother and father of minor child were terminated. Based on a hotline call to DCFS, G.V. was taken immediately into the custody of the Department of Children and Family Services (DCFS). The call was made by a caseworker from a DCFS parallel agency in Connecticut. This is where mother had [...]