Marital Assets and
Maintenance Following a Lengthy Marriage
Long Island’s Best Divorce Lawyer said this was the appeal of
an order awarding defendant wife “a 35% interest in plaintiff husband’s
corporate stock shares…and awarded maintenance in the amount of $7,500 per
month until the earliest of either party’s death, the wife’s remarriage, or
December 31, 2024.”
A neutral appraiser’s valuation of the husband’s corporate
stock shares determined the shares were active, based on his daily role in the
management of the company. The trial
court accepted the neutral appraiser’s valuation which was “based on the
formula in the shareholders’ agreement.”
The wife retained an expert witness to appraise the stock, however the
trial court rejected the expert witness’s valuation because he “did not
consider the stock transfer restrictions contained in the shareholders’
agreement.”
A Nassau County Divorce Attorney said the Appellate Division
agreed with the trial court’s determination that the wife was entitled to 35% of
the value of the husband’s shares. In
this determination the trial court considered the length of the marriage (25
years), the wife’s contribution in running the household and raising the
parties’ two sons throughout the marriage, and also considered that a majority
of the increase in corporate revenues occurred in the same year as the
commencement of the action.
The trial court’s determination on taxable maintenance was
affirmed. $7,500 per month was deemed
adequate taking into consideration her age (56 years old), lack of work
history, and inability to support herself “after being a homemaker throughout
the time of the marriage.” Long Island’sBest Divorce Lawyer in suffolk county said the wife argued she was entitled to $20,000 per month
which was “detailed in her net worth statement and that she should be entitled
to a lifetime maintenance award.” The
Appellate Division did not agree with this contention. The trial court found the husband’s evidence
of the parties living relatively modest, in contrast to the wife’s statement of
net worth.
A lengthy marriage usually results in many marital assets and
complicated court proceedings. If you
are contemplating divorce seek out the advice of the experienced divorce
lawyers at Simonetti & Associates.
We have been voted Best Divorce Lawyer in Nassau County and Best Divorce Lawyer in Suffolk County by the Best of Long Island Program. Thank you to the readers of the Long Island Press and our fans for helping us reach this status as the Best Divorce Attorney on Long Island two years in a row.
Are you thinking about getting a divorce? Call us today for a free consultation (877) 385-2560
We have been voted Best Divorce Lawyer in Nassau County and Best Divorce Lawyer in Suffolk County by the Best of Long Island Program. Thank you to the readers of the Long Island Press and our fans for helping us reach this status as the Best Divorce Attorney on Long Island two years in a row.
Are you thinking about getting a divorce? Call us today for a free consultation (877) 385-2560
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