Trial court did not err by treating husband’s sick leave account as an “other economic circumstance” justifying an unequal division of estate. Account had uncertain value, similar to an unvested stock option. While under Preiss, it cannot be divided because it does not have a fair market value, the court can still use it as a background consideration in determining an equitable property division.
Trial court did not erroneously exercise its discretion by finding education debt was not marital and assigning it solely to wife, due to the enhanced education benefit.
Though a circuit court may consider substantial gifted assets when dividing the marital estate, it may not divide the marital estate to work a de facto splitting of those assets when there is no hardship.
Unequal division of marital estate affirmed. Criminal activity clearly did not have anything to do with the break-up of the parties’ marriage and was therefore not marital misconduct prohibited from consideration. (Not published, but citable)
Profit sharing cannot be both asset for division and income for alimony.
Trial court erred in dividing stock in kind. Where there are sufficient assets, any form of joint control or ownership of assets by divorced people should be avoided. The elimination of the source of strife and friction is sought and the financial affairs of divorced parties separated as far as possible.
Husband should have been given the option of either paying cash to equalize estate or transferring property in kind. Abuse of discretion by court not to have provided this option.
(1) Reversed for trial court to explain reasons for its division of property. (2) Property disposed of within one year of divorce petition is presumed to be marital property. (3) Source of assets is a consideration, but premarital property is not automatically excluded.
(1) Maintenance and property division are inter-dependant. (2) Law firm buy-out is a property division asset, not income, since it can be presently valued.
When installment payments are awarded to one party in a divorce, interest is appropriate.