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’s Best Divorce Lawyer 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.