Divorce Lawyers New York - Recent Family Law Decisons (10)
RECENT FAMILY LAW DECISIONS (10)
Testimony
Testimony concerning the valuation of assets in an action for dissolution of marriage are matters to be resolved by the trier of fact, and as long as the court’s valuation is within the range testified to by the expert witnesses, it ordinarily will not be disturbed on appeal.
Time and Specificity
The trial court should value the marital property of the parties as of the date of the judgment of dissolution of marriage; however, the court is not required to place a specific value on each item of property, but rather, only competent evidence of the value supported by evidence of that valuation is required for a property division.
Total Offset Method
Under the total offset method, the trial court must determine the actual value of the pension according to actuarial evidence, discounting an amount in light of the risk that the pension will not vest, discounting also to present value, and then determining the marital portion of that amount; usually expert testimony will be required.
Trust
The complete dearth of evidence or findings concerning the terms and value of the respondent’s trust, the nature of the proceeds therefrom, and the effects of these determinations upon other interests related to the dissolution rendered the property division arbitrary.
Upheld
Where respondent valued the household furnishings at $10,000, petitioner’s jewelry at $15,000 and her first at $5,000, respondent’s claim that these assets were of substantial but unknown value was without merit.
The trial court, in determining the value of husband’s business, did not abuse its discretion where it took into consideration the nature of the business, the history of the enterprise from its inception, the economic outlook in general and the earnings of the business, the unique nature and valuation of a personal services business, and rejected the testimony as to valuation and the valuation method used by respondent’s expert as unreasonable in light of the salaries earned by respondent, the expense accounts and entertainment costs, and other expenses absorbed by the corporation.
Vacated Order
When a trial court vacates the property division of a dissolution judgment pursuant to 735 ILCS 5/2-1401, the court may in its discretion value marital property as of the date of the post-vacation hearing on property issues.
