Turner v. Turner9/30/2002
erson who was the primary economic provider during the marriage. See, e.g., Blaine, 336 Md. at 70. Although we do not suggest that appellant was necessarily entitled to economic parity upon divorce, we recognize, as did the circuit court, that this is a case in which both parties helped to create BSL, and appellant worked for the Company for almost 25 years. Yet, despite appellant's significant contributions to BSL and her length of service, the Company is now the source of substantial income only for Mr. Turner. While recognizing the length and value of appellant's efforts, the circuit court noted that Mr. Turner's "career path is set, and will continue to prove lucrative," but appellant has been completely "derailed."
In awarding appellant $24,000 a year in alimony, the court was of the view that the "significant assets" with which both parties left the marriage would yield an adequate supplement to appellant's alimony and earned income. As noted, the court awarded appellant 55% of the marital property, which included the value of BSL. Appellee maintains that the marital award is sufficient to rectify any inequity in earnings, despite the fact that he received marital property of almost equal value.
As the trial court found, appellant played a vital role in helping the parties to amass their wealth. Yet, the almost equal division of the value of the Company hardly puts appellant on an equal footing with Mr. Turner. Appellee alone retains control of BSL, not merely 55% of its value, while appellant is no longer employed by the Company. Therefore, appellee alone will continue to benefit from the opportunity to maintain lucrative employment with BSL, annually drawing about a quarter of a million dollars in salary, benefits, and bonuses. In contrast, appellant must now decide whether to confront the uncertainties of the marketplace, in the hope of obtaining new employment that will likely yield an income that is less than half of what appellant earned in her own name while at BSL, and a fraction of what the couple earned collectively. While the parties were married, it was not particularly significant as to how they apportioned their salaries, because both benefitted economically from the success of the enterprise that they jointly formed.
At trial, Mr. Turner presented expert evidence from Jay Middleton, a financial planner, as to appellant's potential income from the investment of the monetary award. Of course, Middleton could not predict with certainty a precise rate of return on investments. Instead, he provided estimates of the potential annual income that the monetary award would yield, in increments of $100,000, based on different investment strategies.
Using a "conservative portfolio," Middleton indicated that an initial investment of $100,000 would permit a "periodic withdrawal" of $11,400, while an initial investment of $500,000, with the same strategy, would permit an annual "withdrawal" of $57,000. Using a "balanced portfolio" approach, an initial investment of $100,000 would yield an annual "withdrawal" of $12,550, while an initial investment of $500,000 would yield a "periodic withdrawal" of $62,800. Finally, for an "aggressive portfolio," his report showed that an initial investment of $100,000 would allow an annual "withdrawal" of $13,500, while an initial investment of $500,000 would yield an annual "periodic withdrawal" of $67,500.
Significantly, the court made no finding of even a minimal yield that it anticipated from appellant's investments, so as to then calculate the amount of alimony it considered appropriate as a supplement for appellant's support. Instead, it relied on unspecified "estimates" of the "income stream" that appellant's
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