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Turner v. Turner9/30/2002
ich we quoted earlier, the court amplified its reasoning as to the amount of alimony it awarded. It explained that the amount of the marital award "impacts on Mr. Turner's financial needs and resources as it is predicated primarily on the differential in the value of the BSL stock owned by each party." The court added that although BSL stock has "significant value," it cannot be readily "sold or liquidated." Considering Mr. Turner's annual salary, together with bonuses and benefits, we fail to understand the relationship between the lack of liquidity of BSL stock and an equitable alimony award.
In any event, as F.L. ยง 106(b)(11)(i) recognizes, valuable assets are not necessarily liquid, nor are they necessarily of the type to produce periodic income. A house, for example, is a type of asset that may be very valuable, although it does not yield annual income. Its value may also appreciate over time. At the point of sale, homeowners generally hope to benefit from the appreciated value of the asset. Similarly, appellee's ownership of stock in BSL may not be liquid, but it is certainly valuable, and his investment may well appreciate and prove lucrative if and when appellee sells the Company.
As we said earlier, neither the issue of unconscionable disparity nor the decision to award indefinite alimony is before us. We are faced only with the issue of the propriety of the amount of the alimony award. The court below carefully explained its rationale for the finding of unconscionable disparity and for its determination to award indefinite alimony. We have searched for some rationale in the court's opinion to explain its determination to award appellant alimony in the amount of $2000 per month, in light of the particular circumstances of this case. In sum, what we found is that the court's decision was predicated on the general assertion that it considered the statutory factors; both parties "will leave this marriage with significant assets"; appellant will receive an undetermined "income stream" generated by her share of the assets; and appellee's stock in BSL, while "of significant value, ... is not one that can be sold or liquidated."
Appellant is the one who has been deprived of an opportunity to continue to enjoy the sizeable economic rewards of working for BSL, while appellee will continue to work there, earning far more than appellant can ever hope to achieve. In light of all the circumstances discussed above, including the length of the marriage, the reasons for and consequences of the parties' estrangement, the wife's contributions to BSL, the couple's respective economic positions and financial resources, the undetermined amount of investment income that appellant can reasonably expect to earn from her share of the marital assets, and the court's reliance on an incorrect amount of earned income for appellee, we conclude that the court erred and abused its discretion in its award of indefinite monthly alimony in the amount of $2000. Therefore, we shall vacate the alimony award and remand for further proceedings.
On remand, the court may also want to revisit the matter of appellant's expenses in regard to the determination of the appropriate amount of alimony. It goes without saying that the less appellant had in expenses, the less alimony the court believed she needed. The court's findings as to expenses may have affected its determination as to appellant's alimony.
In its Divorce Opinion, the court specifically referred to its earlier Order of December 16, 1999, which was an opinion that the court issued after the divorce trial, based on the evidence adduced at the divorce trial. In the December 1999 opinion, the court "determined" that some of appellan
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