Turner v. Turner9/30/2002
jected" monthly expenses of $7410.50, and current monthly expenses of $5504.55.
Following the divorce trial in November 1999, the court held the matter sub curia, pending resolution of the corporate case, then set for trial in March 2000. In the interim, based on the evidence adduced at the divorce trial, the court issued a seven-page Order docketed December 16, 1999, addressing the issues of temporary alimony and attorney's fees. Pursuant to the Order, the court reduced appellee's alimony obligation from $2500 a week to $2000 per week. The court also required appellee to contribute $1,112 per month "to the prepayment of the principal on the mortgage until that is paid in full," and one-half of the real property taxes when due. Further, the court found that appellant owed approximately $22,000 in attorneys' fees and expenses related to the litigation, and that there was "substantial justification" for these fees. Therefore, the court ordered appellee to make an interim payment of $6000 towards appellant's attorneys' fees.
In setting the amount of interim alimony, the court considered the monthly expenses that appellant claimed at trial. It noted that at trial appellant projected average monthly expenses of about $13,000 through January 2000, when the mortgage on the marital home was expected to be satisfied. Of that sum, the court observed that there were significant legal and accounting fees associated with the "ongoing litigation," noting that appellant's expense statement "contemplates that alimony payment will cover at least a portion of ongoing legal bills." The court also pointed out that when the house is paid off, appellant's expenses will decrease to about $10,000 per month.
Upon review, the court completely disallowed $1551 of appellant's itemized expenses. It found other expenses "excessive," and reduced them from about $1822 to $1200. In sum, the court rejected about $2100 of appellant's claimed monthly expenses. By a "Ruling" filed on February 1, 2000, the court denied appellee's motion to alter or amend, and obligated BSL to pay a bonus to appellant for 1998 equal to appellee's bonus.
In its Corporate Opinion of April 2000, the court denied the claim for declaratory relief, declined to grant a constructive trust or to disregard the corporate entity, found no grounds for estoppel, and denied the remaining counts based on the doctrine of "unclean hands." Therefore, the court ruled in favor of Mr. Turner as to all pending counts (Counts II, IV, VI, IX, X and XI).
In the Divorce Opinion of June 2000, the trial court valued the Turners' marital property at $1,555,821.85, of which $488,930 was joint marital property. The court found that Mr. Turner had total assets worth $1,193,465, while Ms. Turner had total assets valued at $360,664. The court then made an "equitable" award to appellant of 55% of the total marital property, amounting to $855,702. Therefore, the court made a monetary award to appellant of $495,038. Appellant was also awarded $21,792.71 from Mr. Turner's pension to equalize the retirement funds.
With respect to the value of marital property, the court determined that the family home was worth $440,000. The court ordered its sale, with the proceeds to be divided between the parties. The court did not award appellant any credits for the mortgage and real estate tax payments she had made.
In arriving at the value of BSL, which was the largest component of marital property, the court considered the testimony of the experts and found as the "more reliable method" of valuation the "Excess Earnings (Return on Assets) Reasonable Rate" method utilized by appellee's expert. Before the application of any dis
Page 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Maryland Employee Leasing Services
Employee Leasing Services
|