Turner v. Turner9/30/2002
counts, the court valued BSL at $1,158,285. Noting that the "real issue is what if any discounts" to apply, the court determined that the defense's marketability discount was excessive, and considered a 20% discount as "a fair assessment." To arrive at the fair market value of appellant's interest, the court applied another discount of 20% to her shares, based on her lack of control over routine operations at BSL, and her "restrict to a role as an investor in the business." The court valued appellee's BSL stock at $806,166, and appellant's BSL stock at $96,369.
The court also found that appellee dissipated $112,000 by diverting that sum from BSL. Thus, it attributed that amount to appellee. In making that finding, the court noted that appellee had acknowledged taking $112,000 as NC money, and observed that "Mr. Turner asserted his Fifth Amendment privilege when questioned about the manner in which those funds were taken or utilized...." Thus, it said: " he Court is permitted to draw adverse inferences, and will consider that money as extant property, attributable to Mr. Turner, which was used by him."
Nevertheless, the court did not attribute to appellee the legal, tax, and accounting fees generated by the NC misappropriation, which were primarily paid by BSL. Moreover, the court did not attribute to appellee as dissipated marital property any of the $48,950 that he withdrew from the parties' joint bank account in June 1997. Appellee had explained his use of about $34,000 of that sum, and invoked his Fifth Amendment rights as to the remaining $14,950.
The court also concluded that neither party had any physical or mental condition that "restricts his or her ability to be gainfully employed." Determining that Ms. Turner is "employable," the court imputed to appellant earned annual income of $35,000, consistent with the opinion of appellee's expert.
Further, the court found that, prior to the separation, appellee was earning $3000 per week from BSL, plus an annual bonus, totaling about $160,000 per year, while Ms. Turner was paid about $1500 a week from BSL, plus a bonus, totaling about $80,000 to $85,000 a year. Moreover, the court found that for 1997, the year in which the parties separated, they had a combined annual salary of $302,770. Significantly, the court said: "Although Mr. Turner reported a drop in his 1999 salary to $130,000, the Court believes his actual earnings will more likely range between $175,000 and $200,000, and his earning potential is likely to continue to increase." Of equal import, the court explained why Mr. Turner's income had declined for that year, stating: "The Court notes that throughout 1999, Mrs. Turner continued to be paid by BSL at the rate of $2500 per week, pursuant to pendente lite orders, which undoubtedly affected the amounts Mr. Turner could draw in salary from the business." The court added that "it is clear that BSL is financially sound."
Based on the court's finding as to appellee's current earnings from BSL ($175,000 to $200,000 per year) and the potential annual earned income attributed to appellant ($35,000), the court found "a significant disparity" in the parties' incomes for purposes of alimony. Recognizing "that this was a marriage of long duration," in which the parties enjoyed "financial success and security....," the court expressly determined that the parties' standards of living "will be unconscionably disparate, when considered in light of the standard of living that the parties worked to achieve and have jointly maintained during the marriage." Therefore, pursuant to Maryland Code (1999 Repl. Vol.), ยง 11-106(c) of the Family Law Article ("F.L."), the court awarded Ms. Turner indefinite monthly alimony
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