Oldfield v. Oldfield, 46800
| Decision Date | 07 February 1984 |
| Docket Number | No. 46800,46800 |
| Citation | 666 S.W.2d 17 |
| Parties | Allen M. OLDFIELD, Appellant, v. Nancy L. OLDFIELD, Respondent. |
| Court | Missouri Court of Appeals |
Robert D. Blitz, Clayton, for appellant.
Claude Hanks, St. Louis, for respondent.
Dissolution case. On appeal, husband challenges the distribution of the marital property; the amount of the child support awarded to wife, and the allowance to wife of maintenance and attorney's fees. We affirm in part; reverse in part and remand.
The parties were married in 1963 and have one child, a daughter, who was 15 years old at the time of the dissolution. The husband is employed by Professional Career Development, Inc. (PCD). His gross income from PCD totalled $156,000.00 in 1982.
PCD, an employment agency, was founded by husband and David Crawford in 1970 and they remain its sole shareholders. Crawford's interest is fifty-one shares and husband's forty-two; a buy-sell agreement is applicable to these shares. Business has been extremely profitable, but due to the nature of the business, tangible assets are few. The company has never declared a dividend.
During the course of the marriage, husband became involved in numerous other business enterprises. His ventures include organization of Consolidated Radiator Company in 1976, which was no longer active at the time of the dissolution. Husband also invested in Hilltop Village Partnership; it was dissolved. He started Oldfield-Schatz and Associates, and maintains a 25% interest in this company. He likewise started Personnel Resources of America, and owns a 25% interest in this employment agency. In addition, husband and Crawford became partners in a leasing company entitled AMO-DMC, whose sole asset is a 1980 Beechcraft airplane. In 1979, he invested in a partnership known as SRC-01, which owns a racquetball club in Clayton, Missouri. Moreover, husband holds a one-half interest in C & O Leasing Company, which owns two 1981 Mercedes-Benz automobiles driven by Crawford and husband. Lastly, husband has an interest in 10 oil wells.
In addition to his business interests, husband owns an IRA account and the parties have a checking account, a 1979 Lincoln automobile, a 1980 Ford truck, a horse trailer and their family home. At the time of the dissolution, each also possessed home furnishings.
The trial court granted custody of the child to wife and ordered husband to pay $700.00 per month child support. Maintenance to wife was set at $2,000.00 per month and the court ordered husband to pay wife's attorney's fees, including $870.75 for an expert witness.
In dividing marital property, the court awarded wife substantially all property she requested, including the family home. (However, she was required to assume the responsibility of the deed of trust on the house). In addition, the court ordered husband to pay wife $86,183 in cash. As to the principal asset, husband's share in PCD stock, the court awarded wife an amount equal to one-half of the value assigned by the court to husband's shares and placed a lien on his forty-two shares for that amount. No award was made of husband's IRA account.
Thus, the division of marital property was as follows:
Wife received
Marital home $160,000 minus $60,000
deed = $ 100,000.00
1/2 interest in PCD 100,000.00
1979 Lincoln automobile 8,550.00
1980 Ford truck 8,000.00
trailer 2,500.00
furniture in marital home-no value 0.00
husband ordered to pay wife cash 86,183.00
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$ 305,233.00
Husband received
1/2 interest in PCD $ 100,000.00
Oldfield-Schatz 1,000.00
Personal Resources of America 34,100.00
SRC-01 58,913.00
AMO-DMC 24,000.00
C&O Leasing 37,500.00
Oil wells 60,000.00
furniture, Consolidated Radiator and
Hilltop Village-no value 0.00
-------------
$ 315,513.00
Minus $86,183 paid to wife - 86,183.00
-------------
$ 229,330.00
Therefore, based upon the court's valuation, wife received 57% of the marital property; husband received 43%.
On appeal, husband makes numerous complaints concerning the distribution of marital property, contending that the court erred in valuing and dividing the parties' property, which resulted in an unfair and unequal division. In considering this matter, we note, as husband recognizes, that a just and equitable distribution need not be equal. Walker v. Walker, 631 S.W.2d 68, 71 (Mo.App.1982). Moreover, we must defer to the trial court's superior opportunity to judge the credibility of witnesses and must sustain its order unless there is no substantial evidence to support the judgment or the judgment is against the weight of the evidence. Rasmussen...
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