Woodard v. Woodard, No. ED 86947.

• Court: Court of Appeal of Missouri (US)
• Writing for the Court: Patricia L. Cohen
• Citation: 201 S.W.3d 557
• Parties: Susan R. WOODARD, Respondent/Cross-Appellant, v. George B. WOODARD, Appellant/Cross-Respondent.
• Decision Date: 19 September 2006
• Docket Number: No. ED 86947.

201 S.W.3d 557 Susan R. WOODARD, Respondent/Cross-Appellant,
v.
George B. WOODARD, Appellant/Cross-Respondent. No. ED 86947. Missouri Court of Appeals, Eastern District, Division One. September 19, 2006.

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COPYRIGHT MATERIAL OMITTED

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Theodore H. Lucas, St. Louis, MO, for appellant.

Vita G. Tocco, Ballwin, MO, Daniel R. Schramm, Chesterfield, MO, for respondent.

PATRICIA L. COHEN, Judge.

Introduction

George Woodard ("Husband") appeals from the trial court's judgment dissolving his marriage to Susan Woodard ("Wife"). Husband contends the trial court erred in awarding Wife (1) sixty percent of the marital property and (2) $11,940.00 per month in maintenance. We affirm in part, and reverse and remand in part.

Facts

Husband and Wife were married on June 29, 1974. They have two children, both emancipated at the time of the dissolution. The parties separated on November 28, 2003. In December 2003, Wife filed a Petition for Dissolution of Marriage, in which she sought, inter alia, maintenance. Thereafter, Husband filed a Cross-Petition for Dissolution of Marriage.

The parties tried the matter over six days in February through April 2005. The issues at trial concerned the value of various business interests, the characterization as marital or separate property of certain shares of stock in Woodard Cleaning and Restoration, Inc. ("Woodard"), a family business in which Husband was employed, the division of marital property, and the need for and amount of any spousal maintenance.

Throughout the marriage, Husband was employed by Woodard. Eventually, he and his brother obtained an ownership interest in Woodard. At the time of dissolution, Husband owned twelve shares of stock in Woodard. Husband also had ownership interests in various companies relating to Woodard. The record reveals that Husband's income steadily increased throughout the marriage. At the time of trial, Husband reported an average net income after taxes of $26,050 per month, or $312,600 per year.

In the early years of the marriage, Wife was employed as a full-time school teacher until 1977 when she and Husband had

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their first child. In 1980, Wife returned to work full-time as a teacher and taught until 1984. After 1984, Wife worked periodically as a substitute teacher. The record reveals that Wife's highest annual salary was $22,000.

The record reveals that Husband and Wife enjoyed a comfortable, upscale lifestyle. Husband and Wife lived in expensive homes. At the time of dissolution, they resided in a home in an affluent St. Louis suburb that sold for $675,000. Husband and Wife also owned a condominium in Colorado and another home in St. Louis in which their daughter resided. The parties traveled frequently taking regular vacations both in and out of the country. Additionally, they purchased higher-end vehicles regularly.

Prior to trial, Husband and Wife filed a "Stipulated Values Memorandum" in which the parties stipulated to the values of certain marital assets and debts, except for the value of the various business interests, agreed that all property owned by the parties was marital property subject to division, except for eight shares of stock in Woodard, which Husband claimed as his separate property, and agreed to a 5.42% rate of return on investments to be used by the Court.

The trial court entered Findings of Fact and Conclusions of Law on July 28, 2005, dividing the extensive marital property between the parties pursuant to their memorandum and the evidence presented at trial. The trial court determined that eight shares of stock in Woodard were Husband's separate property and four shares of the Woodard stock were marital property. The trial court found that the value of the marital estate totaled $3,146,067. The trial court allocated to Husband specific marital assets and debts having a net value of $1,914,432 and allocated to Wife specific marital assets with a value of $1,231,635. Ultimately, the trial court awarded Husband forty percent and Wife sixty percent of the marital assets. As grounds for the disproportionate shares, the trial court found that a "disproportionate division in favor of Wife is justified in light of the magnitude of the separate assets of Husband and the fact that Husband is in a better position to enhance his resources" even if Wife found employment.

Husband was awarded all right, title and interest in the various Woodard-related businesses. More specifically, the trial court awarded Husband the following income producing marital assets: Capital Group Securities valued at $202,956, A.G. Edwards Securities valued at $434, Snaptex ownership interest valued at $234,019, Signature Craft ownership interest valued at $77,000, Woodard Cleaning and Restoration Inc. ownership interest valued at $582,486, GBC Enterprises ownership interest valued at $612,247. Husband was also awarded money market and other bank accounts totaling $117,394. To equalize the distribution, the trial court ordered Husband to pay Wife a cash payment of $656,005. The trial court rejected Wife's request to order Husband to pay this amount in specified installments and maintain a life insurance policy to insure Wife's receipt of this cash payment. Rather than fashion a mechanism for the payment of the $656,005, the trial court stated "the court will leave it to the parties and their counsel to determine the best method of satisfaction of the provision of the judgment [sic] calling for the payment of $656,005 by Husband to Wife." The trial court also awarded Wife maintenance in the amount of $11,940 per month. Husband appeals.

Standard of Review

Provisions in a divorce decree will be affirmed unless there is no substantial

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evidence to support them, they are against the weight of the evidence, or the trial court incorrectly declares or applies the law. Hammer v. Hammer, 139 S.W.3d 239, 240 (Mo.App. W.D.2004). The trial court exercises broad discretion in dividing marital property. Travis v. Travis, 163 S.W.3d 43, 47 (Mo.App. W.D.2005). We affirm the trial court's property division so long as it is not so unduly weighted in favor of one party as to constitute an abuse of discretion. Id. Moreover, we presume the trial court's property division is correct. Id. The party challenging...