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In re Grigsby7/30/2002
In this marital dissolution action, appellant-husband argues that the district court's property division should be reversed because it (a)áuses the trial date as the marital property valuation date, (b) includes in the marital estate the benefits of his employment-separation agreement that was signed after the valuation date, (c) fails to adjust for the tax consequences of his employment-separation benefits and his retirement assets, and (d) does not distribute in kind certain investment assets that had suffered a substantial decline in value during the proceedings. In addition, husband argues that the district court abused it's discretion in determining spousal maintenance by amending a finding of fact on husband's monthly expenses without amending a corresponding conclusion of law that impacted his maintenance obligation. We affirm.
FACTS
Appellant-husband Frederick J. Grigsby, Jr. and respondent-wife Cheryl Pete Grigsby were married for more than fifteen years. In 1998, husband accepted a new job as a human resources executive in California, negotiating an employment agreement that included a provision for severance pay in the event of his involuntary termination. After he moved to California, wife filed a dissolution petition.
On September 25, 2000, the dissolution trial commenced before a special magistrate. At that time, husband intended to resign from his employment position and was negotiating an alternative employment-separation agreement with his employer. Husband did not disclose these negotiations at the trial. Husband resigned effective October 31, 2000. His employment-separation agreement, denominated as a "Settlement and Release Agreement," was signed by husband on October 19, 2000. It contained a variety of terms, including a non-compete clause and a waiver of all employment-related claims against his employer. The agreement, as a whole, was valued at about $1,800,000.
On November 21, 2000, the magistrate reopened the record to take additional evidence with respect to the employment-separation agreement. On May 10, 2001, the district court adopted the magistrate's proposed dissolution judgment that set the marital property valuation date at June 29, 2000, the date of a scheduled pretrial conference, and treated the benefits of husband's employment-separation agreement entirely as marital property. Husband moved to amend the judgment or for a new trial, contending that the employment-separation agreement was made after the valuation date and all benefits should be treated as non-marital property. On October 24, 2001, the magistrate recommended and the district court ordered the amendment of the judgment to change the valuation date to the later date of the opening of trial on September 25, 2000, and confirmed that all of the benefits of husband's employment-separation agreement were marital property. This appeal followed.
ISSUES
1. Did the district court abuse its discretion by changing the marital property valuation date to the first day of trial?
2. Did the district court err by finding that the benefits of the employment-separation agreement, signed after the valuation date, were marital property?
3. Did the district court make appropriate adjustments for the tax consequences of the benefits of the husband's employment-separation agreement and of his retirement assets?
4. Did the district court abuse its discretion by failing to redistribute in kind two stock accounts?
5. Did the district court abuse its discretion by not amending a conclusion of law with respect to maintenance after it amended a finding of fact regarding husband's expenses?
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