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Smith v. Smith8/17/1993
Overview
This case involves a marital estate with a net value as of the date of trial of over fifty-one million dollars. Issues pertaining to classification, valuation, and distribution of property are presented. As is particularly shown by the judgment, the trial court thoroughly sifted through the evidence; addressed in detail each issue presented, many of which are extremely complex; and did a commendable job of the tasks assigned him. Despite the laudable effort of the trial Judge, there is error appearing from the judgment which requires that the case be remanded for correction of those errors.
Upon application of a party for an equitable distribution, the trial court "shall determine what is the marital property and shall provide for an equitable distribution of the marital property . . . in accordance with the provisions of [N.C. Gen. Stat. § 50-20 (Cum. Supp. 1992)]." N.C. Gen. Stat. § 50-20 (Cum. Supp. 1992). In so doing, the court must conduct a three-step analysis. Willis v. Willis, 86 N.C. App. 546, 358 S.E.2d 571 (1987). First, the court must identify and classify all property as marital or separate based upon the evidence presented regarding the nature of the asset. Ciobanu v. Ciobanu, 104 N.C. App. 461, 409 S.E.2d 749 (1991). Second, the court must determine the net value of the marital property as of the date of the parties' separation, with net value being market value, if any, less the amount of any encumbrances. Beightol v. Beightol, 90 N.C. App. 58, 367 S.E.2d 347, disc. review denied, 323 N.C. 171, 373 S.E.2d 104 (1988); Willis, 85 N.C. App. 708, 355 S.E.2d 828 (1987); N.C. Gen. Stat. § 50-21(b) (Cum. Supp. 1992). Third, the court must distribute the marital property in an equitable manner. Beightol, 90 N.C. App. 58, 367 S.E.2d 347.
In performing the latter task, the trial court is vested with wide discretion. White v. White, 312 N.C. 770, 324 S.E.2d 829 (1985). " here matters are left to the discretion of the trial court, appellate review is limited to a determination of whether there
was a clear abuse of discretion." White, 312 N.C. at 777, 324 S.E.2d at 833.
A trial court may be reversed for abuse of discretion only upon a showing that its actions are manifestly unsupported by reason, or that its ruling could not have been the result of a reasoned decision. . . . Only when the evidence fails to show any rational basis for the distribution ordered by the court will its determination be upset on appeal.
Nix v. Nix, 80 N.C. App. 110, 112, 341 S.E.2d 116, 118 (1986) (citation omitted). Furthermore, for purposes of appellate review, the trial court's findings of fact are conclusive if supported by any competent evidence in the record. Nix, 80 N.C. App. 110, 341 S.E.2d 116.
Finally, we note that many of the figures relied upon by the court were rounded off, a fact which should be kept in mind in checking the mathematical accuracy of the calculations referred to herein. We now turn to the issues presented.
Classification
A. Sonic
The key asset in dispute in this case is defendant's interest in Sonic Financial Corporation ("Sonic"), a North Carolina corporation that serves as a holdin
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