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Keywords

equityhearingtrialbankruptcydivorce

appealtrialdivorce

Related Cases

Cox v. Cox, 882 P.2d 909

Facts

Charles B. Cox (C.B.) and Vicki M. Cox were married on February 23, 1985, and separated on August 9, 1991, without children from their marriage. At the time of marriage, C.B. had a net worth of $141,502, while Vicki had significant debts and minimal equity in her home. During the marriage, C.B. paid off marital debts and maintained properties, while Vicki faced financial difficulties, including bankruptcy. The trial court valued the marital assets at over $227,000 and awarded Vicki and C.B. assets of $113,023.50 and $114,588.50, respectively.

C.B. and Vicki Cox were married on February 23, 1985. Six and one-half years later, on August 9, 1991, they permanently separated. No children were born of this marriage, although Vicki has custody of two daughters from her previous marriage. Their divorce went to trial in September 1992, with property division the only issue.

Issue

Did the trial court properly identify marital and separate property, value the assets, and equitably divide the assets for distribution?

C.B. raises 22 points on appeal. He essentially makes two broad arguments. First, he asserts that the trial court should have used a different method of distributing the marital property. Second, he finds fault with the court's actual distribution of the property under its chosen method.

Rule

The trial court has broad discretion in fashioning a property division in a divorce action, and the division process involves determining what property is available for distribution, valuing that property, and equitably allocating it.

The trial court has broad discretion in fashioning a property division in a divorce action. AS 25.24.160(a)(4); Hartland v. Hartland, 777 P.2d 636, 639 (Alaska 1989). This court reviews the trial court's determination of what property is available for distribution under an abuse of discretion standard.

Analysis

The Supreme Court found that while the trial court used the correct method for distributing marital property, it failed to make adequate findings regarding the classification of property as marital or separate, the valuation of assets, and the equitable division of those assets. The court noted that the trial court's findings were insufficient to support its conclusions, particularly regarding the treatment of premarital assets and the debts associated with them.

The trial court valued the net assets of the marriage at over $227,000, including C.B.'s retirement benefits and deferred compensation account totalling $154,378. See Findings No. 8 & 9 in Addendum. The trial court awarded Vicki assets with a total net value of $113,023.50, and awarded C.B. assets totalling $114,588.50. See Finding No. 13 in Addendum.

Conclusion

The Supreme Court affirmed the trial court's method of distribution but reversed the actual distribution, remanding the case for further findings on the classification and valuation of assets.

Affirmed in part, reversed in part and remanded.

Who won?

The prevailing party was Vicki M. Cox, as the court's decision required a rehearing that could potentially benefit her in the re-evaluation of asset distribution.

The trial court has broad discretion in fashioning a property division in a divorce action.

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