Cite as 2016 Ark. App. 567

1 

ARKANSAS COURT OF APPEALS

DIVISION I 

No. CV-14-353 

JEANNIE SHERMAN

APPELLANT

V.

RAYMOND BOECKMANN

 APPELLEE

Opinion Delivered November 30, 2016

APPEAL FROM THE CROSS

COUNTY CIRCUIT COURT

[NO. 19-DR-12-81-4]

HONORABLE KATHLEEN BELL, 

JUDGE

AFFIRMED

BRANDON J. HARRISON, Judge

This case is a companion case to Sherman v. Boeckmann, 2016 Ark. App. 568, also 

handed down today. These two appeals arise out of very contentious and protracted divorce 

litigation between appellant Jeannie Sherman and appellee Raymond Boeckmann. In this 

appeal, Sherman argues that the circuit court erred in the division of the parties’ marital 

property. We affirm. 

The crux of the dispute is the ownership of four family business corporations the 

parties agreed are marital property: B and L Properties, Inc. (B&L); L and K Properties, Inc. 

(L&K); Boeckmann and Sons, Inc. (Sons Inc.); and Logan Centers, Inc. (Logan or Logan 

Center). It is the valuation and disposition of Logan that is at the heart of this appeal. Prior 

to the litigation, Boeckmann owned 100 percent of the stock in Sons Inc; Sherman owned 
Cite as 2016 Ark. App. 567

2 

100 percent of the stock in Logan Center; and each party owned 50 percent of the stock in 

L&K and B&L. 

 Sherman filed her complaint for divorce on 10 April 2012. Boeckmann answered 

and counterclaimed. In his counterclaim, Boeckmann sought a mutual restraining order 

because, according to Boeckmann, Sherman began removing his name from various bank 

accounts, both personal and corporate, almost immediately after she filed her complaint for 

divorce. The court entered an ex parte mutual restraining order, prohibiting the parties 

from disposing of any of the property belonging to the parties except in the ordinary course 

of business or by prior written agreement. Further, Sherman was ordered to have 

Boeckmann’s name restored to the various accounts and to return the monies removed from 

those accounts since 1 March 2012 and not used in the ordinary course of business. Later, 

the parties were given authority to access the other party’s personal accounts and the Logan 

and the Sons Inc. accounts for the purpose of monitoring the balances and the use of the 

funds. They could not write checks or otherwise withdraw funds from those accounts. 

 A three-day trial was held in late June 2013. The contested issues were the valuation 

and division of the marital property. Later, the circuit court issued a letter opinion stating 

that it could not use the testimony provided at trial to value the four corporations. The 

court asked the parties for the names of three experts to conduct another valuation. 

 Without having another valuation of the corporations performed, the court issued 

another letter opinion ordering the marital property, real and personal, sold with the 

proceeds divided equally between the parties. This included the parties’ various personal 
Cite as 2016 Ark. App. 567

3 

and corporate bank accounts. Boeckmann was given offsets for money Sherman had taken 

from Logan Center accounts that was not in the ordinary course of business. 

After noting that it had three options concerning the division of the stock in the 

businesses, the court ordered the stock in all four businesses sold and the proceeds equally 

divided. The court concluded that it could not award each party one-half of the stock 

because “[t]he disdain, the hostility these parties have for each other would create an 

intolerable situation by having them to business [sic] with each other.” The court further 

concluded that it could not award all of the stock to one party, with the other party to 

receive an offsetting amount from other marital assets, because of the lack of a proper 

valuation of the Logan Center. 

Following the issuance of the court’s letter opinion, but prior to entry of the decree, 

Sherman moved the court to reconsider the stock division. She argued that there was no 

statutory authority for the court to order a sale of the stock. She also conceded that the 

parties could not work together, precluding an equal division of the stock. Sherman 

therefore requested that the court award her all of the stock, with Boeckmann to receive a 

corresponding amount from the other marital assets. In response, Boeckmann argued that, 

if the court believed that it could not properly order the stock in the four corporations sold, 

the court should award each party 50 percent of the stock in each corporation. 

The decree of divorce awarded each party one-half of the stock in each of the four 

corporations. Otherwise, the property was divided as set out in the court’s letter opinion. 

The court later amended the decree to include the exhibits listing the parties’ various 

accounts and the balances on the first day of trial. Boeckmann was also awarded 
Cite as 2016 Ark. App. 567

4 

approximately $365,000 from the Logan Center accounts and approximately $110,000 from 

other joint accounts in order to equalize monies Sherman removed for her personal use 

without prior approval. 

We dismissed Sherman’s appeal of the divorce decree for lack of a final order. 

Sherman v. Boeckmann, 2015 Ark. App. 566 (Sherman I). We also ordered rebriefing in the 

companion case. Sherman v. Boeckmann, 2015 Ark. App. 567 (Sherman II). Sherman filed a 

petition for review of our decision in Sherman I. Relying on its earlier decision in Kelly v. 

Kelly, 2016 Ark. 72, 483 S.W.3d 296, the supreme court granted Sherman’s petition for 

review, vacated our opinion in Sherman I, and remanded the appeal to this court for 

consideration of the merits. Sherman v. Boeckmann, 2016 Ark. 203 (per curiam) (Sherman III). 

On appeal, Sherman argues that the circuit court erred in (1) failing to make specific 

findings as to the value of the four corporate entities; (2) awarding one-half of the stock in 

the four corporations to each party; and (3) failing to adopt the valuation of the Logan 

Center or seek an independent valuation. We disagree with these arguments and affirm the 

circuit court. 

Our supreme court recently stated our standard of review: 

 On appeal, divorce cases are reviewed de novo. We review the circuit court’s 

 findings pertaining to division of property and alimony and affirm them unless they 

 are clearly erroneous or against the preponderance of evidence. A finding is clearly 

 erroneous when the reviewing court, on the entire evidence, is left with the definite 

 and firm conviction that a mistake has been committed. The appellant must show 

 that the trial court abused its discretion by making a decision that was arbitrary or 

groundless. We give due deference to the circuit judge’s position to determine the 

credibility of witnesses and the weight given to their testimony. 

Moore v. Moore, 2016 Ark. 105, at 4, 486 S.W.3d 766, 770 (internal citations omitted). 
Cite as 2016 Ark. App. 567

5 

 Sherman first argues that the circuit court erred in failing to make specific findings as 

to the values of each corporation. The value of marital property is a factual question. So a 

circuit court’s valuation of property for purposes of property division will not be reversed 

unless it is clearly erroneous. Poole v. Poole, 2009 Ark. App. 860, 372 S.W.3d 420. The 

value of a marital asset is determined by considering all relevant evidence regarding value. 

In re Marriage of Rosen, 467 N.E.2d 962 (Ill. App. 1984); Grasty v. Grasty, 482 S.E.2d 752 

(N.C. App. 1997); Wallace v. Wallace, 733 S.W.2d 102 (Tenn. App. 1987). The burden is 

on the parties to produce competent evidence of value, and the parties are bound by the 

evidence they present. In re Marriage of Deem, 463 N.E.2d 1317 (Ill. App. 1984); In re Marriage 

of Larkin, 462 N.E.2d 1338 (Ind. App. 1984); Grasty, supra; Martin v. Martin, 358 N.W.2d 

793 (S.D. 1984); Wallace, supra. The circuit court has the discretion to place a value on a 

marital asset that is within the range of the evidence submitted. See Wadley v. Wadley, 2012 

Ark. App. 208, 395 S.W.3d 411. 

While Sherman’s argument purports to challenge the court’s lack of valuation of each 

of the four corporations, her main focus is on the lack of valuation of Logan Center. 

Sherman’s expert, Steve Orr, gave a liquidation value of approximately $1.2 million for the 

Logan Center. As the court noted in its letter opinion, Orr did not have information 

regarding the entire income stream of the Logan Center, and he did not review the contracts 

with all entities the Logan Center provided services to. As a result, the court was unable to 

render a decision based on Orr’s opinion. Although Boeckmann proffered Cheryl Shuffield 

to provide valuation testimony, her testimony was excluded as a discovery sanction. In her 

proffered testimony, Shuffield disagreed with Orr’s valuation as a liquidation value. She 
Cite as 2016 Ark. App. 567

6 

valued the Logan Center at approximately $4.7 million. She also prepared valuations for 

the other three corporations. 

 Sherman argues that there was enough evidence concerning the real property owned 

by the corporations for the court to value the corporations. But the court disagreed, stating 

that the parties failed to present sufficient evidence as to the value of Logan Center. Indeed, 

in the circuit court’s view, there was no need to place values on each of the corporations 

because the court divided the corporate stock equally between the parties. This distinguishes 

this case case from Farrell v. Farrell, 2013 Ark. App. 23, 425 S.W.3d 824, where the circuit 

court expressly made an unequal division of the stock in a closely-held corporation. 

Moreover, the court was honoring the presumption that an equal division is fair and 

equitable. Davis v. Davis, 2016 Ark. App. 210, 489 S.W.3d 195; Webb v. Webb, 2014 Ark. 

App. 697, 450 S.W.3d 265. Here, the circuit court did not err in failing to value the 

corporations. 

Sherman’s second point is that the circuit court erred in awarding each party onehalf of the stock in each of the four corporations. We disagree. Arkansas Code Annotated 

section 9-12-315(a)(4) (Repl. 2015) governs this issue and provides as follows: 

 (4) When stocks, bonds, or other securities issued by a corporation, association, 

 or government entity make up part of the marital property, the court shall designate 

 in its final order or judgment the specific property in securities to which each party 

 is entitled, or after determining the fair market value of the securities, may order and 

 adjudge that the securities be distributed to one party on condition that one-half 

 (1/2) the fair market value of the securities in money or other property be set aside 

 and distributed to the other party in lieu of division and distribution of the securities. 

In Hodges v. Hodges, 27 Ark. App. 250, 770 S.W.2d 164 (1989), we applied the statute and 

pointed out that a circuit court has two options when dividing corporate stock in a divorce: 
Cite as 2016 Ark. App. 567

7 

(1) designate the specific property in stock to which each party is entitled or (2) order that 

the stock be distributed to one party and the other party receive one-half of the fair market 

value of the stock in money or other property. We specifically held that the statute did not 

authorize a stock sale. Awarding each party one-half of the stock in each of the four 

corporations is not an error. The choice is one of the court’s options under the statute 

because it could designate the specific percentage of stock to which each party was entitled. 

Hodges also pointed out that the court could make an unequal division of the stock. 27 Ark. 

App. at 256–57, 770 S.W.2d at 168. 

 Finally, Sherman argues that absent proper evidence of the four corporations’ value, 

the circuit court should have appointed an expert to appraise the value of the Logan Center 

and the other corporations. The rules of evidence empower a circuit court to appoint an 

expert to value an asset in reaching an equitable distribution in a divorce proceeding, Ark. 

R. Evid. 706(a), and call that expert as a witness in the trial. Ark. R. Evid. 706(a); Ark. R. 

Evid. 614(a) (court may call witness). Courts, however, “rarely call witnesses, and rightly 

so,” because it “is hard for judges to maintain impartiality while becoming an active 

participant in summoning witnesses.” Christopher B. Mueller & Laird C. Kirkpatrick, 

Federal Evidence § 335, at 542–46 (2d ed. 1994) (Federal Evidence). Furthermore, the calling 

of a witness by the circuit court “interferes with the presentation of evidence by the parties, 

depriving them of a portion of the control which the adversary system normally confers 

upon them.” Federal Evidence § 366, at 737. In any event, the decision to appoint an expert 

and to call that expert as a witness are matters left to the sound discretion of the circuit 

court. Federal Evidence § 367, at 741; see Wilson v. Kemp, 7 Ark. App. 44, 644 S.W.2d 306 
Cite as 2016 Ark. App. 567

8 

(1982) (judge has discretion to appoint an expert). Here, nothing suggests that the circuit 

court abused its discretion by not appointing an expert to value the four corporations. The 

circuit court was certainly not required, as Sherman argues, to appoint an expert to value 

the four corporations. 

Affirmed. 

ABRAMSON and KINARD, JJ., agree. 

The Law Offices of Ford, Troutt & Cook, by: Paul N. Ford, for appellant. 

John D. Bridgforth, P.A., by: John D. Bridgforth, for appellee.