Opinion ID: 2361145
Heading Depth: 2
Heading Rank: 3

Heading: Other Marital Property

Text: Ellen's other challenges to the trial court's findings are similarly without merit. She argues that the court erred by omitting Chestnut Street Exchange securities worth over $400,000 from its valuation of the Paine Webber account. During the trial, the court discussed with counsel for both parties the difficulty of valuing the account, given the daily changes in stock prices. The court asked the parties to stipulate to Paine Webber's stated value of the account as of February 28, 1995, the first day of trial on the financial issues. See Kanaan, 163 Vt. at 410, 659 A.2d at 134 (as general matter, marital assets should be valued as close to date of trial as possible). Tom's attorney agreed to obtain a statement from Paine Webber showing the value of the entire portfolio and the debt owed on it as of that date, and stated that if there's any objection to that copy in any way, [Ellen's attorney will have] an opportunity to tell me. Two days later, during Tom's direct testimony, Tom identified a document as a statement from Paine Webber showing the market value of the account as of February 28, 1995 to be approximately $4 million, and the debt on that date to be approximately $2 million. Ellen's attorney did not object to the admission of the document as evidence, nor did he raise the question of the Chestnut Street securities during his cross-examination of Tom or at any other time during the trial. On appeal, Ellen points to another Paine Webber statement which shows a market value of $4.4 million. This document was submitted to the court by Ellen's attorney after the end of the trial, and was not admitted as evidence. Although Ellen may be correct that the statement introduced at trial understated the value of the account, the proper time to challenge those figures was during the trial. The court's findings, which adopt the lower figures, are based on the evidence and are not clearly erroneous. The court's valuation of Tom's interest in The Waterfront Company, a limited partnership that owns commercial real estate in downtown Burlington, is also supported by the evidence. The court rejected Ellen's proposed valuation of the company as not... at all credible. The court found that the company had not performed well and had substantial debt. On paper, the company owes Tom, the general partner, several hundred thousand dollars. The court found, however, that if Tom attempted to collect that debt before repaying the limited partners' investments, the limited partners would sue him. As we have recognized in an analogous situation, the court faced a difficult task in valuing this asset; the market value of a share in a partnership, like the value of a closely held business, may be difficult to fix precisely. See Kanaan, 163 Vt. at 407, 659 A.2d at 132. Given the evidence before the court, its decision to value Tom's interest in the company at $100,000 was not clearly erroneous. Finally, Ellen complains that the court erred in relying on post-hearing evidence in valuing certain personal property, specifically three automobiles, some inoperable, and a motorcycle. Although the court acknowledged that, after the hearing, the items were sold for far less than either Ellen's or Tom's values for them, the court did not value the items at the sale price. Instead, the court adopted Tom's values. Again, the court in its discretion may choose a value for an asset that is within the range of the evidence presented. Semprebon, 157 Vt. at 214, 596 A.2d at 364.