Debts
CONNECTICUT: Casey v. Casey, 82 Conn. App. 378, 844 A.2d 250 (2004).
The trial court erred in burdening the wife with the entire mortgage on the marital home, where the debt proceeds had been used in part for the benefit of the husband's airplanes. After a five-year marriage, the court did not err by failing to divide the parties' retirement benefits.
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NEBRASKA: Gangwish v. Gangwish, 267 Neb. 901, 678 N.W.2d 503 (2004).
Where the wife brought a student loan into the marriage, and the loan was paid off with marital funds, the trial court erred by not reducing the wife's property award by the total amount of marital payments on the debt. But the sum involved was less than one-half of one percent of the $1 million marital estate, so the error was too small to justify reversal. Where the husband's father made equal gifts of stock to the husband and the wife in order to obtain favorable tax consequences, and the wife then transferred her stock to the husband, only the shares given directly to the husband were the husband's separate property. The remaining shares were the wife's separate property initially, and became marital property when transferred to the husband. The father's intent to benefit only the husband is irrelevant, as he actually transferred stock to the wife.
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MISSOURI: Elrod v. Elrod, 144 S.W.2d 373 (Mo. Ct. App. 2004).
The trial court erred in recognizing a debt equal to future capital gains taxes from the sale of the husband's business, where the husband had no present intention to sell his business in the immediate future. Where the record contained little evidence on what happened to funds present in various bank accounts on the date of separation, the court remanded for consideration of additional evidence.
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