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Unmatured Stock Options
© 2003 National Legal Research Group, Inc.
CONNECTICUT: Gilbert v. Gilbert, 73 Conn. App. 473, 808 A.2d 688 (2002).
The trial court did not err by treating the husband's unmatured stock options as marital property.
The husband filed for divorce in 1999 after 12 years of marriage. The marriage was dissolved in June 2001. The trial court entered various orders, including an award of marital assets which included the husband's stock options The husband appealed.
The husband asserted that it was improper to distribute to the wife one-half of the stock options held in his name in the corporation at which he was employed since these options had not matured as of the date of the divorce. Applying the standard of review for financial awards in a dissolution action, which requires the court of appeals to uphold a distribution unless there has been an abuse of discretion, allowing every reasonable presumption in favor of the trial court's determination, the Connecticut Appellate Court affirmed the lower court's award. Under Conn. Gen. Stat. Ann. 46b-81(a), the trial court at the time of entering its decree dissolving a marriage may assign to either the husband or the wife all or any part of the estate of the other. Despite the fact that the stock options had not matured as of the date of the dissolution, these options created an enforceable right in the wife and were properly subject to distribution as marital assets. There was no abuse of discretion, therefore, on the part of the trial court in awarding the wife one-half of the value of the options. (DB)
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