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California Community Property Keyed to Carrillo, 11th Ed.
Marriage of Micalizio
Citation:
199 Cal. App. 3d 662 (1988)Facts
Robert Micalizio purchased stock in J.R. Norton Company in 1963 for $100,000, financing the purchase with promissory notes requiring annual payments. The stock was subject to buy-sell agreements restricting transfer and establishing book value pricing formulas. Robert and Gerry married in 1971, and during their marriage, community funds were used to make nine annual principal payments totaling $22,500 on Robert’s promissory notes. Norton paid dividends only on preferred stock owned by J.R. Norton, while Robert owned 15 percent of the common stock as a minority shareholder. The parties separated multiple times during marriage. At trial in 1984, evidence showed the stock’s value under the buy-sell agreement was approximately $13 per share, while the secretary-treasurer testified hypothetically that if Norton liquidated all assets, stock would be worth $25 per share. The trial court initially valued the stock at $13.667 per share for in-kind division, but after learning of a 1984 amendment to the buy-sell agreement that further restricted transfers, reconsidered and valued the stock at $25 per share, ordering Robert to pay Gerry $421,875 representing her community interest.
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