Marriage of Rich

CourtColorado Court of Appeals
DecidedJanuary 29, 2026
Docket25CA0498
StatusUnpublished

This text of Marriage of Rich (Marriage of Rich) is published on Counsel Stack Legal Research, covering Colorado Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Marriage of Rich, (Colo. Ct. App. 2026).

Opinion

25CA0498 Marriage of Rich 01-29-2026

COLORADO COURT OF APPEALS

Court of Appeals No. 25CA0498 City and County of Denver District Court No. 23DR30642 Honorable Adam J. Espinosa, Judge

In re the Marriage of

Glen Michael Rich,

Appellee,

and

Katherine Mary Kappas,

Appellant.

JUDGMENT AFFIRMED

Division VII Opinion by JUDGE PAWAR Johnson and Gomez, JJ., concur

NOT PUBLISHED PURSUANT TO C.A.R. 35(e) Announced January 29, 2026

Harrington Brewster Mahoney Smits, P.C., Joshua C. Sauer, Denver, Colorado, for Appellee

Suazo Law LLC, Ian Z. Shea, Littleton, Colorado, for Appellant ¶1 Katherine Mary Kappas (wife) appeals those portions of the

permanent orders concerning the marital property division and

maintenance on the dissolution of her marriage to Glen Michael

Rich (husband). We affirm.

I. Background

¶2 In 2024, the district court entered permanent orders

dissolving the parties’ marriage of approximately ten years. The

court divided the marital estate, which was valued at approximately

$5.6 million, roughly equally. Wife was allocated approximately $2

million in cash proceeds from the sale of the marital home, plus

bank, retirement, and investment accounts valued at over

$700,000. Husband was allocated approximately $160,000 in

marital debt, plus the parties’ second home in Florida, which had

$300,000 in equity. In addition, the court allocated husband the

entirety of the marital value of his ownership interests in his

businesses, Key Lime Air and CBG LLC (CBG), totaling $2,592,000.

¶3 The district court awarded wife $8,500 per month in

maintenance for four years and eleven months.

1 II. Marital Property Division

¶4 Wife contends that the district court erred when valuing

husband’s business interests and otherwise made insufficient

findings in support of its division of the marital estate. We disagree.

A. Valuation of Husband’s Business Interests

1. Standard of Review and Applicable Law

¶5 The court has latitude to equitably divide the marital estate

based on the facts and circumstances of the case, and we will not

disturb its decision absent a showing that the court abused its

discretion. In re Marriage of Medeiros, 2023 COA 42M, ¶ 28. “A

court abuses its discretion when its decision is manifestly arbitrary,

unreasonable, or unfair, or when it misconstrues or misapplies the

law.” In re Marriage of Fabos, 2022 COA 66, ¶ 16.

¶6 When dividing marital property, the court determines the

property’s approximate current value. In re Marriage of Wright,

2020 COA 11, ¶ 4. In doing so, the court may select the valuation

of one party over that of the other party or make its own valuation,

and its decision will be affirmed if the value is reasonable in light of

the evidence as a whole. Medeiros, ¶ 41; In re Marriage of Krejci,

2 2013 COA 6, ¶ 23 (recognizing that a valuation will be upheld

“unless clearly erroneous”).

2. Additional Background

¶7 Husband came into the marriage with a twenty-four percent

interest in Key Lime Air, a small cargo and passenger airline, and a

thirty percent interest in CBG, which was formed solely to purchase

and lease aircraft to Key Lime Air. As of the permanent orders,

husband’s interest in Key Lime Air had increased to 33.33%, and

his interest in CBG remained unchanged.

¶8 The parties retained a joint expert to value husband’s business

interests as of the date of the marriage and the date of the decree,

with any increase in value representing marital property to be

divided by the district court. See § 14-10-113(4), C.R.S. 2025

(defining the increase in value of an asset acquired prior to the

marriage as marital property). The joint expert valued husband’s

business interests as of the date of the marriage and December 31,

2023, and presented two different valuation methods for the court’s

consideration.

¶9 On an investment value basis, the joint expert opined that the

value of husband’s interests in Key Lime Air and CBG had

3 increased during the marriage by $1,477,000 and $2,589,000,

respectively. Alternatively, after applying discounts of fifteen and

twenty-five percent for lack of control and marketability, the joint

expert opined that the value of husband’s interests in Key Lime Air

and CBG had increased by only $941,000 and $1,651,000 on a fair

market value basis.

¶ 10 Wife presented a rebuttal expert who opined that the joint

expert had failed to account for airlines typically selling at a

multiple of their net asset value. Wife’s expert adjusted the joint

expert’s figures and concluded that the marital values of Key Lime

Air and CBG were $2,370,987 and $4,921,688, respectively.

¶ 11 In the permanent orders, the district court found the

testimony of the joint expert to be “more helpful, more accurate,

and more credible.” The court found the joint expert’s use of

discounts for lack of control and lack of marketability based on

husband’s minority interest in the businesses to be “compelling and

convincing.” Conversely, the court was skeptical of the rebuttal

expert’s adjustments because the market value of invested capital

multiplier that he used was based on data from the sale of large,

national airlines.

4 3. Date of Valuation

¶ 12 Wife first argues that the district court erred by relying on the

joint expert’s valuation, which was valid as of December 31, 2023,

as opposed to the date of the October 4, 2024, permanent orders

hearing. Accordingly, wife asserts that the court ignored increases

in the assets of both businesses during 2024. We perceive no error.

¶ 13 Under section 14-10-113(5), marital “property shall be valued

as of the date of the decree or as of the date of the hearing on

disposition of property if such hearing precedes the date of the

decree.” However, when valuing marital assets, it is the parties’

duty to present the court with the requisite data to allow it to make

a sufficient valuation, and any failure by the parties in this regard

does not provide them with grounds for review. Krejci, ¶ 23; cf. In re

Marriage of Zappanti, 80 P.3d 889, 892 (Colo. App. 2003) (“[A] party

who fails to present sufficient evidence at trial should not be

allowed on appeal to challenge the inadequacy of the evidence.”).

¶ 14 At the permanent orders hearing, the joint expert

acknowledged that she had seen the businesses’ financial

statements for the first half of 2024. However, she opined that no

revisions to the December 2023 values were necessary because the

5 mid-year statements had not been reviewed by the companies’

accountants or been adjusted for items like depreciation. And while

she conceded that CBG had recently acquired additional airplanes,

she confirmed that the airplanes had been entirely financed.

¶ 15 The rebuttal expert criticized the joint expert’s December 2023

value as “stale.” However, the rebuttal expert had also valued the

businesses as of December 2023, although he offered to

“recalculate [the] results,” using the 2024 figures “if requested to do

so.” The rebuttal expert testified that the new airplanes would have

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Fausch v. Fausch
2005 SD 63 (South Dakota Supreme Court, 2005)
KN Energy, Inc. v. Great Western Sugar Co.
698 P.2d 769 (Supreme Court of Colorado, 1985)
In Re the Marriage of Garst
955 P.2d 1056 (Colorado Court of Appeals, 1998)
In Re the Marriage of Eisenhuth
976 P.2d 896 (Colorado Court of Appeals, 1999)
In Re the Marriage of Thornhill
232 P.3d 782 (Supreme Court of Colorado, 2010)
In Re the Marriage of Powell
220 P.3d 952 (Colorado Court of Appeals, 2009)
In Re the Marriage of Zappanti
80 P.3d 889 (Colorado Court of Appeals, 2003)
In Re the Marriage of Antuna
8 P.3d 589 (Colorado Court of Appeals, 2000)
In Re the Marriage of Farr
228 P.3d 267 (Colorado Court of Appeals, 2010)
In Re the Marriage of Bookout
833 P.2d 800 (Colorado Court of Appeals, 1992)
In Re the Marriage of Laughlin
932 P.2d 858 (Colorado Court of Appeals, 1997)
In Re Marriage of Amich and Adiutori
192 P.3d 422 (Colorado Court of Appeals, 2007)
Ahmadi v. Allstate Insurance Co.
22 P.3d 576 (Colorado Court of Appeals, 2001)
Pueblo Bancorporation v. Lindoe, Inc.
63 P.3d 353 (Supreme Court of Colorado, 2003)
In Re the Marriage of Lewis
66 P.3d 204 (Colorado Court of Appeals, 2003)
In re the Marriage of Vittetoe
2016 COA 71 (Colorado Court of Appeals, 2016)
of Tooker
2019 COA 83 (Colorado Court of Appeals, 2019)
In re Marriage of Gibbs —
2019 COA 104 (Colorado Court of Appeals, 2019)
of Wright
2020 COA 11 (Colorado Court of Appeals, 2020)
of Callison
2021 COA 16 (Colorado Court of Appeals, 2021)

Cite This Page — Counsel Stack

Bluebook (online)
Marriage of Rich, Counsel Stack Legal Research, https://law.counselstack.com/opinion/marriage-of-rich-coloctapp-2026.