McCord v. McCord

852 N.E.2d 35, 2006 Ind. App. LEXIS 1539, 2006 WL 2270374
CourtIndiana Court of Appeals
DecidedAugust 9, 2006
Docket15A01-0506-CV-239
StatusPublished
Cited by22 cases

This text of 852 N.E.2d 35 (McCord v. McCord) is published on Counsel Stack Legal Research, covering Indiana Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
McCord v. McCord, 852 N.E.2d 35, 2006 Ind. App. LEXIS 1539, 2006 WL 2270374 (Ind. Ct. App. 2006).

Opinion

OPINION

DARDEN, Judge.

STATEMENT OF THE CASE

Robert L. McCord appeals the trial court's order dissolving his marriage to Angela E. McCord and dividing the marital property. 1

We reverse and remand with instructions.

ISSUES

1. Whether the trial court erred in awarding Angela a judgment in the amount of $487.82.
2. Whether the trial court misinterpreted Robert and Angela's prenuptial agreement.
3. Whether the trial court erred in dividing the proceeds from the sale of the marital residence.
4. Whether the trial court erred in va-Tuing an asset of the marriage.

FACTS

Robert and Angela entered into a prenuptial agreement (the "Prenuptial Agreement") on January 15, 1998. The Prenuptial Agreement provided as follows:

[The parties, mature adults who each have been previously married and have children from the previous marriages, desire to waive their respective rights to the property and estate of the other during their marriage and upon the ter *39 mination of their marriage by death or dissolution.
[E]ach party has fully disclosed to the other his or her financial condition, including the amount of assets, income, and liabilities, and each is satisfied that he or she, knows and understands the financial condition of the other and waives further disclosure.
[E]ach party agrees that Exhibits "A" and "B" attached to this prenuptial agreement set forth the descriptions, character, and fair market value of substantially all of their respective assets, liabilities and income.
[E]ach party recognizes that the property of the other may increase through earnings, appreciate [sic], further investments, inheritances, and the like and is entering into this prenuptial agreement regardless of the value of such additions. [E]ach party knows and understands his or her rights in the property of the other to which he or she would be entitled by the reason of their marriage and its subsequent termination by death or dissolution in the absence of any agreement between them.
... Robert Leroy McCord has been represented by Joseph A. Colussi and Angela E. Bacon [sic] each party is aware of his or her right to consult independent legal counsel to be fully advised as to the nature and consequences of this prenuptial agreement.

(App.15-16).

Exhibit "A" of the Prenuptial Agreement listed Robert's assets and their respective values, including, in relevant part, the following: 1) real estate located in Aurora, Indiana, valued at $106,000.00; 2) real estate located in Florence, Indiana, valued at $55,000.00; 3) a 1996 quad runner, valued at $5,000.00; 4) a 401(k) through Robert's current employer, North American Stainless, valued at $11,000.00; 5) a whole life insurance policy with a payout of $200.00 per month at age sixty-five; and 6) a "UIU Pension" 2 with a payout of $400.00 per month at age sixty-five. (App.18). Robert's only liability was a mortgage on his Aurora home in the amount of $94,000.00. Exhibit "B" listed Angela's assets, which consisted of a vehicle, furniture and money in a checking account, with a total value of $6,500.00.

Robert and Angela were married on January 26, 1998. Although Robert and Angela had children from previous relationships, no children were born to their marriage.

After the marriage, Angela began working at Cincinnati Bell, earning approximately $50,000.00 per year; Angela participated in Cincinnati Bell's savings and pension plans. Robert continued his employment at North American Stainless, earning a base salary of $32,000.00; with incentive programs, however, Robert earned over $50,000.00 in 200838 and $60,000.00 in 2004.

During the marriage, Robert sold his Aurora residence and his property in Florence, netting $28,000.00. Subsequently, Robert and Angela purchased a lot and built a home, which was titled in both of their names. Robert contributed the $28,000.00 from the sale of his real estate toward the purchase of the lot and construction costs; Angela contributed $13,000.00 she received from an inheritance toward the construction costs. They carried two mortgages on their residence, totaling $181,000.00.

Angela moved out of the home on January 15, 2004. After Angela moved out of the residence, Robert made the final six mortgage payments, totaling $7,200.00, be *40 fore the parties sold the residence for $228,000.00 in 2004. The sale of the marital residence netted $24,471.81, which the parties placed in a trust account pending the dissolution.

When the parties separated, Robert owned a 1997 Ford truck. In August of 2000, Angela and Robert entered into a five-year lease of a 2001 Nissan Pathfinder, which Angela kept after the parties separation. Pursuant to the lease, the "Lessee may be charged for excessive wear based on Lessor's standards for normal use and for excess mileage at the rate of 12 cents ... for each mile ... in excess of 60,274 miles." (Ex. J). The Nissan had 274 miles on it on the date Angela and Robert entered into the lease. Thus, the Nissan could be driven no more than 60,-000 miles during the lease's terms without incurring a mileage fee. Angela projected that by the end of the lease, the Nissan would have approximately 147,720 miles on it, thereby incurring a charge in the amount of $10,440.00. Angela and Robert could option to purchase the Nissan at the end of the lease's term for $15,459.38. Angela maintained exclusive possession of the Nissan after the parties separated.

At the time of the parties' separation, Robert's 401(k) had a value of $78,500.00, which included contributions made during the marriage and accumulated earnings. In 2001, Robert took out a loan in the amount of $5,000.00 against his 401(k). At the time of the final hearing, the loan balance was approximately $2,500.00.

On February 10, 2004, Robert filed a petition to dissolve the marriage. The trial court entered provisional orders, which divided the parties' personal property. The trial court held a final hearing on January 24, 2005. Angela requested special findings of fact and conclusions of law pursuant to Indiana Trial Rule 52. On April 26, 2005, the trial court entered its findings of fact, conclusions of law and judgment. The trial court found the following:

5. During their marriage, the parties acquired real estate at 9570 Dockery Road, Aurora, Indiana (hereinafter the "marital home"). Title to the marital home was taken as follows: "Robert L. McCord and Angela E. McCord, husband and wife". The marital home is not the separate property of either party and is subject to division as a marital asset.
6. The marital home was sold in 2004 for $228,000.00 with distribution at closing as follows:
a. First Mortgage $167,441.11
b. Second Mortgage 18,190.06
c. Realtor Commission 13,680.00
d.

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Cite This Page — Counsel Stack

Bluebook (online)
852 N.E.2d 35, 2006 Ind. App. LEXIS 1539, 2006 WL 2270374, Counsel Stack Legal Research, https://law.counselstack.com/opinion/mccord-v-mccord-indctapp-2006.