Tiffany Lee Lee v. Jeremy David Lee

CourtCourt of Appeals of Tennessee
DecidedNovember 19, 2025
StatusPublished

This text of Tiffany Lee Lee v. Jeremy David Lee (Tiffany Lee Lee v. Jeremy David Lee) is published on Counsel Stack Legal Research, covering Court of Appeals of Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Tiffany Lee Lee v. Jeremy David Lee, (Tenn. Ct. App. 2025).

Opinion

11/19/2025 IN THE COURT OF APPEALS OF TENNESSEE AT NASHVILLE September 5, 2024 Session

TIFFANY LEE LEE v. JEREMY DAVID LEE

Appeal from the Chancery Court for Sumner County No. 2020DM-14 Louis W. Oliver, Chancellor ___________________________________

No. M2023-00968-COA-R3-CV ___________________________________

The trial court entered a final decree in a contentious divorce. Based on the proof at trial, the court classified, valued, and divided the marital estate. It also awarded the wife alimony in solido to equalize the division, alimony in futuro, and attorney’s fees. Both parties raise issues on appeal. Upon review, we conclude the court erred in omitting two marital assets from the division and in calculating a marital debt, which skewed the division in the husband’s favor. Because the court expressly intended to make an equal division, we modify the court’s equalization award. Otherwise, we affirm.

Tenn. R. App. P. 3 Appeal as of Right; Judgment of the Chancery Court Affirmed as Modified

W. NEAL MCBRAYER, J., delivered the opinion of the court, in which FRANK G. CLEMENT, JR., P.J., M.S., and KENNY W. ARMSTRONG, J., joined.

Robert Todd Jackson, Brentwood, Tennessee, for the appellant, Tiffany Lee Lee.

Donald Capparella, Nashville, Tennessee, for the appellee, Jeremy David Lee.

OPINION

I.

A.

In 2020, Tiffany Lee (“Wife”) filed for a divorce from Jeremy Lee (“Husband”), her husband of approximately 20 years. Husband responded with a counterclaim for divorce. Contested issues in this protracted divorce included the grounds for divorce, valuation and division of the marital estate, dissipation, and alimony. Husband and Wife eventually agreed on the basic terms of a permanent parenting plan for their three minor children but left the calculation of child support to the court.

During the marriage, the parties amassed a sizeable marital estate, including several closely held businesses. Together, they owned two businesses related to Wife’s music career, Plumb Enterprises, Inc. and Shoe Publishing, Inc. During the marriage, Husband acquired an ownership interest in two of his father’s businesses, Global Product Services, Inc. and AG Lighting Innovations, LLC. Shortly before trial, Husband belatedly revealed that he also had an ownership interest in two additional family businesses, L4 Properties, LLC and Uber Displays Holdings, LLC.

With the court’s approval, the parties retained a joint expert, Kurt Myers, to value their business interests. Unhappy with Mr. Myers’s value conclusions, Husband engaged a second expert, Vic Alexander, to prepare rebuttal reports. Among other things, Mr. Alexander disagreed with Mr. Myers’s conclusion as to the value of Husband’s minority interest in Uber Displays Holdings.

Uber Displays Holdings was formed in September of 2020 to sell or lease LED products acquired from Global Product Services. Husband was a managing member. Mr. Myers noted that there was little available data for the fledgling company. It generated no revenue in 2020 and operated at a loss in 2021.

Mr. Myers considered three main approaches to value—asset, income, and market—and decided that the market approach was the best fit. In his opinion, the income approach was not a viable option for assessing the value of a relatively new company without a stable earnings history or even any projections of future income. He also found the asset approach to be of limited usefulness on these facts although it did provide “a value the business cannot go below.” His calculations yielded an adjusted book value of $2,130,000.

Using the market approach, Mr. Myers valued Uber Displays Holdings at $17,500,000 as of August 31, 2021. According to Mr. Myers, “actual transactions in the company’s equity” are “one of the best indicators of value that we have.” To obtain operating capital, Uber Displays Holdings had borrowed a total of $2,150,000 from multiple investors as reflected in 17 convertible promissory notes. The notes provided that, at maturity, they converted to equity interests based on a capitalization price of $17,500,000. In Mr. Myers’s view, these individuals decided to invest in Uber Displays Holdings knowing that if they were not repaid, they would receive a share of a company worth at least $17,500,000. He acknowledged that the company’s books still reflected the notes as outstanding debt, not equity, even though the notes had matured. But he dismissed that as insignificant. He surmised that as a small, unsophisticated company, “they just

2 haven’t adjusted them on their books yet.” After applying relevant discounts, he determined the value of Husband’s fully diluted member interest was $5,900,000.

Mr. Alexander criticized Mr. Myers’s reliance on the market approach as inappropriate on these facts. He did not believe that the convertible notes represented true market transactions in which cash was exchanged for equity. Thus, the capitalization price was not a reliable basis for assigning value to the company. In his opinion, the only appropriate option was adjusted book value. He arrived at an adjusted book value of $357,865 as of March 31, 2021.

For his part, Husband insisted that Uber Displays Holdings had a negative value. He claimed the company had not performed as expected and was unable to pay its outstanding debts.

B.

Six months later, the court issued its ruling. It granted Wife an absolute divorce on grounds of inappropriate marital conduct and adultery. Then it classified, valued, and divided the marital estate. The court found both financial experts “credible, qualified, and helpful.” It adopted most of Mr. Myers’s valuations except for his conclusions as to the values of Global Product Sources and Uber Displays Holdings. In both instances, the court chose a lower value.

After considering the relevant statutory factors, the court found that an essentially equal division was warranted. This was a long-term marriage. Both parties had contributed financially to the marriage—first, through Wife’s music career and then, Husband’s business endeavors. Given the decline in Wife’s music career, the court found Husband had a far higher earning capacity than Wife. Husband was at fault in the demise of the marriage. He dissipated marital funds on extramarital relationships and dating apps. The court also factored in Husband’s lack of credibility throughout the divorce proceedings. Husband lied about his affairs, hid money from Wife, and failed to disclose assets in a timely fashion.

The court initially awarded Husband 56.82% of the marital estate and Wife, 44.18%. To equalize the division, the court ordered Husband to pay Wife $321,533 in alimony in solido.

The court calculated Husband’s total gross income based on a weighted average of the prior three years. After taxes, the court found his net income per month to be $21,740.00. In the court’s view, Wife had limited earning capacity. It imputed her net monthly income as $4,741. It ordered Husband to pay monthly child support as dictated by the child support guidelines.

3 The court also awarded Wife alimony in futuro. It found Wife was an economically disadvantaged spouse without any reasonable prospect for rehabilitation. Her once successful music career was largely over. She had recently sold her music catalogue. She never attended college and had few marketable skills beyond the music industry. The court found Wife needed $3,000 per month until the oldest child’s graduation from high school. Then she would need additional funds to compensate for the reduction in child support. By contrast, Husband was a highly successful businessman. Based on his substantial income, the court found he had the ability to pay.

The court also found Wife was entitled to an award of attorney’s fees as alimony in solido.

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Bluebook (online)
Tiffany Lee Lee v. Jeremy David Lee, Counsel Stack Legal Research, https://law.counselstack.com/opinion/tiffany-lee-lee-v-jeremy-david-lee-tennctapp-2025.