Trethewey v. Trethewey

CourtMassachusetts Appeals Court
DecidedApril 24, 2024
DocketAC 23-P-55
StatusPublished

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

Bluebook
Trethewey v. Trethewey, (Mass. Ct. App. 2024).

Opinion

NOTICE: All slip opinions and orders are subject to formal revision and are superseded by the advance sheets and bound volumes of the Official Reports. If you find a typographical error or other formal error, please notify the Reporter of Decisions, Supreme Judicial Court, John Adams Courthouse, 1 Pemberton Square, Suite 2500, Boston, MA, 02108-1750; (617) 557- 1030; SJCReporter@sjc.state.ma.us

23-P-55 Appeals Court

MICHAEL A. TRETHEWEY vs. ROSALIA F. TRETHEWEY.

No. 23-P-55.

Middlesex. November 9, 2023. - April 24, 2024.

Present: Ditkoff, Englander, & Walsh, JJ.

Divorce and Separation, Judgment, Alimony, Attorney's fees, Division of property. Words, "Double dipping."

Complaint for divorce filed in the Middlesex Division of the Probate and Family Court Department on April 1, 2015.

The case was heard by Mary Rudolph Black, J.

Martin F. Kane (Robert E. Curtis, Jr. also present) for the husband. David E. Cherny (Thomas D. Ritter also present) for the wife.

ENGLANDER, J. The husband in this divorce case challenges

a judgment of divorce nisi issued by a judge of the Probate and

Family Court, principally on the ground that it reflects

impermissible "double dipping," or double counting, of one of

the spouse's assets –- treating the entire asset both as the 2

husband's income for alimony purposes, and as a divisible asset

of the marital estate. The husband contends that this double

counting produced significant inequity and that the divorce

judgment accordingly must be vacated.

At the time the husband filed for divorce in 2015, he had

worked as a financial advisor for roughly twenty years. During

trial, in mid-2018, the husband changed jobs and began working

for Wells Fargo Advisors (Wells Fargo). When the husband began

working for Wells Fargo, he received a $5 million "Transitional

Bonus" as part of his compensation package. The actual

structure of the $5 million was not a bonus, however; rather, it

reflected the advance payment of a portion of the husband's

anticipated income from Wells Fargo, which he could earn in the

amount of $51,550.04 per month over the ensuing nine-plus years

(112 months). The husband simultaneously executed a $5 million

promissory note with Wells Fargo –- a debt that would be

incrementally forgiven at the same rate of $51,550.04 per month,

as long as the husband met certain business benchmarks.

The alleged double dipping arises from the judge's

treatment of the $5 million Transitional Bonus. On the one

hand, in calculating the husband's income for purposes of

alimony, the judge counted the approximately $51,000 per month

of loan forgiveness (over $600,000 annually) as income, as if

the husband were receiving a payment of that money on a monthly 3

basis. On the other hand, in determining the value of the

parties' marital assets, the judge also counted what remained of

the $5 million advance payment (approximately $3.2 million as of

the close of trial in July 2019), and divided that $3.2 million

account with the parties' other assets, awarding approximately

fifty-three percent of the total assets to the wife. Also

relevant, the judge in essence separated this asset from its

associated liability under the promissory note and assigned the

entire liability under the note (well over $4 million as of the

close of trial) to the husband.

On the record before us, it was error for the judge to

treat the $5 million advance in this fashion –- double dipping

or arguably even triple dipping -- thereby disadvantaging the

husband with respect to the Transitional Bonus threefold.

Because the resulting award was neither consistent with the

judge's stated rationale -- which did not address the double dip

-- nor equitable, we amend the divorce judgment to eliminate the

double dipping problem.1

Background. We summarize the relevant facts as found by

the judge, supplementing them with undisputed evidence in the

record. See Pierce v. Pierce, 455 Mass. 286, 288 (2009). The

1 As discussed below, we also vacate the judge's award of attorney's fees to the wife, because the husband did not have a meaningful opportunity to respond to the wife's motion. We otherwise leave the divorce judgment undisturbed. 4

parties were married for over twenty years and had three

children together during the marriage. As of the close of

trial, the two eldest children were emancipated and the youngest

child remained dependent on the parties for support. In April

2015, the husband filed a complaint for divorce. After

extensive pretrial proceedings and a nineteen-day trial, which

took place between November 2017 and July 2019, the judge issued

the divorce judgment on May 26, 2021, accompanied by eighty-

seven pages of findings of fact and conclusions of law.

The husband was employed as a financial advisor throughout

the trial. Pursuant to the June 2018 employment contract that

the husband signed with Wells Fargo, his compensation package

included the $5 million Transitional Bonus -- which, as

described above, would be earned in the amount of $51,550.04

over the ensuing 112 months, contingent on the husband meeting

an annual revenue threshold.2 The husband, in turn, executed a

$5 million promissory note to Wells Fargo "payable in 112 equal

monthly installments." Wells Fargo wired the $5 million to the

husband in July 2018. The husband's receipt of the $5 million

was tied to the debt created through the promissory note such

2 The $51,550.04 per month for 112 months included interest the husband owed on the $5 million loan. As indicated, this arrangement is not a bonus in the traditional sense of additional compensation that had been fully earned. See Jones v. Jones, 101 Mass. App. Ct. 673, 681-682 (2022) (discussing various types of "bonuses"). 5

that, as the husband earned each installment of approximately

$51,000, his debt under the note was reduced by that same

amount. This arrangement allowed the husband immediate access

to $5 million that he would earn over the next nine years at

Wells Fargo, amounting to additional annual income of

approximately $600,000. Importantly, if the husband's

employment with Wells Fargo ended before the note was satisfied,

Wells Fargo was entitled to deem the outstanding balance on the

note immediately due.

The judge expressly included the monthly loan forgiveness

of the Transitional Bonus when calculating the husband's income

for alimony purposes. As of the final day of trial, the judge

found that the husband's total gross annual income was

$1,282,684. Roughly half of this amount was traditional income,

but the Transitional Bonus income represented approximately

$600,000 of the $1,282,684. The divorce judgment provided the

wife with alimony in the amount of $35,499 per month or $425,988

annually, which represented approximately thirty-three percent

of the husband's total gross income, inclusive of the income

from the Transitional Bonus.

In dividing the marital estate, the judge stated that it

was her intention that the wife "receiv[e] a slightly larger

portion of the marital estate than [the] [h]usband." The judge

itemized each of the parties' assets and their respective values 6

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