Zink v. Zink

1964 OK 49, 390 P.2d 504, 1964 Okla. LEXIS 284
CourtSupreme Court of Oklahoma
DecidedMarch 3, 1964
Docket40332
StatusPublished
Cited by2 cases

This text of 1964 OK 49 (Zink v. Zink) is published on Counsel Stack Legal Research, covering Supreme Court of Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Zink v. Zink, 1964 OK 49, 390 P.2d 504, 1964 Okla. LEXIS 284 (Okla. 1964).

Opinion

IRWIN, Justice.

This appeal and cross-appeal concern a judgment rendered in a divorce action. The plaintiff in error, husband, in his appeal, contends the amount of alimony, child support and attorney’s fees awarded to the defendant in error, the wife, is excessive. On the other hand, the wife, in her cross-appeal, contends the amount awarded as and for division of jointly acquired property, alimony, child support and attorney’s fees is wholly inadequate.

DECREE OF DIVORCE AND JOURNAL ENTRY OF JUDGMENT

The trial court found in the Decree of Divorce and Journal Entry of Judgment that the parties were married in February, 1957, and to this marriage three children were born; that the wife should be granted a divorce on the grounds of incompatibility; and that the wife should be awarded custody of the three minor children, subject to reasonable rights of visitation on the part of the husband. (The trial court’s judgment is in accord with these findings and no specifications of error are urged concerning these matters).

The trial court' further found that thfez-husband has a present financial worth in excess of $375,000.00, and that his position with John Zink Company for the past sev- . eral years has been worth at least $30,000.00 a year to him, including salary, bonuses, transfers of stock and other benefits.;

It also found the wife’s present financial worth is between $175,000.00 and $200,-000.00, and her income is between $1,500.00'' and $2,000.00 per year; and that the wife is not trained to and is unable to work at any outside employment.

The trial court ordered that all of the separate property of the wife be awarded to her, free and clear of all claims of the husband. This included all bank accounts, stocks and bonds standing in the wife’s name; her personal effects and a 1962 Oldsmobile registered in her name; timber land in the State of Tennessee; and the home of the parties and the household goods and furnishings. (The wife purchased the home and automobile out of her separate funds).

The husband was ordered to pay the wife for alimony and as a proper division of jointly acquired property, if any, the sum of $60,000.00, payable over a period of 12 years, in equal monthly installments of $417.67; $500.00 per month as child support for the three minor children; and $5,000.00 attorney’s fees.

CONTENTIONS

The husband contends that the judgment awarding the wife $60,000.00 alimony, $500.00 per month child support and $5,-000.00 attorney’s fees is excessive in view of his annual income and assets where she has liquid assets of $200,000.00 in her separate estate. In this connection, the husband urges his annual income is approximately $15,000.00 instead of $30,000.00 as found by the trial court; that his separate estate consists of $60,000.00 in liquid assets and $250,000.00 non-liquid stock in John Zink Company, instead of being in excess of $375,000.00 as found by the trial court; and that the John Zink Company stock, *507 transferred to him by his father during coverture, was a gift and not compensation for services rendered and since it was a gift, the stock could not be considered assets- jointly acquired by the parties during coverture.

The wife contends that the 4,600 shares •of stock transferred to her husband by his father during the marriage, was at least, in part, compensation for services rendered, and that she is entitled to her proportionate share as property jointly acquired during coverture; that the approximate net worth of the husband is between $367,752.43 and $626,597.48, depending on whether the stock is valued only at a liquidation value, or is given some “going concern” value; and that her personal net worth is only $170,-265.52 and the uncontradicted evidence shows that she receives only about $1,-500.00 annual income from her assets. The wife urges in her cross-appeal that the •amounts awarded to her for alimony and •property acquired during coverture, child ■support and attorney’s fees are wholly inadequate.

CONCLUSIONS

In considering whether the transfer of 4,600 shares of John Zink Company stock to the husband during the marriage was a gift, or a portion thereof was compensation for services rendered and property acquired during coverture, we find the trial court made this statement: “On the matter of property acquired during marriage, the evidence is insufficient for me to arrive at any fixed judgment on the matter. I’m unable to say with any degree of certainty whether the transfer of stock from this father to this defendant (husband) were actually gifts or whether they were part of his compensation. I am inclined to believe that it’s a mixture of both.”

In the trial court’s findings set forth in the Journal Entry of Judgment, the trial court found that the husband’s position with the John Zink Company has been worth at least $30,000.00 a year to him, including salary, bonuses, transfers of stock and other benefits. The trial court ordered the husband to pay the wife “as and for alimony and as a proper division of jointly acquired property, if any, the sum of Sixty Thousand Dollars ($60,000.00) * *

The wife testified that the husband explained to her that even though his salary sounded small, he was getting more because his father was giving him stock each year as compensation instead of giving him a large salary, and that his father preferred to do it that way because of inheritance tax problems and that it was much more advantageous. The husband denied that the stock was given to him in lieu of salary or that he told his wife it was in lieu of salary.

The husband’s father testified that the transfers of stock were not compensation for services rendered but gifts to his son and that he had paid the Federal gift taxes on the transfers. The income tax returns filed by the husband and wife do not reveal that the transfers of stock, in any manner, constituted compensation or income.

An examination of the record, which includes the income tax returns, reveals the husband’s annual income was less than $30,000.00 unless a portion of the stock transferred to him could be considered as compensation or income. However, if a portion of the stock could be considered as compensation and income, the trial court’s findings that the husband’s position with the John Zink Company has been worth at least $30,000.00 a year is not against the clear weight of the evidence. We must therefore conclude that the trial court found that a portion of the stock transferred to the husband by his father constituted compensation for services rendered or income, and the remaining portion constituted gifts.

We have examined the record with reference to the trial court’s findings as to the husband’s income and present financial worth, and the wife’s present financial worth and her annual income from her assets, and can only conclude that *508 the trial court’s finding's thereon, are not against the clear weight of the evidence. Therefore, we will determine the correctness of the trial court’s judgment based upon the parties’ separate assets and annual incomes as those assets and incomes have been determined by the trial court.

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Bluebook (online)
1964 OK 49, 390 P.2d 504, 1964 Okla. LEXIS 284, Counsel Stack Legal Research, https://law.counselstack.com/opinion/zink-v-zink-okla-1964.