McCulloch v. McCulloch
Annotate this CaseWife filed a complaint for an absolute divorce, and Husband filed a counterclaim. As grounds for divorce, both parties cited irreconcilable differences. The proceedings in the family court spanned almost five years. The family court eventually granted Wife's complaint. At issue on appeal was the court's distribution of the stock of Microfibres, Inc. (Microfibres), of which Husband was the president and CEO, and Microfibres Partnership Limited (MPL). The Supreme Court (1) affirmed the portion of the family court's decision addressing the portion of MPL that was marital property and the trial justice's grant of partial summary judgment holding that the stock of Microfibres was marital property; and (2) vacated the portion of the decision addressing the equitable distribution of the marital estate, holding that the trial justice erred when he declined to value his assignments of Microfibres and MPL. Remanded with direction to value Microfibres and MPL as of the date of trial and to distribute the marital estate in accordance with R.I. Gen. Laws 15-5-16.1.
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