Bowen v. Bowen

473 A.2d 73 (1984)

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Nature of the Case

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Facts

H and W were married in 1955 and had four children. During the early years of marriage W worked and helped H through engineering school. After graduation, H worked for Union Carbide until 1971. In 1973, he and two other employees of a small manufacturing company formed Polycel Corporation. H owned 22%. He became a full-time employee of Polycel in 1976. In 1979, gross sales were over $3,000,000, and its net income was $144,235. H and W separated in 1979. W continued to live in the family home and was employed as a secretary. The major assets were the home and the 22% interest in Polycel. The court directed the marital assets be divided equally. The court got testimony that the stock was worth anywhere from $70,000 to $338,000. The court then directed that H retain all the stock but that W get an equitable one-half interest in the stock. H was to retain all indicia of ownership including the right to vote at shareholder meetings but was to share with W all dividends and proceeds from the sale or transfer of the stock. The court then issued an order that H's salary would be $48,000 per year and any amounts of compensation above that would be essentially dividends to be divided between the parties. W also got rehab alimony of $300 per month for three years and $700 per month permanent alimony and $200 per month child support. This appeal resulted.