Nardini v. Nardini

414 N.W.2d 184 (1987)

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Nature of the Case

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Facts

W is 56 years of age, and H is 58 years of age. They were married in 1953, with dissolution after 31 years of marriage by judgment and decree entered on June 28, 1985. Prior to and during the marriage, H was engaged in the sale and maintenance of fire protection equipment. In 1949, prior to his marriage, he purchased a 50% interest in the whole of Chemical Sales & Service, a sole proprietorship, for $2,500 and that he continued in the employ of the business for several years servicing equipment. The record is devoid of any evidence offered by either party of the value of the business, its sales or assets at the time of either the claimed purchase or the marriage. H was a uniformed service employee who worked for a salary. Periodically, w assisted in keeping the books of the business. In 1956, H and W purchased the remaining half-interest for $12,500 and incorporated the business. While H manages the business and continues to call on customers, the business now has 12 full-time employees and engages 3 independent contractors. At the time of the dissolution of the marriage, H held 60 % of the shares of Nardini of Minnesota, and W held the other 40 % of the shares. H attributes the great financial success of the businesses to his 'key man' effort alone. W asserts that she too contributed greatly by her years of periodic employment with the company, her extensive civic and social involvements, and her provision of a traditional marital home during the years of growth. W’s expert valued the company at $725,213 and H’s at $350,000. The court went with H and held that ½ the common stock belonged to H outright as separate property. The other half was marital property. The trial court found that marital half of the company was valued at $135,135. W appealed, and the court of appeals affirmed, and W appealed again.