In re the Marriage of Ferran
In re the Marriage of Ferran
Opinion of the Court
Husband appeals from a dissolution of marriage decree entered after a 13 year marriage, by which, he claims, the court awarded wife 72 percent of the marital assets. Wife claims the award to be only about 65 percent of the assets. Husband also is required to pay a total of $550 per month in child support for two children, a monthly mortgage payment of approximately $550 on the residence that was awarded to wife and spousal support that begins at $400 per month, is reduced after four months to $300 per month and is further reduced after three months to $200, which then continues until 1987. Husband’s net monthly salary at the time of trial was approximately $1630.
The parties’ marital assets totaled $230,000 to $260,000, depending upon the different valuations of the parties, and their liabilities totaled approximately $28,000. The assets are primarily real property or land sale contracts owned by the parties through a one-half interest in a business partnership. The court generally divided those assets equally between the parties.
Husband asks that the interest in the partnership be awarded to him. He values that at approximately $71,000, while wife values it at $115,000. We cannot determine from the record which, if either, is the correct valuation. We do not have to make a value determination, because the equal division of that asset was proper.
Wife continues to live in the residence with the two children, ages six and ten. In awarding her the residence, which has an equity value of $54,000, it appears the court attempted to fashion a financial arrangement that would allow the wife to remain in the home for a few years. However, in order to provide husband an equitable share of the assets, we award him a one-half share in the residence. We also reduce husband’s required monthly mortgage payment and eliminate his $10,000 lien. The parties will continue to be entangled because of their partnership interests until 1987; we see no reason, therefore, not to divide the residential property equally also. See Whitcomb and Whitcomb, 40 Or App 583, 595 P2d 846, rev den 286 Or 745 (1979). Each party is thus awarded a one-half interest in the residential property, to be held as tenants in common, and each is required to contribute an equal amount to the two monthly mortgage payments. The property is to be sold at such time as wife ceases to occupy it as her principal residence or when the youngest child reaches the age of 18, whichever is sooner; the equity remaining after all obligations and costs of sale are paid is to be divided equally between the parties.
Next, husband argues he does not have the money to pay the joint income tax liability the court ordered him to pay. We agree that the court’s order places a strain on husband’s monthly salary. The only cash readily available to the parties is in a brokerage account containing approximately $19,700. The court awarded the account to wife; however, wife was required to assume the obligation for approximately $9,000 of the parties’ debts while husband
Finally, husband appeals the award of spousal support.
Decree modified. Husband’s $10,000 lien on the residential property is deleted; husband and wife are each awarded one-half interest in the residence as tenants in common, each to pay one-half the mortgage obligation, and the parties are to share equally in the equity; husband is awarded $13,000 from the brokerage account; and wife is awarded the remainder; spousal support is to be $200 per month from the date of decree to and including March 1, 1987. No costs to either party.
The record shows that husband has some other income, primarily $150 to $200 per month from one of the parties’ investments. Wife also realizes an income, apparently in the same amount, from this investment.
As a result of this asset the parties will equally share in an accelerated payment which is due in 1987.
We affirm the award of child support.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.