Kathy E <[EMAIL PROTECTED]> writes:
A homemaker has won an equitable distribution award of $45 million, an
amount that is believed to be the largest ever in New York State.
In making the award, Justice Walter B. Tolub wrote that, through 33
years of marriage, the homemaker and her husband's "fortunes were
inseparable."
The decision will be published tomorrow.
Justice Tolub concluded in Goldman v. Goldman, No. 313111/96, that the
homemaker, Vira H. Goldman, was entitled to half the couple's assets,
which total approximately $90 million. Ms. Goldman's husband, Robert I.
Goldman is the chairman and chief executive officer of the Congress
Finanical Corporation, a lending institution.
Mr. Goldman's lawyer, Lawrence Pollack, of Midgal, Pollack, Rosenkrantz
& Sherman, said an appeal is likely.
According to Norman S. Sheresky, who represented Ms. Goldman, it is
common for courts to give a spouse a 50-percent share of a couple's
assets when the value of their property is in the $10 million range. But
there has been uncertainty in the matrimonial bar as to whether courts
would award a 50-percent share for a large estate when that figure
would generate far more income than necessary to maintain a homemaker's
lifestyle, said Mr. Sheresky, of Sheresky Aronson & Mayefesky.
In Ms. Goldman's case, a 50-percent share would yield about $2.25
million in after-tax income, an amount far larger than she needed to
live on, Mr. Sheresky said. Justice Tolub recognized that fact as well
in ruling that an award of maintenance was unnecessary in light of "the
sizeable equitable distribution award and its liquidity."
Justice Tolub cited Ms. Goldman's substantial contributions as a
homemaker to the marriage. She raised their child, who is now grown,
without help, entertained without a full-time maid until 1986, and gave
Mr. Goldman haircuts until they separated in 1996, he noted.
Ms. Goldman also oversaw, in the manner of a general contractor, the
renovation of the couple's Sutton Place townhouse as well as several
investment properties on the East End of Long Island and in the
Catskills. In sum, Justice Tolub wrote, "Ms. Goldman was involved with
every phase of Mr. Goldman's existence."
The major portion of the couple's assets was in stock that Mr. Goldman
holds in Congress Financial Corporation, which has an after-tax value of
$63.5 million, Justice Tolub said. The couple's other significant assets
included the Sutton Square townhouse, with $3.1 million in equity;
furniture and furnishings valued at $2.9 million; and bank accounts,
stocks and other similar investments valued at $7.8 million.
Justice Tolub also rejected Mr. Goldman's argument that the appreciation
on about 25 percent of his stock holdings in Congress Financial should
not be considered marital property because it was acquired prior to the
couple's marriage. That argument, Justice Tolub, wrote "denigrates the
true genius that is Robert Goldman."
Corestates Bank which acquired a majority interest in Congress Financial
in 1968 relied heavily on Mr. Goldman's expertise and went to
substantial lengths to fashion a financial package to keep him with the
company, Justice Tolub explained.
Alan Mayefsky, of Sheresky Aronson, also represented Ms. Goldman.
--
Kathy E
"I can only please one person a day, today is NOT your day, and tomorrow
isn't looking too good for you either"
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