Often times a spouse may hold shares in a closely held corporation whose stock seemingly has little market value. Don't be fooled as was the Wife in Kojovic v. Goldman and be sure to conduct adequate discovery to insure that something else isn't brewing which would drastically increase the value of that stock. In the Kojovic case, the husband and wife settled their divorce action a mere four months after it was commenced. Prior to settling, the parties exchanged financial information including lists of assets and statements of net worth. The Husband included in his disclosures his minority interest in Capital IQ. The parties decided not to conduct any further discovery.
Pursuant to the settlement the Wife received $1.15 million in cash and $350,000 in spousal maintenance. Husband retained his minority shareholder interest in Capital IQ. One month after the settlement agreement was executed Capital IQ was acquired resulting in the Husband receiving $18 million for his minority interest. The Court dismissed the Wife's action seeking to set aside the Agreement because the Wife, represented by experienced counsel and an accountant, acknowledged that she had conducted discovery and waived further disclosure. Jane K. Cristal, P.C. will review your circumstances to assess the best way for you to proceed. For further information about all divorce issues, call Jane K. Cristal, P.C. today!