Loretta M. Gaither v. Michael Deleon Gaither

This is a divorce action involving the proper classification and division of the parties’ assets. The trial court found one asset, a baby grand piano, to be the wife’s separate property as it had been a gift to her from the husband. All other assets were determined to be marital. The most valuable asset was the parties’ marital residence, which was appraised at a value of $475,000. Although the trial court awarded the marital residence to the wife rather than ordering it to be sold, the trial court deducted twenty percent from the home’s equity value for the associated costs had it been sold. The trial court subsequently fashioned a nearly equal percentage distribution of the marital assets and debts, which included an allocation of a portion of the equity in the home to the husband. The husband has appealed. We determine that the trial court correctly classified the piano as the wife’s separate property. We also determine that the trial court improperly deducted the costs associated with a hypothetical sale of the marital residence from its equity value. We therefore modify the trial court’s award of equity in the home to the husband to effectuate the trial court’s ostensible overall percentage distribution. We affirm that equitable distribution in all other respects. We decline to award the wife attorney’s fees on appeal.