Byrd v. Byrd
Annotate this CaseJonathan and Lea Ann Byrd were married in 1991. They had four children together. The issue before the Supreme Court in this appeal was the chancellor's financial awards of property division, alimony, and child support. Much of the dispute centered upon a Trust in which Jonathan was a one-third beneficiary and also was a cotrustee. All assets from the Trust will be distributed to Jonathan and his two brothers, Keith, and Barry in September 2014. Lea Ann raised numerous issues on appeal, all relating to the valuation of the marital property, taking into consideration Jonathan's interest in the trust. Upon review, the Supreme Court found that the chancellor erred in failing to take into account certain expenses for the children, and whether it was necessary that Jonathan maintain life insurance in order to protect the children in the event of his death. The Court affirmed the chancellor in all other respects.
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