Peake is an ED decision where parties were married only nine years. Wife worked part time and then raised three children, while husband completed medical school and a residency on Caribbean islands, winding up as an Abingdon anesthesiologist earning $371,000 annually. Peake v. Peake, VA Ct App Record No. 0262-15-3, October 6, 2015.
At the time of divorce, wife made $15.63 an hour. The spouses lived in a fully-mortgaged $770,000 home and had $1.1 million in debt.
ED netted out at $61,000 for wife and negative $361,000 for husband, because he took over the home and assumed all debt. The trial judge said the ED imbalance was okay for husband because the marital home had “more than recouped” its negative equity following the separation; and the appeals court agreed. Husband’s IRA was equally divided.
The most significant aspect of the decision was affirmation of an ample spousal support award of $9,000 a month for fifteen years, based on the trial judge’s assessment of current incomes, need, and circumstances within the “immediate or reasonably foreseeable future”. Srinivasan v. Srinivasan, 10 Va. App. 728, 732, 735, 396 S.E.2d 675, 679, (quoting Young v. Young, 3 Va. App. 80, 81-82, 348 S.E.2d 46, 47 (1986)). Wife helped establish husband’s earning potential, and cashed out rather well.