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Callahan v. Callahan

Decided: May 18, 1976.

MARTHA ANN CALLAHAN, PLAINTIFF,
v.
EDWARD W. CALLAHAN, DEFENDANT



Griffin, J.s.c.

Griffin

[142 NJSuper Page 326] On November 13, 1975 a final judgment of divorce was entered in this matter in favor of defendant husband on the ground of cruelty. The judgment additionally set forth the respective custody, support and visitation rights of the parties and provided for the equitable distribution of property in dispute. Thereafter, plaintiff applied to this court and, with consent of defendant, the judgment was amended to provide for a dual judgment of divorce. Plaintiff

also petitioned the court to distribute certain property owned by defendant of which the court was unaware when making the original distribution. Due to the unusual nature of the assets involved, and in fairness to the parties, the court will consider this application.

Defendant is an executive with a large international corporation. In this position he participates in the company qualified stock option plan. At the time of the divorce defendant owned the following options, all acquired during the marriage:

1,500 shares at $23 a share, expired

February, 1975;

500 shares at $34 a share, expiring

May, 1979;

500 shares at $29 a share, expiring

February, 1981;

1,500 shares at $32 a share, expiring

February, 1981.

Defendant exercised the first of these options on February 21, 1975 just prior to its expiration when the stock price was 33 3/4. The option was exercised in full with a ...


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