APPEAL - JENNIFER KATE WATTS V. SCOTTIE LEE WATTS - W2016-01189-COA-R3-CV

Apr 26, 2017

OUTCOME: Affirmed in Part, Reversed in Part, and Remanded to the Trial Court for further proceedings pertaining to the business valuation.

Parties were divorcing after 24 years of marriage. Husband was a small business-owner, owning 3 small businesses. During mediation, parties entered into a stipulation to engage a business valuation e ... xpert to obtain an independent valuation of 2 of the 3 businesses and that they would accept that value. Prior to trial, the court ordered the wife to sign a revised engagement letter for the valuation expert which would have removed his authority to engage independent additional experts, such as a forensic accountant and which was different than the initial engagement letter that Wife had previously signed. Wife asked for a continuance to allow the valuation expert to complete the valuation as initially contemplated under the initial engagement letter. At trial, the wife’s attorney requested a continuance to allow the expert to make a complete valuation. The court denied the continuance on the grounds that the delay had been the result of the wife’s delay in signing the engagement letter. Both parties appealed the trial court's final decision on various issues including issues of personal property classification surrounding some Ferjo artwork. Both parties appealed to the Tennessee Court of Appeals, raising various issues. After concluding the other issues in the case, the Court of Appeals affirmed in part, reversed in part, and remanded the case to allow valuation of the businesses to proceed. https://www.tncourts.gov/courts/court-appeals/arguments/2017/04/26/jennifer-kate-watts-v-scottie-lee-watts