HomeMy WebLinkAbout1876 434.634 ~ .
IN THE CIRCUIT COURT nF 'THE NINETEENTH
JUDICIAL CIRCUIT, IN AND FOR ST. LUCIE
COUNTY, FLORIDA.
CASE N0. 69-262
ROBERT W. PADRICK,
Plaintiff
vs
VIRGINIA S. PADRICK,
Defendant.
O R D E R
This cause coming on to be heard on the 28th day of November, 1978, on
the petition of ROBERT W. PADRICK, Petitioner, for modification of final
judgment to reduce alimony and child support, and the parties being repre-
sented by counsel, and the Petitioner being present and giving testimony and :
evidence, and after argument to the Court and the Court being advised~in the
premises, the Court finds as follows:
1. That the Petitioner, ROBERT W. PADRICK, did comply with the final
judgment in this cause entered on April 6, 1970 until June of 1972, during
which time, the Petitioner suffered substantial change in his financial
circumstances. The company with which he had been associated as his source
of employment was sold and as a result of the sale, he suffered a financial
loss. Prior to the sale in efforts to assist this company in which he was
a twelve per cent (12~k) shareholder, he had personally loaned the company
~ 650,000.00 of borrowed money, which has never been repaid. To the extent
possible, Petitioner has utilized this 650,000 capital loss against capital
gains reportable as taxable-income, and at the present time, Petitioner
~ still has 622,033 remaining as a set-off against capital losses in the future.
In 1970, the Petitioner left the automobile business, and went into the real
estate business as a salesman, and all of the evidence introduced showed that
the Petitioner's present income and assets, which are ostensibly greater than
in 1970, were now certain jointly owned assets of he and his new wife, said
joint assets presently valued at approximately 6200,000, but that his joint
liabilities with his wife had also increased to the extent of a total in
debtedness of approximately 6239,400._00. The evidence showed that Petitioner's
gross income at the entry of the Final Judgment was 6750 per month and, at the
aooK tiVJ PACE187'3