THE VALUATION OF A LAW FIRM IN A DIVORCE PROCEEDING SHOULD BE MEASURED BY FAIR MARKET VALUE. ; Jillian Hansen Jillian is a Lead Attorney and is on the Arizona Foster Care Review Board. We are a community of talented legal professionals that prioritize growth and success in all our life roles. Contact a Phoenix criminal defense attorney today! Complete the form below or call (602) 258-1000 or 1 (888) 9AZLAWCOM (888-929-5292). The husband was a shareholder at the Phoenix branch of a national law firm and the parties disagreed over the community propertyinterest in his professional goodwill. calculating a community lien on an appreciating asset in an arizona divorce; valuing goodwill of a lawfirm in an arizona divorce; community property and annulment of marriage in arizona; sole and separate funds used to buy a house in arizona; division of military retirement and disability payments in an arizona divorce calculating a community lien on an appreciating asset in an arizona divorce; valuing goodwill of a lawfirm in an arizona divorce; community property and annulment of marriage in arizona; sole and separate funds used to buy a house in arizona; division of military retirement and disability payments in an arizona divorce In Arizona, the earnings of the spouses during marriage are community property. E. calculating a community lien on an appreciating asset in an arizona divorce; valuing goodwill of a lawfirm in an arizona divorce; community property and annulment of marriage in arizona; sole and separate funds used to buy a house in arizona; division of military retirement and disability payments in an arizona divorceWhen performing such valuations, it is important to consider the personal goodwill associated with the professional or business owner. If you have a question about divorce in Arizona, please call to speak to one of our experienced Arizona divorce attorneys at (480)305-8300. The husband moved to amend the judgment and filed a request for a new trial and subsequently filed an appeal to the Arizona C ourt of Appeals. 2014), the Arizona Court of Appeals discussed issues about the valuation of the couple’s interest in a law firm. 1987). Learn More About who Valuation of an Pro Practice in an Air Divorce From the Proficient Divorce Attorneys among Hildebrand Law, PC. Chandler Blvd, near the 101 Freeway. The case is A. Koepnick, 3 P. Once the court approves your request, you’ll receive an order for name change. In the Hutki case, the husband and the wife reached a rule 69 settlement agreement in their divorce case. Rowe was faced with an appeal concerning the characterization of a business as Husband’s sole and separate. However, a court can fashion an equitable division that is not equal after considering the length of the marriage, the contributions. 2d 175 (Wash. , Suite 206, Tempe, Arizona 85281. Enterprise goodwill or business goodwill comes from the attributes of the business itself. W. S. The difficulty largely stems from the fact that the courts view the existence of a covenant not-to-compete to indicate the existence of personal goodwill. Rule 33(A) of the Arizona Rules of Family Law Procedure. This focus on assets and liabilities means the valuation is driven by the business of the law firm and not the practice. Also, an appraiser can determine the best method for valuing the business. Soon after the marriage, he bought the other half for $45,000. He was an attorney and a 50% shareholder in the law firm of Kent & Wittekind,. Consider Capital Gains Taxes on the Sale of a House in an Arizona Divorce. calculating a community lien on an appreciating asset in an arizona divorce; valuing goodwill of a lawfirm in an arizona divorce; community property and annulment of marriage in arizona; sole and separate funds used to buy a house in arizona; division of military retirement and disability payments in an arizona divorce 321 (experts valued goodwill of a law firm partner based on a personal and a partnership level). Award of Money: Discussion of A. Anderson, 256 P. The court ordered the sale of the condominium. Marital debts are treated the same as marital property. There are numerous valuation factors that define the scope of a law firm valuation pursuant to a divorce, most of which will also apply to other businesses. The valuation of goodwill is a typical task as it is formed from intangible attributes. In many states, goodwill needs to be valued and then divided KPMWritten by: Megan Hoss, CPA Personal goodwill issues often arise in valuation engagements and can be particularly contentious and confusing in the case of divorce. Family Law. Earnings of either spouse during a marriage are community property in Arizona. Call us today at (480)305-8300 or reach out to us through our appointment scheduling form to schedule your personalized consultation and turn your community property or family law case around today. ”. Some would-be acquirers use an asset-based calculation which uses deceivingly simple math: add up a firm’s assets, subtract its liabilities and get a net value. It is recorded on the balance sheet. Arizona is a community property state. calculating a community lien on an appreciating asset in an arizona divorce; valuing goodwill of a lawfirm in an arizona divorce; community property and annulment of marriage in arizona; sole and separate funds used to buy a house in arizona; division of military retirement and disability payments in an arizona divorceA Separation Agreement can be Unequal and Still be Fair. A succession/exit plan is a comprehensive roadmap to successfully exit a law firm. 1981), the Court of Appeals held that the goodwill of a professional corporation is based on numerous factors, including “the practitioner’s age, health, past earning power, reputation in the community for judgment, skill and knowledge, and his or. At the time, Margrethe was the coordinator of the surgical technology program at Pima College and Charles was her. A Conclusion of Value can be presented in either a Detailed or Summary Report. To protect your business assets in divorce, schedule a consultation at our Miami office. Kunz, 79 P. There are three approaches that could be used. Here are the steps for filing a. Our Arizona community property attorneys have over 100 years of combined experience successfully representing clients in divorce cases in Arizona. as divorce is, the law has an obliga-tion to make the goodwill calculation more routine and predictable — as it has done by designing the guidelines for child support and which by. By: Mitchell Reichman. The Arizona Court of Appeals’ decision in the case of Rowe v. (a) Partners. Determining the valuation in divorce proceedings can often be contentious and difficult. Due to the specialized nature of performing a goodwill valuation, it is typically performed by an expert. 486 (App. Mr. Commercial goodwill vs. It awards half of that amount to the nonemployee spouse in the form of equivalent property. Preeminently AV Rated Boutique Firm and Sandra Slaton's personal attention on your case. Reviews. Over 45. Finding and Closing Upon the House you Want to Buy. The Arizona rule — pronounced in a 1926 case and consistently followed – was that any amounts of money recovered for injuries to one spouse during the marriage are community property. However, if you are going through a. Call us today at (480)305-8300 or reach out to us through. Some people ask about reimbursement of separate property in a divorce in Arizona. As a business owner, understanding. If a business is doing particularly well, there may be goodwill value in the business over and. Next Step. So, for example, Iredale was a partner in Paul Hastings — a large operating entity with assets, business contracts, a lease, etc. Typically, an Arizona court will divide the equity value of the house equally between the spouses. calculating a community lien on an appreciating asset in an arizona divorce; valuing goodwill of a lawfirm in an arizona divorce; community property and annulment of marriage in arizona; sole and separate funds used to buy a house in arizona; division of military retirement and disability payments in an arizona divorce Son argued that, under the language of Arizona law, his father and Mrs. In some situations, this might be a fairly simple process. S. 933 (1931). In Stevens v. The husband was an equity partner in a leading law firm. There is no “one” correct way to value a law firm. Goodwill continues to fuel debate in divorce cases involving professionals such as attorneys and physicians. If only one spouse signs a personal guarantee, that creditor cannot come after the community property that was acquired during marriage. Golden. Call 303-688-0944 today to schedule your free case assessment. This is a formal document that serves as legal proof of your new name and is required for. ; Ankita Gupta Ankita is a Lead Attorney and one of the Firm’s founding attorneys. Call us today at (480)305-8300 or reach out to us through. Arizona Revised Statute Section 25-318(B) allows a judge to consider the taxes that will become due upon the sale of an asset, such as capital gains taxes on a home. Appraisers know that goodwill—the intangible items that make up a business including reputation, customer loyalty, intellectual property, and the like—is a fundamental concept they. 26 U. Call us at (305) 567-9400 or contact our Miami office online to schedule a consultation. Joe M. Murin cites the Arizona Supreme Court opinion in Rundle v. 1984), the Arizona Court of Appeals discussed whether legal contingency fees (that is, legal fees that are a percentage-of-recovery) earned by an attorney/spouse after his marriage ended are his alone or community property, when much of the work on the case was accomplished during the. In the case of Pyeatte v. A (2d ed. The husband directed the litigation department of a large national law firm in Phoenix. R. , has the potential to change three decades of case law concerning the valuation of business goodwill and equitable distribution of business assets during divorce proceedings. (Tex. Mesa, AZ Divorce Lawyer with 18 years of experience. The wife asked for the court to divide the retirement as community property. As Arizona is one of nine community property states in the United States, anything earned (or debt incurred) during the marriage is community property and, thus, subject to “equitable” distribution in a divorce. calculating a community lien on an appreciating asset in an arizona divorce; valuing goodwill of a lawfirm in an arizona divorce; community property and annulment of marriage in arizona; sole and separate funds used to buy a house in arizona; division of military retirement and disability payments in an arizona divorce Divorce proceedings trigger the need for a business valuation when a business is involved. The term "professional practice" includes businesses in the fields of medicine, law, engineering, and other professional services. J. 002, 3. S. Here are five common methods for valuing business goodwill. 480-779-4635. Factors like growth potential, brand identity, size of practice, fee structures, and geographic location, just. It is a valuable asset and vital for the stakeholders. The Court reviewed case decisions about whether one spouse’s personal injury award is the separate property or community property in Arizona. ; Bryce Johnson Bryce is a Lead Attorney and. 592, 598–99 (App. Todd 13 and a sole practitioner medical business in Golden v. calculating a community lien on an appreciating asset in an arizona divorce; valuing goodwill of a lawfirm in an arizona divorce; community property and annulment of marriage in arizona; sole and separate funds used to buy a house in arizona; division of military retirement and disability payments in an arizona divorcecalculating a community lien on an appreciating asset in an arizona divorce; valuing goodwill of a lawfirm in an arizona divorce; community property and annulment of marriage in arizona; sole and separate funds used to buy a house in arizona; division of military retirement and disability payments in an arizona divorceIn most states, the division of marital assets is typically based on what is known as “equitable distribution. and accounts receivable seldom add up to the true value of the practice — the value brought by community goodwill developed from the intellectual and physical endeavors of the business owner. If that business had no enterprise goodwill but, instead, $300,000 worth of personal goodwill attached to one of the parties of the divorce, for the sake of equitable division it is a $700,000 asset. Van Loan 569 P. S. Chandler, AZ 85226. In a divorce, the court divides the money and assets between the spouses equitably. He can give Susan his $50,000 equity in the home and provide her with a property settlement note for the. Any community property that is not mentioned in a divorce decree is transformed into property held as tenants in common. Chandler, AZ – Office. As Arizona is one of nine community property states in the United States, anything earned (or debt incurred) during the marriage is community property and, thus, subject to “equitable” distribution in a divorce. Call us today at (480)305-8300 or reach out to us through. Contact. This includes the asset approach, the income approach, and the market approach. 2d 214, 116 Ariz. The exact division is generally left to the discretion of the trial court. If you are reading this article, you probably know that CSRC refers to Combat-Related Special Compensation pay. View Website View Lawyer Profile Email Lawyer. The panelists will. ) In the absence of such an. Mrs. 3d. L. A divorce decree was issued dissolving the parties’ marriage, dividing their marital assets, and awarding Wife spousal maintenance of $600 for 120 months. THE VALUATION OF A LAW FIRM IN A DIVORCE PROCEEDING SHOULD BE MEASURED BY FAIR MARKET VALUE by Peter M. The Court’s Ruling on Valuation of a Law Practice in a Divorce in Arizona The Court of Appeals explained that the lower court initially intended to revisit the issue of the valuation of the law firm and the settlement and enter another order. Goodwill is one of the most confusing aspects of valuing a business interest for divorce cases. Goodwill Defined. (1-CA-CV-110269): This case involves an interest in a large national law firm. If there are significant assets as well as debts involved, the situation can get very complicated. Walzer and Edward Poll A law. 4. L. Arizona is a community property state. The trial court departed from state precedent and found that goodwill was limited to the amount stated on the firm’s stock purchase agreement. Under Illinois law, “goodwill” is defined as “the value of a business or practice that exceeds the combined value of the physical assets. He paid $10,000 from a business fund, gave a note to the seller for $5,000 and borrowed $30,000 from the bank. The Rosen case involved the valuation of the husband’s solo law practice in southern California who handled state-appointed criminal appeals. 5. Goodwill Walsh v. It is crucial to talk to an experienced Arizona family. The disclaimer deed in that divorce was signed on a home purchased during an Arizona marriage. For instance, if you started contributing to a 401 (k) or. In its published opinion in Walsh v. The most important thing to accomplish prior to or at the beginning of a divorce is to have both spouses contact an. Thank you to the authors at Derr&Villarreal LLC for providing insight into divorce litigation and personal injury law. Divorce attorneys are often able to help their clients find a qualified appraiser. Arizona Divorce: Dividing Business Profits. At his divorce trial, his expert relied primarily on the firm’s stock redemption agreement, which limited the value of the husband’s partnership interest to the $140,000 in his capital accounts. His expert testified that, while the husband had professional goodwill, the only realizable benefit from his employment as of the date of divorce was the $140,000 redemption value. It found that any damages were a community debt. Typical phases consist of: Phase I – Objectives/Internal Review. Business Goodwill in Divorce Settlements: A Primer. Walsh, the court of. The community property is liable for the premarital separate debts or other liabilities of a spouse, incurred after September 1, 1973, but only to the extent of the value of that. Divorce court considers proper period of earnings to estimate goodwill value of law practice under excess earnings approach. However, an appellate court can review a decision that seems inequitable and reverse the trial judge’s. in Arizona ability become significant more complicated when one of the spouses has one professional how. To determine the value of goodwill, the book value of the business’ assets is subtracted from the total value figure. Czarnecki retired from the military that same year and received retirement benefits. 456, 648 P. The status of celebrity brings a twist on the issue of valuing goodwill in a divorce. The parties were married on February 15. Murin took title to the whole property in the divorce. A sidebar highlights the differences between personal and business goodwill. In re Marriage of Huff, 834 P. Goodwill is an elusive asset that Arizona divorce courts have long struggled to capture. Goodwill is the excess of value above the stated financial statement capital which values the brand, client loyalty, reputation for skill and performance (paraphrased. 4. The Family Court employs the following organized methods of valuation of a business for property settlement purposes: 1. A judge, therefore, must make a division of. ABA Model Rule 1. A law firm’s “goodwill”—an intangible asset that encompasses its reputational value—plays a big role in the valuation of a law firm. The husband received his military retirement, but. The Queen, 212 FCA 20 (“Transalta”), the Federal Court of Appeal (“FCA”) confirmed that a residual approach should be applied in the valuation of goodwill in the context of an asset purchase transaction. However, an appellate court can review a decision that seems inequitable and reverse the trial judge’s. Contact. An increase in the value of that separate property during the marriage is also separate property. ”. Divorce is a stressful and complicated process which becomes more so when there is a home involved that has to either be sold or refinanced. Disposition. special considerations in valuing law firms ; checklist of special information to request for the valuation of a law firm; common errors in valuing professional practices by kevin yeanoplos, cpa/abv/cff, asa; goodwill in professional practices ; applying excess earnings to derive the value of goodwill ; when a law firm gets caught up in divorce. Husband was a well-respected cardiologist who co-owned a private practice with another doctor. A reputable law firm like ARTEMiS Law Firm, which boasts an A+ rating on the Better Business Bureau, can provide the expertise and guidance needed to safeguard your assets throughout the divorce process. (2) They can own it separately as separate property. 2d 818 (1970), the Arizona Supreme Court considered several quitclaim deeds a spouse signed. R. Exceptions may occur in situations. Depending on the valuation’s purpose, business analysts often separate goodwill into personal (such as the divorce of two people invested in the company) and enterprise (selling your business). A person who murders his spouse is not entitled to. Walsh, 230 Ariz. Contacting attorneys from a family law firm can navigate you through the divorce proceedings and help you divide the assets you and your spouse have accumulated together. However, the law says that if the property is taken and held as community property or in joint tenancy, the spouse investing separate funds loses all. Offers Video. C. In many cases, one of the most contentious and difficult issues in a divorce. This is because goodwill exists in the business. Most businesses sold on the open market sell for more than the combined value of their assets. Conclusion. The State of Arizona passed a law in 2010 prohibiting a divorce court from modifying a divorce decree to “make up for” a veteran’s waiver of retirement pay to obtain disability benefits. We get just as many questions about the division of debt in an Arizona divorce. He paid $10,000 from a business fund, gave a note to the seller for $5,000 and borrowed $30,000 from the bank. Goodwill is one of the most confusing aspects of valuing a business interest for divorce cases. McClennen in which the court of appeals held. Mesa, AZ 85204. Bell-Kilbourn made a decision regarding the effect of a Disclaimer Deed in a divorce in Arizona. In a community property state like Arizona, all assets are presumed to belong equally to both spouses. Divorce and refinancing a mortgage in Arizona during a divorce is a common issue. Please call to make an appointment (310) 247-9913The Supreme Court stated clearly that, under Idaho case law, personal goodwill was not transferrable. If you require assistance with the valuation of your business in a matrimonial matter, please contact Advent for trusted guidance. The panelists will discuss. The goodwill aspect was based largely on Husband’s business relationship with his cousin, which the trial court said allowed him to gain a steady revenue stream without incurring marketing expenses. In the context of marital dissolution (divorce), the assessment of personal versus enterprise goodwill has historically been common, as such assessment was used. Reviews. Capitalization of estimated future maintainable dividends. It sits poised between two discrete and generally distinguishable branches of divorce doctrine: property distribution and support. The wife’s expert valued the husband’s “goodwill” interest to be $1,269,000. Jeffrey Walsh’s professional goodwill was not limited to the stock. 2d 244 (1992) Law firm Yes CONNECTICUT Enterprise goodwill is marital; personal goodwill is not. The Long Answer. Assets include both tangible and intangible assets. Decision. Our family law firm has earned numerous awards such as US News and World Reports Best Arizona Family Law Firm, US News and World Report Best Divorce Attorneys, “Best of the Valley” by Arizona Foothills readers, and “Best Arizona Divorce Law Firms” by North Scottsdale Magazine. The parties were going through a divorce in Arizona. at *1. 3d 56 (App. Arizona Divorce Law. This typically occurs when a spouse owns a home during a marriage but then adds his or her spouse’s name to the Deed to the home. Arizona law specifies that a trust deed on community property is not valid unless both spouses execute and acknowledge it. 3. § 25-318. B. 2d 965, the Arizona court reviewed a similar case. pricing is a. The new compendium includes an updated collection of legal digests and a timely introduction by. During a dissolution of marriage case, the trial court must divide the community property between the spouses equitably. 2d 59 (1973); Battiste v. The majority of the value of the intangible assets may be related to “goodwill”. Open for Business. While any marketable goodwill from a business (typically referred to as enterprise or entity goodwill) represents value when dividing property between spouses, personal goodwill is often called into question. It is very important to define the standard of value and to separate personal goodwill from enterprise goodwill as part of the valuation process. 3d 366, 370-372. Married couples seeking dissolution of marriage in the state of Arizona go through the divorce process in the Family Court. The first step in the Arizona divorce timeline is the petition. This article discusses what goodwill is and the role it plays in divorce and financial reporting. Jeffrey Walsh’s professional goodwill was not limited to the stock redemption value of his stake. If you need information about how an increase in the value of a business is handled in an Arizona divorce, you should seriously consider contacting the attorneys at Hildebrand Law, PC. In Vance-Koepnick v. Types of Business Appraisals in an Arizona Divorce From Hildebrand Law, PC. A. University of Oregon School of Law. Newberry is a board-certified Austin family lawyer, a qualification that less than one percent of Texas family law attorneys hold. This methodology is appropriate for valuing a minority interest in a business. Delay in Dividing Assets Omitted in a Divorce Decree Is Not a Waiver. If you are going through a divorce, you may have heard about a community lien on sole and separate property in Arizona. Dividing business interests in a divorce settlement can be as complicated as it is contentious. It's a broad category, and courts will presume that any item a spouse owns during marriage is community property. 2. Improving Separate Property and Transumtation Rules. Professional practices present special business valuation problems in Tennessee divorce law such as doctors (medical practices), lawyers (law firms and law practices), dentists (dental practices), and CPA’s (accounting firms and accounting practices) by Memphis divorce lawyer Miles Mason, Sr. Wisner, 129 Ariz. The Court of Appeals, citing the case of Koelsch vs. 2d 208 (Ariz. Call us today at (480)305-8300 or reach out to us through. 4 multiple as this applies to a firm that is listed on a stock market. The Court discussed A. There are two types of goodwill. Walsh involved a divorce between Husband and Wife, who were both successful attorneys. Valuing a couple’s assets can often be the most difficult issue in an. Baldwin’s son claims, gives married people only two ways to hold property: (1) They can own it together as community property. Contact The Wright Firm, L. An increasing number of states operate under the principle that while enterprise goodwill is part of the marital estate, personal goodwill is not a marital asset subject to distribution. Amanda Reese Nuriddin. Appraised value. In the alternative, the husband argued, even if the appellate court rejected the “realizable benefits” approach, any valuation of his law firm interest should at least exclude “personal goodwill. This would tend to suggest that Arizona is a 50/50 state in a divorce. Unlike cash, real estate or inventory, if a company has goodwill, it is something that cannot be touched or seen. The difference between these reports is the level of discovery and data that is included, as well as the methods and approaches used to reach the Conclusion of Value or the Calculated Value. 1984), is from the. It can be enterprise and. So, what happens to omitted assets in an Arizona divorce decree. Arizona law describes what happens if the community invests money in the separate property of one spouse. This includes a business that one spouse may own. Avvo Rating: 8. 5 million value placed on the business assumed the husband would sign a non-compete agreement when the business was sold. Walsh Arizona 2012 Ct. Evans and Mrs. Separate property in Arizona is classified as any property owned by a spouse before marriage or any property owned by a spouse after a divorce decree has been finalized. 14 The application of goodwill continued to be expanded as in Foster v. Your consultation with your divorce lawyer becomes essential. 2017). Trust our focused, principled attorney to help get you through this tough time, with your best interest in mind. In the Hutki case, the husband and the wife reached a rule 69 settlement agreement in their divorce case. Generally, goodwill, as defined by the California Business & Professions Code § 14100, is the expectation of continued public patronage of a business. Revenues. The division of marital assets is handled during this. Valuing goodwill can be vital in growing your business or preparing for a transition. 272 (1977), the Arizona Supreme Court considered whether a military pension is a property right or an expectation for divorce purposes if the military spouse has not – at the time of the divorce – completed the. Here is the complete list of lawyers in Indiana, including free reviews. In a recent Arizona case, Walsh v. In Donn v. The husband took the position that his professional goodwill should be valued at $140,000, the stock redemption value of his stake in the law firm where he was a partner. § 25-324. The Arizona Court of Appeals in the case of Schickner v. Evans and Mrs. R. T. We have a team of the Best Divorce Lawyers and Family Law Attorneys in Chandler Arizona. However, the Court of Appeals said, under the Arizona Supreme Court decision in Toth v. It is inseparable from the business it does not have any individual value. The court also decided the equity from the condo will be used to pay off the loan the husband had obtained. 17: Sale of a Law Practice. This has led many closely-held companies to be undervalued. The Court did identify one concern in the 2013 corporate tax return for White Mountain. , CN16-05018 (Del. Annulment of Marriage in Arizona Does Not Affect Community Property Rights. Under certain circumstances. If the child support was ordered by another state, additional child support laws exist in Arizona in Arizona Revised Statute Sections 25-1201 through 25-1362 (referred to as the Uniform Instate. failure to include an issue in a pretrial statement in arizona; the valuation of a law practice in a divorce in arizona; opening brief in an arizona family law appeal; when is mediation a good idea; mental illness and the family court system in arizona; divorce in arizona: six things to know about a divorce in arizonaHow to File for a Divorce Without a Lawyer in Arizona (Arizona Divorce Laws) In Arizona, all divorce and family law cases fall under the Superior Court’s jurisdiction. App. Example: Susan and Steve have two significant assets: $100,000 equity in their home ($50,000 each) and the value of their business - $350,000 ($175,000 each). Extent of recognition of gain or loss on distribution. e. Call us today at (480)305-8300 or reach out to us through. Free Consultation. The wife requested a trial to present. In other states, it means before you started the divorce process or got your final divorce decree. The Arizona Court of Appeals in the published decision of Meister vs. Mesa, AZ Divorce Attorney with 18 years of experience. 3. Calculating a Property Equalization Payment in Arizona. ized value of the supranormal profits stream is the asset value of goodwill. 3d 1082 (1999), the appellate court considered a promissory note signed. ” The court acknowledged that a majority of states recognize the distinction between personal and enterprise goodwill, but Arizona does not. If you are reading this article, you probably know that CSRC refers to Combat-Related Special Compensation pay. Rio Salado Pkwy. The Court of Appeals found it to be irrelevant whether the Husband did or did not have a claim for an equitable lien against the home. The Arizona Court of Appeals in Phoenix ruled unanimously last week that the price of attorney E. In Van Loan v. It comes into play in various business valuation assignments. A few of the various methods used solely or in combination with other methods for valuing a law firm include: Asset Based – ignores the importance of a firm’s earnings and cash flow (goodwill value) Book value – adjusted to accrual-based financials. The purpose of this article is to briefly review the case law history in the State of Florida relating to personal goodwill and to describe the consequences of utilizing the tangible net asset value method as the primary indicator ofSuperior Courts Have Authority to Divide Community Property Equitably. Look for attorneys with a deep understanding of Arizona family law, particularly asset division. 309, 332 P.