Cox v. Cox
Court not necessarily bound in valuing the goodwill of a professional association by a shareholders’ agreement fixing such value.
Court not necessarily bound in valuing the goodwill of a professional association by a shareholders’ agreement fixing such value.
Value of covenant not to compete is not a factor in valuation of professional practice’s goodwill.
Husband had personal goodwill in restaurant as he was essential to its success.
Maryland adopts minority view and holds that the goodwill of a solo law practice is not includable in the marital estate upon divorce. The goodwill is personal to the attorney and is not severable from his or her reputation.
Gynecologist practice does not have saleable goodwill in this case, but there may be in other cases if there is evidence of sales value which does not depend on the future participation of the professional spouse.
Gynecologist practice does not have saleable goodwill in this case, but there may be in other cases if there is evidence of sales value which does not depend on the future participation of the professional spouse.
To be marital property subject to valuation and distribution in a divorce proceeding, professional goodwill must be a marketable asset distinct from personal reputation and not dependent upon the continued presence of the particular individual.
No goodwill in chiropractic practice in this instance (although goodwill might be divisible under other circumstances). Court excludes value for “patient’s charts.” No enforceable legal right to husband’s continued services.
Where goodwill can be attributed to the business or practice itself, making it realizable upon sale, that value is subject to equitable distribution.
Professional goodwill acquired during marriage is includable if it is distinct from the professional spouse’s reputation.