In Re Marriage of Nichols
Trial court correctly valued divorcing lawyer’s interest in law firm using formula set out in shareholder’s agreement.
Trial court correctly valued divorcing lawyer’s interest in law firm using formula set out in shareholder’s agreement.
Court must make findings of need, ability, and that total fee is reasonable.
Generally, value of interest in professional partnership is consequences of withdrawing, such as a buy-out agreement. Here, where there was no agreement, court must consider the accounts receivable.
Trial court misused discretion by failing to provide adequate reasoning for its decision to exclude law practice debt from its valuation of the practice.