Valuing your professional practice or "goodwill" in divorce
When a professional person who runs a business, like a dentist, doctor, lawyer, or accountant, is in a divorce, the "goodwill" value of that business and professional value can be a key sticking point.
Professional business valuations can be thousands of dollars different depending on how, and who, does the valuations.
In this episode, Modern Law Attorney Billie Tarascio talks with Chris David, of Health Value Group (healthvaluegroup.com) about the process for setting a valuation and what factors are taken into account.
This episode is a must-listen for anyone divorcing who operates a business based on their professional training and education. It's a technical area of law that affects average people divorcing in community property states where assets are customarily split in half. How do you place a value on an accountant's book of business? What happens when one spouse has student loan debt accumulated during the marriage?
You may have to listen to this one twice, and take notes.