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Cases of Interest: Closely Held Corporations
© National Legal Research Group, Inc.
ARIZONA: Gerow v. Covill, ___ Ariz. ___, 960 P.2d 55 (Ct. App. 1998).
The wife was properly recognized as the owner, between the husband and the wife, of one-half of a business incorporated in the name of a third party, where the evidence showed that the husband fraudulently conveyed the goodwill of his sole proprietorship to the business during the parties' dissolution proceedings.
Read More About This CaseCALIFORNIA: In re Marriage of Stevenson, 20 Cal. App. 4th 250, 24 Cal. Rptr. 2d 411 (1993).
Small businesses, which rely heavily on the skill and reputation of the parties who operate them, must be valued at the time of separation not at the time of trial.
Read More About This CaseCOLORADO: In re Marriage of Banning, 971 P.2d 289 (Colo. Ct. App. 1998).
The trial court acted within its discretion by utilizing the excess-earnings method to value the husband's business and its goodwill.
Read More About This CaseFLORIDA: Schiller v. Schiller, 625 So. 2d 856 (Fla. DCA 1993).
Trial court could not distribute husband's partnership interest to wife; instead, it could impose a charging lien on the partnership interest for a specific dollar amount.
Read More About This CaseIDAHO: McAffee v. McAffee, 971 P.2d 734 (Idaho Ct. App. 1999).
The trial court did not err in valuing the husband's business based on the net value of its assets exclusive of goodwill, in view of evidence that the business was not a going concern.
Read More About This CaseILLINOIS: In re Marriage of Talty, 252 Ill. App. 3d 80, 623 N.E.2d 1041 (1993).
The trial court correctly included good will when valuing the husband's car dealership because, unlike a professional business where good will follows the individual professional, the dealership was an ongoing concern and the good will stayed with the business.
Read More About This CaseNEW JERSEY: Castriota v. Castriota, 268 N.J. Super. 417, 633 A.2d 1024 (App. Div. 1993).
Husband's attempt to shelter his stock shares from the claims of judgment creditors by executing a shareholder agreement which absolutely barred all transfers of stock was void as against public interest.
Read More About This CaseNEW YORK: Myers v. Myers, ___ A.D.2d ___, 680 N.Y.S.2d 690 (1998).
The husband's interest in a family heating oil business should be discounted by 25% because of the relatively limited market for a closely held corporation.
Read More About This CaseNEW YORK: Dempster v. Dempster, ___ A.D.2d ___, 613 N.Y.S.2d 78 (1994).
The value of a business in reorganization should be based upon its future earning capability.
Read More About This CaseNORTH CAROLINA: King v. King, ___ N.C. App. ___, 434 S.E.2d 669 (1993).
Husband's stock in family corporation was marital property where it was acquired by outright purchase during the marriage by borrowing money from the husband's mother; subsequent gifts from the husband's parents which reduced that debt did not create a separate property interest in the stock.
Read More About This CaseWISCONSIN: Metz v. Keener, ___ Wis. 2d ___, 573 N.W.2d 865 (Ct. App. 1997).
The retained earnings fund of the wife's inherited corporation was properly included in the marital estate.
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