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.
Dentist’s professional goodwill is not a divisible marital asset. Court distinguishes solo practitioner, where goodwill is only reputation for competency, from clinic with many employees where goodwill does not rest on reputation of any one person.
Because of the speculative nature of professional goodwill, any such goodwill of husband’s solo dental practice could not be made part of the marital estate.
No goodwill in ophthalmology practice.
Goodwill of solo law practice is too speculative – more equitable to consider earning power and set alimony.
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.
An attorney’s professional goodwill is not a divisible marital asset.
Value of husband’s interest in the goodwill of his medical practice is limited to the value as determined by the practice’s stockholder’s agreement. Follows Holbrook.