Holbrook v. Holbrook
Court must make findings of need, ability, and that total fee is reasonable.
Court must make findings of need, ability, and that total fee is reasonable.
Contingent fee interest in worker’s compensation claim is not marital property. At best, husband had a potential for earning income in the future.
No professional goodwill in P.I. practice.
Valuation of husband’s interest in contingency fee cases affirmed as there was an adequate basis for the valuation.
Court affirms valuation by wife’s expert that husband’s interest had goodwill value in excess of value in partnership agreement. Wife’s expert used the excess earnings method.
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.