More Alimony Reform: Valuation of Professional Practices in Divorce Proceedings

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More Alimony Reform: Valuation of Professional Practices in Divorce Proceedings

Congratulations to Hawaii!
March 29, 2013
Top Story
More Alimony Reform: Valuation of Professional Practices in Divorce Proceedings
By Rita Fuerst Adams, National Executive Director,
Fathers and Families


Michael D. Brady
Representative
Michael D. Brady
The Massachusetts Medical Society has submitted an act relative to the valuation of professional practices in divorce proceedings, H1227. This legislation is applicable to all professional practices – medical, architectural, legal, financial services, and engineering.

Prior to 1997, the Massachusetts probate courts in divorce proceedings treated the value of a corporation as the price at which the property would change hands between a willing seller and a willing buyer, neither being under any compulsion to buy or sell and both having relevant knowledge of relevant facts. This definition is referred to as the fair market valuation standard as defined by the Internal Revenue Service. This legislation would reinstate this definition for professional corporations, in particular when the professional is going to stay with the corporation and continue to provide services.

Representative Michael D. Brady, D-Brockton, is sponsoring the legislation. It reads:

Section 34 of Chapter 208 of the General Laws as appearing in the 2008 Official Edition is hereby amended online 22 by adding after the word marriage the following new sentence: “In fixing the value of a professional corporation the court shall value the asset as the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having relevant knowledge of relevant facts and the court shall allow key man and marketability discounts.”


Fathers and Families is collaborating with the Massachusetts Medical Society to promote this legislation. If you belong to any other professional association whose members could benefit from this alimony reform, please contact me.



Congratulations to Hawaii!
By Rita Fuerst Adams, National Executive Director,
Fathers and Families


Chris Lethem
Chris Lethem
Chris Lethem, a Fathers and Families member, is still fighting for shared parenting, HB477. It provides that in awarding custody and visitation of a minor child, the court shall award custody to both parents to ensure maximum continuing physical, emotional, and meaningful contact with both parents.

It has been referred to Ways and Means Committee, but the Family Court Judiciary is going full court press to block shared parenting. If you live in Hawaii and wish to get more involved, please email Rita Fuerst Adams.

Chris Lethem has served for several years on a special legislative task force that discusses family law issues and challenges and recommends improvements for our children.
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