Here’s a legal malpractice case from Indiana concerning valuation of a marital estate. Wife sued for legal malpractice after the divorce alleging that the attorneys had failed to determine her husband’s true financial holdings. Details from Valuation Issues in Indiana Blog.
Physician’s Personal Goodwill Not A Marital Asset
Gilman v. Hohman, 725 N.E.2d 425 (Ind.Ct.App. March 8, 2000)
A former client brought legal malpractice action against attorneys who had represented her in marital dissolution, alleging that attorneys had committed malpractice by failing to value goodwill of client’s former husband in his medical practice when preparing marital property settlement agreement. The Court of Appeals held that husband, who was employed as a salaried staff member physician of a medical clinic in which he held no ownership interest, and who was subject to a covenant not to compete, had no goodwill except that due to his own personal reputation or ongoing efforts, and such personal goodwill was not includable as a marital asset or divisible in a marital dissolution action.
posted by Jerome Peters