|
|
| ||
|
|
||
|
Michigan Law - At What Date Do We Value the Business? In Michigan, the date at which to value the assets is left up to the trial court. The business will generally be valued at the trial date, unless there is a good reason for using another date. So if, for example, the operator of the business has trashed it since the separation, the court might use the separation date to value the business. Or, if the business has soared since separation thanks to the efforts of one spouse, the court might reward the hard-working spouse by using the separation date, with its lower value, as the date the business is valued. Cases: Burkey (1991) 471 N.W.2d 631, 189 Mich.App. 72 (The court determined the husband's employee stock ownership plan to be marital property subject to division. Although the court chose to make a valuation of this "defined contribution plan" on the one date for which it had received testimony, the actual date was up to the judge. The parties were married for 23 years, and had two children, both of whom were adults at the time of the divorce. In addition to her share in the vested marital portion of the husband's stock ownership plan, the wife was awarded the marital home with an equity of $29,000, an Individual Retirement Account worth $3,000, and $1,500 of household goods, for a total of about $33,000. The husband received a $10,000 lien on the house, $5,000 in savings accounts, an IRA of $2,500, and tax refunds worth $1,500 for a total of $19,000. In awarding the wife 63% of the marital property and the husband 37%, the court considered the husband's fault in the breakdown of the marriage.)
Disclaimer: We are not giving legal advice. No warranties. We disclaim all legal liability. More... Click here to go to top Michigan divorce law page. Click here for the Michigan divorce legal table of contents. | |||||||||||||||||||||||||||
______________________________________________________________________________________________________
|
