A business’s goodwill consists of its “reputation, patronage, and other intangible assets that are considered when appraising the business.” Black’s Law Dictionary 703 (7th ed. 1999). Under Maine law, enterprise goodwill is quantifiable property subject to equitable distribution by the court. Ahern v. Ahern, 2008 ME 1, ¶ 14, 938 A.2d 35. Personal goodwill, in contrast, “is… Read more »
Gene Libby selected for inclusion in the Best Lawyers in America
Gene R. Libby, a founding partner of Libby O’Brien Kingsley & Champion, LLC, has been selected again for inclusion in the most recent edition of The Best Lawyers in America®. Gene was selected to appear in the 24th edition of Best Lawyers (2018) for the practice areas of family law and white collar criminal defense.… Read more »
Commericial property valuations in divorce litigation
Commercial property valuation is a more complicated and much more expensive process than appraising residential real estate. Depending on the type of property, commercial appraisals can run between $2,500 to $15,000. The cost will vary based on the size, nature, and complexity of the property involved. Like residential appraisers, commercial appraisers follow standards set forth… Read more »
The use of expert testimony regarding real estate valuations in divorce actions
Areas in which to use expert testimony in a divorce action are limited only by counsel’s creativity based on the unique challenges each case presents. The most basic form of expert testimony in a divorce trial is real estate appraisal. Although the owner of a property can testify to its value, Nelson v. Leo’s Auto… Read more »
Opinion testimony by expert witnesses in divorce litigation
In addition to the evidentiary standards contained in the Maine Rules of Evidence, the Maine Supreme Judicial Court (the “Law Court”) has identified specific judicial standards and procedures that are applicable to the admissibility of expert testimony. While a primary test for admissibility are the Rules of Evidence, judicially crafted standards and limitations constitute a… Read more »
Opinion testimony by lay witnesses in divorce litigation
In divorce litigation, like civil litigation in general, opinion testimony is not limited to experts. Lay witnesses, especially the parties to a divorce case, may testify with respect to the valuation of real and personal property despite a lack of expertise. Rule 701 of the Maine Rules of Evidence provides that: If the witness is… Read more »
Use of experts in divorce litigation
Divorces, like general civil litigation, involve the use of experts in a variety of areas. This article is the second installment in a series providing general information about the use of expert testimony and opinion testimony in divorce litigation. The entire Chapter regarding the Use of Experts in Divorce Litigation is due to be published by… Read more »
Use of experts in divorce litigation
Divorces, like general civil litigation, involve the use of experts in a variety of areas. The two principle issues in any divorce involve parental rights and responsibilities with respect to minor children and the identification and valuation of marital property. Expert testimony can be utilized to establish a variety of facts with respect to the… Read more »