Determining goodwill prevents double dipping.
Goodwill represents the value of a business or practice above the value of the physical assets. Illinois courts have broken down goodwill into two categories: enterprise goodwill and personal goodwill. Enterprise goodwill exists independently of one’s personal efforts and will outlast one’s involvement in a business. Personal goodwill is attributed to a person’s personal efforts which ceases when that person is no longer involved in the business. The purpose of distinguishing between enterprise and personal goodwill is said to avoid the issue of “double dipping” or utilizing the same income stream to determine support and asset value. This white paper reviews case law that deals with business goodwill in divorce cases.
You can Login to access if you are already registered.
Thank You!
Download White PaperMore Program Information
