Bill
Bill > H3588
MA H3588
Relative to valuing professional practices at fair market value in divorce proceedings
summary
Introduced
01/23/2017
01/23/2017
In Committee
01/23/2017
01/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
Relative to valuing professional practices at fair market value in divorce proceedings. The Judiciary.
AI Summary
This bill aims to establish guidelines for valuing small businesses owned by one or both parties in a divorce proceeding. It requires that such businesses be valued at fair market value, taking into account key man discounts, discounts for lack of marketability, and the need to retain working capital. The bill also allows for a delay of up to 3 years for the business owner spouse to pay or begin installment payments to the non-business owner spouse, if necessary to ensure the continued operation of the small business. Additionally, the bill provides for the review and amendment of business valuations made in divorce proceedings decided on or after September 15, 2007, to ensure compliance with the new valuation requirements.
Committee Categories
Justice
Sponsors (0)
No sponsors listed
Last Action
Accompanied a study order, see H4874 (on 08/09/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/190/H3588 |
| Bill | https://malegislature.gov/Bills/190/H3588.pdf |
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