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When Business Interests Are Valued Subsequent to the Date of Commencement
One of the most significant questions presented at the outset of any valuation of a business-type interest (such as an ongoing business concern, professional practice, or other assets intrinsically linked to an individual party's efforts) conducted in connection with the equitable distribution of marital property upon divorce is: What date should be used to value the asset?
Inasmuch as the Domestic Relations Law (DRL) does not specifically prescribe the date on which each marital asset (or each type of marital asset), must be valued, this determination has been left to the courts. As explained by the Second Department in Wegman v. Wegman, 123 AD2d 220 (2nd Dept. 1987), “The question of a valuation date is of prime importance since, in complicated matters and in the urban areas of the state, protracted pretrial proceedings and calendar delays can mean that months, if not years, will pass between the commencement of the action and the time of trial. In that time, property values may not ' and probably will not ' remain constant.” Wegman at 231 (citing Scheinkman, 1984 Practice Commentaries, McKinney's Cons. Laws of N.Y., Book 14, Domestic Relations Law C236B:32, p. 117 (1986 Supp. Pamphlet)). As Scheinkman has indicated, as a result of the absence of a general rule governing when marital assets should be valued, “[t]his area of the law has been fraught with confusion.” Id. at 27.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.