What valuation date should we use in a Florida divorce?

Florida courts have meaningful flexibility — date of filing, date of trial, or a stipulated date in between. The choice can swing the conclusion materially. If the parties have not stipulated, the appraiser will discuss with counsel which date best reflects an arm's-length defensible result.

Will the divorce business valuation report hold up at deposition and trial?

That is the standard the report is built to. The CV documents 14 court testimony appearances, 11 deposition appearances, and 3 mediations. Two divorce engagements have been challenged through full Florida appellate review — Wright v. Wright (2021) and Fiscina v. Fiscina, No. 4D16-836 (Fla. 4th DCA May 10, 2017) — and both were affirmed.

What documents are needed to start a divorce business valuation?

Three to five years of business tax returns, year-to-date P&L and balance sheet, owner compensation history, fixed-asset schedule, lease, partnership or shareholder agreements, buy-sell agreement, and a management interview by Zoom. For pre-marital businesses, opening-balance financials as of the date of marriage are also needed.

Do you offer a Phase I diagnostic before a full report?

Yes. Phase I is a calculation engagement producing a calculated value in two to three weeks; a calculated value is not a conclusion of value at a fraction of the cost of a full Conclusion of Value report. Phase II — the full Conclusion of Value with all three approaches developed — is the right deliverable when the case is heading to trial.

Divorce Business Valuations | Equitable Distribution Appraisals

2 of 2 divorce reports affirmed on appeal

Appellate Affirmation Is the Highest Bar a Valuation Can Clear.

Most divorce business valuations never get tested above the trial court. When mine have, they have held up. Two engagements have gone the full distance — through trial, through appeal — and the appellate court affirmed the methodology and conclusion both times.

That matters because appellate review is the most contentious environment a business valuation can face. The opposing expert has had time to dissect the report, the briefs are on the record, and the court isn't deciding facts — it's deciding whether the methodology was sound. Surviving that twice is the difference between a report and a credentialed report.

Wright v. Wright · Marion County, FL · Fifth Judicial Circuit 2021 trial · Affirmed on appeal · Law practice valuation
Fiscina v. Fiscina, No. 4D16-836 · Fla. 4th DCA · 15th Judicial Circuit, Palm Beach County (trial) 2016 trial · Affirmed on appeal May 10, 2017 · Pest control company valuation

What Family Law Demands

Why Divorce Valuations Are Not Generic Business Valuations.

Family-law business valuations operate under a different set of rules than sale, gift-tax, or buy-out engagements. A generic appraiser who treats them the same gets caught. Here are the four issues every defensible report has to address.

Issue 1

Marital vs. Non-Marital Allocation

Where the business predates the marriage, I value it as of the date of marriage and as of the valuation date and attribute the change to its drivers (the operating spouse's efforts, market conditions, capital reinvested). Tracing requires period-specific financial statements and an opening-balance valuation. Under the legal framework I am asked to apply, how each portion is characterized is for counsel and the court.

Issue 2

Active vs. Passive Appreciation

Under the legal framework I am asked to apply, Florida distinguishes appreciation driven by a spouse's efforts from appreciation driven by passive market forces; how each portion is characterized is for counsel and the court. The valuation has to attribute growth to specific drivers — the operating spouse's efforts, operational improvements, market tailwinds, capital reinvestment, industry conditions — not just report a delta.

Issue 3

Personal Goodwill Carve-Out

Under the legal framework I am asked to apply in Florida, personal goodwill — value tied to the individual spouse's reputation, skill, relationships, or specific licensure — is treated differently from enterprise goodwill. I am not a lawyer and I render no legal conclusion: my work is to allocate value between the two and to support that allocation with evidence. How the allocation is characterized under the governing law is for counsel and the court. The boundary is contested in almost every closely-held business valuation, and the carve-out methodology has to be supported by an exhibit the trier of fact can follow. I use the 16-factor MUM model.

Issue 4

Valuation Date

Florida courts have flexibility on valuation date — date of filing, date of trial, or some date in between. The choice can swing the conclusion materially, especially in volatile periods. I value as of the date counsel or the court specifies, and show the effect of alternative dates if asked.

The Pivotal Issue

Personal Goodwill vs. Enterprise Goodwill.

This is the single most important allocation in most divorce business valuations. Here's how I approach the line — and why the allocation is often the largest single judgment in the report.

Tied to the individual

Personal Goodwill

Value tied to the operating spouse personally — reputation, professional license, individual referral relationships, distinctive expertise, individual customer loyalty. If the spouse left tomorrow, this value would walk out the door with them.

Professional reputation in the local market
Personal referral and rainmaker relationships
State licensure (medical, dental, legal, engineering)
Expertise that is not transferable on sale
Customer loyalty tied to the individual
Personal name as the brand

Tied to the business

Enterprise Goodwill

Value that lives in the business itself, separate from the operating spouse — established trade name, repeat customer base, location, systems, employees, vendor contracts, recurring revenue. If the spouse left tomorrow, the business would still produce most of its value.

Trade name and brand independent of the owner
Established location and lease
Documented systems and procedures
Trained employees and management depth
Recurring contracts and customer base
Vendor relationships institutional to the firm

The 16-Factor MUM Model.

The allocation between personal and enterprise goodwill is not subjective. I use a Multi-Attribute Utility Model (MUM) that weighs eight personal-goodwill factors against eight enterprise-goodwill factors using binary scoring. The result is a defensible percentage allocation supported by a dedicated report exhibit so the trier of fact can see exactly how the line was drawn — factor by factor, with the underlying evidence cited. The same methodology has been used in the cases that went up on appeal and were affirmed.

Joint & Neutral Engagements

When Both Spouses Want One Appraiser.

Litigation is expensive, and most divorces don't need two competing experts duking it out. When both spouses (or both counsel) agree, I can be retained as the single neutral appraiser serving both sides — one number, one report, one expert retained jointly by both sides.

This is not theoretical. In the past three years I have been retained as the joint appraiser in multiple Florida family-law engagements where both spouses signed the engagement letter — including a 2023 franchise restaurant valuation in Ocala where I served as the joint neutral appraiser, and a 2022 HVAC business engagement in Marion County, also bilateral.

My opinion is the same independent opinion whoever retains me. In a joint engagement there is one expert, one engagement letter signed by both sides, one fee, and one report delivered to both at the same time. For attorneys, it can dramatically lower cost and shorten the timeline. Ask if it fits your case.

Selected Engagements

A Sample of Family Law Engagements

Drawn from the public CV. Case captions are listed where they are already on the public record; otherwise the business type, county, and year are reported. The full litigation log is available on request.

Engagement	Venue	Stage
Bail Bonds Business	Sixth Judicial Circuit, FL	Mediation
Franchise Restaurant	Fifteenth Judicial Circuit, Palm Beach Co., FL	Mediation
Childcare Center — Scott v. Scott	Fifth Judicial Circuit, Marion Co., FL	Court Testimony
Aftermarket Auto Parts	First Judicial Circuit, Okaloosa Co., FL	Mediation
Home Health Agency	Fifteenth Judicial Circuit, Palm Beach Co., FL	Mediation
Franchise Restaurant — joint neutral engagement	Ocala, FL	Mediation
Construction Company	Fifth Judicial Circuit, Lake Co., FL	Mediation
Medical Practice — Zimmermann v. Zimmermann	Fifth Judicial Circuit, Lake Co., FL	Court Testimony
Dentist Medical Practice	Pinellas Co. Circuit Court, FL	Mediation
HVAC Business — joint neutral engagement	Fifth Judicial Circuit, Marion Co., FL	Mediation
Law Practice — Wright v. Wright Affirmed on Appeal	Fifth Judicial Circuit, Marion Co., FL	Court Testimony
Chiropractic Clinic	Marion Co. Circuit Court, FL	Mediation
International Engagement	Quebec, Canada	Mediation
ABA Therapy Practice — Kahrs v. Kahrs	Manatee Co., FL	Court Testimony
Pest Control Company — Fiscina v. Fiscina, No. 4D16-836 Affirmed on Appeal · Fla. 4th DCA · May 10, 2017	Fifteenth Judicial Circuit, Palm Beach Co., FL	Court Testimony
Restaurant Chain	Waco, TX	Engagement

Florida engagements span the First through Twentieth Judicial Circuits. Out-of-state engagements include Delaware, Texas, Arizona, and Quebec, Canada.

Common Questions

What Family Law Attorneys and Their Clients Ask First

How do you handle personal goodwill in a Florida divorce?

I allocate value between the two and support the allocation; how that allocation is characterized under the governing law is a legal question for counsel and the court, and I do not opine on it. Personal goodwill is value tied to the operating spouse individually — reputation, professional license, individual relationships. Enterprise goodwill is value that lives in the business independent of the spouse — trade name, location, systems, employees, recurring contracts. The line between them is contested in nearly every closely-held business valuation, and the burden is on the appraiser to support where it falls. I use a 16-factor Multi-Attribute Utility Model (MUM) to make the allocation, and the methodology is documented as a report exhibit so the trier of fact can follow the reasoning factor by factor.

What valuation date should we use?

Florida courts have meaningful flexibility — date of filing, date of trial, or a stipulated date in between are all available depending on the facts. The choice can swing the conclusion materially, particularly during volatile periods or where one spouse has continued to work the business after separation. If the parties have stipulated, I value as of the stipulated date. If they have not, I will discuss with counsel which date best reflects an arm's-length, defensible result and document the reasoning in the report.

How do you separate marital appreciation from non-marital appreciation in a pre-marital business?

Where the business predates the marriage, I value it as of the date of marriage and as of the valuation date and attribute the change to its drivers (the operating spouse's efforts, market conditions, capital reinvested). I document the attribution with specific drivers — operational improvements, market conditions, capital expenditures — rather than reporting an undifferentiated delta. Under the legal framework I am asked to apply, how each portion is characterized is for counsel and the court.

Can you serve as a joint, neutral appraiser for both spouses?

Yes, and I have done so multiple times. When both spouses (or both counsel) agree, I can be retained as the single neutral appraiser serving both sides. My opinion is the same independent opinion whoever retains me. In a joint engagement there is one expert, one engagement letter signed by both sides, one fee, and one report delivered to both at the same time. Recent examples include a 2023 franchise restaurant valuation in Ocala and a 2022 HVAC business engagement in Marion County. The neutrality designation typically lowers cost meaningfully and shortens the timeline. Ask whether your case is a fit.

Will the report hold up at deposition and trial?

That is the standard the report is built to. My CV documents 14 court testimony appearances, 11 deposition appearances, and 3 mediations. In two divorce matters in which I was the valuation expert — Wright v. Wright (2021) and Fiscina v. Fiscina, No. 4D16-836 (Fla. 4th DCA May 10, 2017) — the trial court's judgment was affirmed on appeal. The CBA designation is one of the very few U.S. business-appraisal credentials that require peer review of completed reports as a condition of certification, which is one reason the methodology survives cross-examination.

What documents do you need to start?

For most engagements: three to five years of business tax returns, the most recent year-to-date P&L and balance sheet, owner compensation history, a fixed-asset schedule, the lease and any partnership or shareholder agreements, the buy-sell agreement if one exists, and a 60–90 minute management interview by Zoom. For pre-marital business issues, also the opening-balance financials as of the date of marriage. I send a tailored information request once I have talked through the triggering facts with you and we have fixed the valuation date and the standard of value.

Do you offer a Phase I diagnostic before committing to a full report?

Yes. For many engagements, a Phase I calculation engagement produces a calculated value in two to three weeks, at a fraction of the cost of a full valuation engagement. A calculated value is not a conclusion of value and is not relied on as one. Phase I is enough for many mediation and settlement contexts. Phase II — the full Conclusion of Value with all three approaches developed — is the right deliverable when the case is heading to trial or when one side may challenge the methodology. I will recommend the right phase after our intake call.

What does a valuation cost?

It depends on the situation: what triggered the need, the size and complexity of the business, and whether testimony is likely. That is exactly why the first conversation is free. After we talk, I will tell you what I think you need and what it will cost before any work begins.

Can you take engagements outside of Florida?

Yes. While the bulk of my work is Florida, the CV documents engagements in Delaware, Texas, Arizona, and Quebec, Canada. The CBA credential and NACVA standards are recognized nationally, and I work with local counsel to confirm any state-specific family-law standards before issuing the report.

A Business Valuation Built for Trial and Appeal.