SENATE DOCKET, NO. 656        FILED ON: 1/18/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 764

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Michael D. Brady

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to the valuation of professional practices in divorce proceedings.

_______________

PETITION OF:

 

Name:

District/Address:

Michael D. Brady

Second Plymouth and Bristol


SENATE DOCKET, NO. 656        FILED ON: 1/18/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 764

By Mr. Brady, a petition (accompanied by bill, Senate, No. 764) of Michael D. Brady for legislation relative to the valuation of professional practices in divorce proceedings.  The Judiciary.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 1200 OF 2015-2016.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

_______________

 

An Act relative to the valuation of professional practices in divorce proceedings.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Section 34 of Chapter 208 of the General Laws as appearing in the 2008 Official Edition is hereby amended online 22 by adding after the word marriage the following new sentence:  “In fixing the value of a professional corporation the court shall value the asset as the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having relevant knowledge of relevant facts and the court shall allow key man and marketability discounts”.