Shiro v Shiro, decided yesterday by the Michigan Court of Appeals, presents interesting issues, including valuation of an oral surgery practice where the trial court increased the valuation of the only expert witness. The valuation was based upon an assumption that the defendant would only work 1,320 hours per year. The industry standard is 1,600 hours per year. In 2001, the defendant had worked 2,750 hours, but he reduced his schedule and in 2002 he worked 2,100 hours. The court refused to ignore his past work history and the reality of what was a reasonable expectation for a business as an ongoing concern. Thus, the Court elected 1,800 hours/year as a reasonable basis for the valuation.
How the other half lives: Other interesting issues involved the alimony award for a significant number of years at $15,000/month, and the disposition of certain interesting personal property including four "jet kits" [kits from which to assemble jet planes], an Albatross jet, a boat, and a hot air balloon.
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