Floridian residents like you will undoubtedly have a lot on your plate when it comes to divorce. Not only do you have to worry about the mental and emotional impact it could have on you, but you will also have to worry about the division of assets. In some cases, intangible assets may be involved, making the situation even more complicated.
One type of intangible asset is known as “personal goodwill”. Divorce Magazine defines this as the money or earning potential that is directly tied to a public figure. While celebrities are most often thought of when it comes to the discussion of personal goodwill, it can apply to plenty of other people as well. Business moguls, social media stars, retired politicians and more have personal goodwill.
Because of a person’s name, likeness, and reputation, they are in some cases able to earn more than they otherwise would have by doing the same work. This reputation can extend to anyone around them – in other words, your spouse in a marital situation. However, goodwill is usually only counted as an asset during divorce if goodwill was either added on to or created entirely during a marriage. If it was, then it could potentially influence earnings in the future.
Divorces can already be complex without throwing things like goodwill into the mix. Complicated scenarios like this are where legal professionals are the most helpful. If you’re in a similar situation, you may also benefit from contacting an attorney to see if goodwill applies in your situation, and how much it might be worth.