Opinion ID: 1107716
Heading Depth: 2
Heading Rank: 4

Heading: whether the chancellor erred in calculating the value of jim yelverton imports.

Text: ¶ 20. Finally, James asserts that the chancellor was manifestly wrong in his calculation of the value of Jim Yelverton Imports. The chancellor determined that James and Rhonda possessed only three assets at the time of their divorce: the car dealership (Jim Yelverton Imports) in which Jim owned a 48 percent interest, the marital residence and adjoining lot, and the Magnolia Place property. However, Jim Yelverton Imports is the sole source of income for James. Thus, it is the only source from which James can make his court-ordered payments. ¶ 21. Since we are remanding this case for other purposes, we need not enter into a lengthy discussion on this issue; however, in an effort to lend guidance to the chancellor upon remand, we state here that the chancellor should be mindful that goodwill, whether personal goodwill or business enterprise goodwill shall not be included in the valuation of Jim Yelverton Imports. See Watson v. Watson, 882 So.2d 95, 105, ¶ 46 (Miss. 2004). [7] [G]oodwill is simply not property; thus it cannot be deemed a divisible marital asset in a divorce action. Singley v. Singley, 846 So.2d 1004, 1011, ¶ 18 (Miss. 2002). ¶ 22. The chancellor determined that James's 48 percent minority interest in Jim Yelverton Imports amounted to $490,974 and that James was capable of earning $12,000 per month after taxes. Based on these evaluations, the chancellor arrived at the specified court-ordered payments. While the chancellor is given great discretion and we will not disturb his findings unless manifestly wrong, clearly erroneous, or if the chancellor applied an erroneous legal standard[,] we direct that on remand the chancellor should again reevaluate James's value in Jim Yelverton Imports. Henderson v. Henderson, 703 So.2d 262, 264 (Miss.1997). Consistent with our discussion, supra, this re-evaluation should exclude goodwill. ¶ 23. Because the above issues are intertwined with the value of Jim Yelverton Imports and James's income, the chancellor should take all factors into consideration when making an equitable distribution and awarding support payments. ¶ 24. As we said in Lauro: Equitable distribution is the first step in a divorce matter; therefore, upon remand the chancellor must revisit his awards of alimony and child support. Also upon remand, after the marital assets have been properly divided and alimony and child support properly awarded, the chancellor may revisit his award of attorney's fees to [the wife] in the event of any modifications in the division of the marital assets and awards of alimony and child support. 847 So.2d at 852.