Tom and Mandy live in a state that is not a community property state. They married five years ago after having known each other for about nine months. When Tom met Mandy, he was an owner of four successful car dealer- ships. At the time they married, Mandy was a successful real estate agent. Due to their quite different careers, they rarely socialized in the same circles and soon grew apart. Mandy is filing for divorce and asking for half the party's net worth, almost all of which comprises the auto dealerships.

Required

a. In your opinion, what is the likelihood that Mandy will receive the equivalent of half the value of the auto dealerships? Explain your answer.

b. Might your answer to (a) differ if Tom and Mandy had been married for 20 years, and Tom started the dealerships five years before the date of their marriage? Explain your answer.

c. How would you determine the appropriate standard of value to use in your business valuation? Explain your answer.