Bankruptcy is a tool used by business owners and families who would otherwise never be able to escape their debts. However bankruptcy doesn’t exactly translate to mean the same thing when comparing an individual who’s filing to a corporation filing. Follow along below as we discuss how they vary and how they are alike.
Corporate bankruptcy is oftentimes a saving grace for business that struggling financially. Filing can allow corporations to get back on their feet and repay their debts rather than dissolve completely. To be in this situation a business is either in a position of liquidating some of its assets to repay its debts or is not in any way able to repay its debts.
There are several reasons why someone would file for personal bankruptcy. The first is the same as above, which is that the individual has debts so great they have no chance at being able to repay them. The other is that they would be able to manage their debt, but only on a managed payment plan.
Though the term bankruptcy still has a lot of stereotypes to overcome, more and more people are realizing it for the helpful tool it is. If you or a loved one needs a reputable bankruptcy lawyer in the Lake Forest, CA community, please contact us here. The team at Family Law Richard E. Young & Associates is committed to helping you through any legal processes from bankruptcy to divorce.
According to Investopia, a postnuptial agreement “is a legal contract signed by a married couple after the wedding. This agreement not only dictates how a couple’s assets will be divided, but it also contains numerous other provisions dictating marital conduct.” Postnups are comparable to prenups, as they address the same issues. However, this agreement is entered after a couple is married. Read about varying postnuptial situations and why they are being drafted.
The Practicality of a
After marriage, some couples may want to negotiate their division
of assets. From property and bank accounts to children from a previous marriage
and a profitable business, a married individual can draft a postnuptial agreement
as a way to protect their income and assets. In these situations, a postnuptial
agreement can also help ensure that in the event of a divorce, each spouse
exits the marriage “whole,” with the holdings he or she brought in.
Reasons for a Postnup
Married couples can redefine new terms from a prenuptial
agreement with a postnuptial one. If they are dissatisfied with the contract,
they can work with a lawyer to draft a postnuptial. This agreement is also for
couples that do not want to negotiate a prenuptial before their big day.
Therefore, married couples can opt for a postnuptial once they have settled
into a marital routine. On the other hand, couples considering a divorce ought
to consider this agreement. It is a
better option to minimize legal expenses and streamline the divorce.
Consult with a lawyer at Family Law Richard E.
Young & Associates for your postnuptial agreement. We understand the process
and work hard to solve your legal issues quickly and efficiently. CALL FOR A
FREE INITIAL CONSULTATION (949)-951-9529 today!
While most people know what a divorce is, an annulment is a less commonly known term that describes a similar legal process. In this month’s blog post we will explore the major differences between the two and exactly what should be understood about them before seeking representation and beginning their official legal processes.
Those who are hoping to be granted an annulment have to meet a certain criteria, otherwise by default they will have to instead file for a divorce. In order to qualify for an annulment both parties have to agree that the marriage wasn’t ever legal or legitimate in the first place. Couples who have been granted an annulment move forward as if their marriage never existed.
When a couple files for a divorce, it’s typically after an extended amount of time has passed since the marriage began and both parties have decided to part ways for any number of reasons. In a divorce both people have to agree on the fact that their marriage was always a legitimate union, however they also agree that it should not continue any further.
At the end of the day, both a divorce and an annulment effectively end a marriage. Some consider annulments much simpler processes because couples don’t have to go to court to divide their estates, pay alimony, or child support. If you or someone you know is seeking a highly skilled family lawyer who specializes in divorce and annulments, visit our website here.
There are many misconceptions around what trusts are and who they are designed to benefit. A person doesn’t need to have heaps of money and properties in order to create a trust and begin estate planning. In fact, even though estate planning is for everyone, far too many people neglect to ever do so and ultimately leave their family to pick up the pieces after they’re gone. Continue to read along to learn more about how these processes work, who’s involved, and what the benefits are.
What Does It All Mean?
The concept of a trust is actually quite simple. Trusts are legally binding arrangements in which one party holds property on behalf of another. An estate refers to everything a person owns, including their vehicles, properties, life insurance, personal possessions and any other assets they may have. Therefore estate planning is the proactive process of distributing ones wealth before they pass away or become incapacitated.
Who Does It Involve?
These arrangements are most typically made within families in order to grant another person the authority to manage the estate described in the trust. The person creating the trust is called the settlor or trustor, and the recipient is referred to as the trustee. Lawyers are typically involved in this process as well as to ensure every detail is properly addressed and legally stands.
What Are the Advantages and Disadvantages?
There are far many more advantages to curating a trust and beginning the estate planning process than there are disadvantages. Mainly, it allows many of the legal processes to move more quickly. Additionally, a trust is effective immediately, can offer tax minimization perks, and allows for underage beneficiaries. The noteworthy disadvantages of trusts are the preparation costs and the amount of time it can take to retitle your assets.
Everyone needs a will and trust. Without one, your loved ones are at the mercy of the Government who will run up your estate charges with no concern over taxes. Contact us today to receive a free consultation on your trust and estate planning needs!
When you sign a prenuptial agreement with your spouse, you
are agreeing to the terms written in the document. However, there are certain
situations where a prenup can be nullified. If there is evidence in the
agreement that can be challenged, you can talk to a lawyer to discuss any legal
questions or concerns you have about the contents of the document. Learn more about
the grounds you can use to nullify a prenuptial agreement.
contract is one that is so one-sided that it is unfair to one party
and therefore unenforceable under law. It is a type of contract that
leaves one party with no real, meaningful choice, usually due to major
differences in bargaining power between the parties. If a prenuptial agreement
is considered unconscionable in court, then the judge can void it.
Failure to Disclose
Both parties need to disclose any information regarding
wealth and assets. The reason behind this disclosure is to decide on the amount
of alimony or property division in the event of a divorce. If your partner hides
any personal assets or valuable interests, then there’s reasonable grounds to
challenge the prenup. You can state you were unaware of extra funds and other
properties before signing.
Law states “the courts will throw out a prenuptial agreement if a spouse
can prove that someone coerced him or her into signing the document. Coercion
can take the form of blackmail, threats, or simply undue pressure.” An example
of this can be if your partner had you sign the day before or on the wedding
and you didn’t have enough time to look at it thoroughly.
The lawyers at Family Law Richard E. Young & Associates
have many years of practice handling legal cases, including prenuptial
agreements. If you or a loved one needs to speak with an attorney, contact our family
law firm to get the legal assistance you need. You can also visit our website here for more