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Understanding a Postnuptial Agreement

August 28, 2020 / / 0 Comments

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 Postnup

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.

Conclusion

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!

Annulments vs. Divorce

July 30, 2020 / / 0 Comments

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.

Annulments

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.

Divorce

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.

Conclusion

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.

Trusts and Estate Planning

June 26, 2020 / / 0 Comments

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.

Conclusion

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!

Grounds for Nullifying a Prenup

May 14, 2020 / / 0 Comments

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.

Unconscionability

An unconscionable 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.

Coercion

Boyd 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.

Conclusion

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 information.

What You Should Know About A Will

April 29, 2020 / / 0 Comments

Planning for the future by drafting up your will can be scary, but important! If you are starting to think about this aspect of your future and want to learn more about a will, be sure to read this month’s blog post!

Separate

When it comes to creating your will, you’ll want to create one separate from your spouse. While you are married, it’s important to keep your wills separate. Naturally you are going to have different wishes and items that belong to you alone, so it’s only natural to create a will specific to you. It is also likely that your deaths will be separate. It’s common that you and your spouse will have a will that looks similar, but ultimately slightly different. 

Close Family

Once you have your will crafted, you will want to pick an executor. Normally it’s a family member who you are close with and who you trust and can rely on. Should you find this task a bit daunting or you believe your will is more complicated than most are, it’s important you make sure your attorney is the executor. There is nothing wrong with admitting it’s not good for a family member to have this job, so be sure to make the right choice! Your attorney will also be able to help you make this choice and offer their opinion. 

Letter of Instruction

Beyond your will, you will need to create a letter of instruction. These letters are less official and binding than a will, however if your family receives the letter they should be compelled to follow it. A letter of instruction can detail the aspects of your funeral and affairs related to such. You can also include details of each item you are leaving to people. You can let them know what you hope they’ll do with it. While they aren’t bind like a will, your family may find guidance in having the letter. 

Accessibility

The overall point of a will is to help your family sort all your belongings after you’ve passed. Without a will everything must go through probate and the state, which is time consuming and stressful for family members who believe something is theirs. If you create a will, and then nobody is able to find it, your family will have to go through the same ordeal as if you never had it. Ensuring that your will is easily accessible and someone who you trust knows where it’s at is essential.  

Conclusion

Nobody wants to think about their death and what comes after, however it is an essential part of your future plans. Ensuring you have a will that is easily accessible is in everybody’s best interested. For any legal questions you may have, be sure to reach out to Family Law Richard E. Young & Associates!

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