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Category: Uncategorized (page 13 of 20)

Challenges You Might Face During a Divorce

October 29, 2020 / / 0 Comments

A divorce can be more complicated than one might think. Couples may encounter unforeseen circumstances and face situations where they have to make hard decisions. In order to be prepared for those challenges, read our blog to learn about the hardships some couples deal with during a divorce.

Emotional Instability

When one partner wants to make the marriage work and the other doesn’t, this can be emotionally draining for both people. There is heartbreak, frustration, and other emotions involved. This is why a divorce can be so complicated. It’s also difficult if the couple share a child together. This not only makes the divorce process more complex, but can have an adverse effect on the child as well.

Co-Parenting

As stated by lawyer Michael Rehab, “Each situation is unique, and some parents may thrive in a co-parenting environment while others may not be able to see the silver lining.” If a couple is having a hard time agreeing on certain terms, confrontation and fighting can happen. To move the legal process forward, a mediator or lawyer is sometimes needed to find a resolution.

Financial Burden

A main concern for couples when they are going through a divorce is finances. Going from a two-person income to a one-person income is a significant change, along with other financial adjustments such as alimony, child support, and asset division. Individuals can feel overwhelmed by certain financial requirements and turn to a lawyer for assistance.

Final Thoughts

You shouldn’t have to be alone during your divorce. The attorneys at Family Law Richard E. Young & Associates are dedicated and steadfast to move your case along, giving you reassurance and confidence knowing you’re in good hands.

We invite you to schedule a FREE consultation today.

Let us meet your legal needs!

Comparing Corporate Bankruptcy and Personal Bankruptcy

October 2, 2020 / / 0 Comments

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

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.

Personal Bankruptcy

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.

Final Thoughts

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.

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!

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