If you own a business, you need a lot of professionals to help you along. In some cases, that includes accountants or marketing experts. In other cases, it involves people who understand business process outsourcing. However, almost all business owners need a great business attorney on their side. Just started your business? Interested in growing it and have legal questions? Wondering what a business attorney does? In this blog, I plan to answer all those questions. I hope that you enjoy reading these posts and that they help you. Thank you for reading! My name is Brenda, and I started a small business when I was just 17. Over the years, I have worked with many pros, but my business attorney has helped me the most.
Estate planning is rarely straightforward and this can be especially the case when two people who were previously committed in a relationship decide to go their own way. After the separation a lot of care needs to be given to separating any assets, even though the pair may have enjoyed a fairly casual or informal relationship before. What's at risk if attention is not paid to these matters now?
Calling for Settlement
When assets have been co-mingled in a relationship and certain elements of property are included, it is necessary to conduct a formal property settlement before the individuals go their own separate ways. This will require the respective financial ties to be identified and future action spelt out clearly. This approach should be taken whether the marriage was formally recognised, or whether the individuals were simply in a live-in relationship.
When It Gets Complicated
In an ideal world there would be no misunderstandings or arguments, but this is rarely the case. It's quite possible that such an argument would arise in the future between couples who had separated and this could spell trouble on many fronts. If one of the individuals decides to bring proceedings against the other and matters were not set out clearly at separation, financial loss could occur.
For example, a court would consider property values as of the day when the claim came before them and not when the separation took place. This could bring into the equation property that the defendant had acquired after the separation, independently. It can get even more complex if such a property was acquired in collaboration with a third party or a different investor, who would in turn find themselves drawn into the picture.
The Need to Tread Water
It's very important for either individual to tread water when it comes to any sizeable investments in property, until such time as a formal property settlement has been agreed and written into place. It may be tempting to cut free and go off in new directions, but this needs to be tempered, just in case.
Taking Nothing for Granted
Some people may argue that there is a time limit for any claims to be lodged in relation to property, by one or other of the parties. This may be a defence should one of the aforementioned situations arise. However, it's best not to rely on time limits when considering whether to create a property settlement in the very beginning, when separation becomes inevitable.
For more information, contact a conveyancing expert.Share
26 April 2017