The post How to protect your business from the effects of a divorce appeared first on Wick & Trautwein, LLC.
]]>Financial impacts on your business are the most obvious, especially if your partner has a claim in the business. The court must also determine the ownership of the marital property in order to divide the business in a fair manner. Your ex-partner may still be a stakeholder in your business, meaning that you have to work together to decide how the day-to-day operations will go on after the divorce.
A lawyer who specializes in family law can assist you greatly in protecting your business. There are other steps that you can take from the very beginning of your business to ensure its protection. Business protection can come from:
There could be a chance that you did not follow the precautionary steps. Thankfully, there are still ways to save your business (or at least its assets) under family law. You could:
While there are many decisions to make after a divorce, including business decisions, a lawyer who specializes in family law could help you keep your business safe in spite of a divorce. Even if you are not considering divorce right now, it is important to put protections in case the inconceivable were to happen.
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]]>The post Parenting time and a child asking to move in with the other parent appeared first on Wick & Trautwein, LLC.
]]>Parents might have an immediate negative reaction to a child asking to live with the other parent, but there are key steps to take and to avoid. The child should be allowed to express his or her preferences. Parents are advised to listen to the child without anger or dismissiveness. That said, the child should not be allowed to yell or be rude. The discussion can be handled in a mature way from both perspectives. Empathy for the child’s situation is beneficial. If possible, the other parent should be part of the discussion.
It is also wise to know what behaviors can result in problems. Some parents will simply ignore the child’s request. This can make the child believe that their feelings are irrelevant. Parents will frequently take offense if the child no longer wants to keep the same custodial arrangement. It may not be personal, so it should not automatically be taken as such. An immediate reaction might be to say negative things about the other parent to illustrate why it is a bad idea to change custody arrangements. However, this should be avoided.
When there is a modification request as to the child’s living arrangements, there are legal requirements that must be adhered to. This is true if there is a dispute and the parents are unable to come to an agreement or if the sides are amicable and willing to make changes. Consulting with legal professionals experienced in family law may be vital to make sure a parent’s rights are fully protected and to achieve a satisfactory outcome.
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]]>The post Some other options for resolving parenting time problems appeared first on Wick & Trautwein, LLC.
]]>Likewise, they in theory see the benefit of letting children have plenty of time with both parents.
However, in practice, this is oftentimes hard even for well-intentioned and loving parents to accomplish.
People choose to divorce, separate and live apart for a number of reasons, but there frequently are some serious issues, and these issues easily spill over into parenting decisions.
The end result is that a couple may not want, or need, a knockdown, drag-out battle over custody and parenting time, but they still won’t be able to get an agreed parenting plan on their own without some help.
In such cases, there are options available to parents:
As with other types of court cases, mediation is available to resolve parenting time and child custody issues.
Child custody mediation is a confidential process during which a person called a mediator will talk to both parents, and possibly their attorneys, in an effort to come to an agreement on a parenting plan.
The mediator will usually be either an attorney with experience in family law or a counselor or other expert in families and children.
While mediation does cost money, it usually takes a lot less time, and expense, than would a custody trial.
Many mediators have experience working with parents who have serious communication problems with each other and can help them overcome that obstacle in order to reach an agreement.
The nice thing about mediation is that a couple is free to walk away from it and go to trial if negotiations fail. However, once they do sign an agreement, the court will usually convert it into a custody order which the parents must follow.
Courts can also appoint experts called parenting coordinators or decision-makers to help a couple resolve their differences. Unlike a mediator, these officials serve on an ongoing basis.
A court will usually appoint these officials if the couple has had problems with implementing their parenting plan. The court may also do so at the request of either party or just because the court feels it would be helpful to resolving the case.
The difference between a parenting coordinator and a decision-maker is that, while the former acts more like a long-term mediator and works to help parents resolve their disputes themselves, a decision-maker can, as the name implies make certain minor child custody and parenting time decisions which that parents must follow.
These minor decisions can include things like pickup and drop-off times or a holiday schedule, but a decision-maker cannot actually change custody or alter the basic rights of either parent.
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]]>The post Determining how property and assets will be divided in divorce appeared first on Wick & Trautwein, LLC.
]]>In order to divide the property and assets that people own, the first step is determining which property is marital property.
Marital property generally includes any property that either spouse acquired after the date that the parties were married. It does not matter which spouse received it or earned it, whose name is on account or which name is on the title of the property. Marital property can also include portions of property a spouse acquired prior to the marriage, if certain conditions are met and the property increased in value during the marriage.
Separate property generally includes all property one spouse acquired prior to the date of the marriage. It also includes property one spouse received during the marriage pursuant to a gift or inheritance; any property acquired during the marriage that was acquired in exchange for property owned prior to the marriage or through a gift or inheritance; and any property specifically excluded from marital property through a valid prenuptial agreement.
Once marital and separate property is determined, the next step is to determine which spouse will receive which property and assets. Each spouse does not automatically receive equal portions of the property, there are certain factors that people analyze to determine a fair distribution.
One factor is the contribution each spouse made to obtain the asset. This includes the contributions a spouse made at home that allowed the other spouse to earn more money or allow the couple to save money on child-care by staying home with the children. Another factor is determining the value of the property each spouse has in their possession. The amount separate property increased in value during the marriage or if a spouse used separate property during the marriage is also used in determining distribution. For purposes of determining which spouse will receive the house, there is a preference to allow the spouse who has the children the majority of the time to remain in the home. Finally, the overall financial circumstances of each spouse are analyzed to determine how much a spouse may need after the divorce to continue to meet their lifestyle.
Dividing the couple’s assets is just one aspect of a divorce in Colorado, but it something that needs to be done despite any anger people may have towards the other spouse. Any wrongdoing on the part of either spouse is not considered when dividing assets, just the factors stated above. In order to help ensure that assets are divided fairly, people may find a consultation with an experienced attorney helpful.
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]]>The post Relocation can throw a child custody plan up in the air appeared first on Wick & Trautwein, LLC.
]]>After going through all that work, it is perfectly understandable for a parent to want to keep the plan exactly as it is until the child is all grown up, but it doesn’t always work out that way. Sometimes parents have to request modification to parental responsibility plan.
Sometimes the reason is a new job, a new marriage or other life changes make the old plan unworkable. One relatively common scenario that makes for a lot of difficulty is relocation.
If a parent moves to a new house or apartment just across town, it may not be a big deal, but if the parent moves to a new town, or to a new state, it can completely render a well-crafted parenting plan useless, and throw both parents’ lives into turmoil. Unfortunately, that kind of turmoil can be bad for the kids, as well.
Remember that even if the children live with one parent most of the time, both parents have some sort of visitation and decision-making rights with regard to their children. When a parent who has the children moves far away, it interferes with the other parent’s ability to visit their children.
With this in mind, Colorado family law courts require relocating parents to seek approval from the other parent before they move with the children. If the other parent agrees, the parents can ask the court for a stipulation allowing the move. If they don’t agree, they will have to ask the court to intervene.
These cases can be difficult. Parents may have good reasons for moving, and the court may find that the move is in the child’s best interest. However, the court must consider the other parent’s rights as well. With the help of a skilled family law attorney, parents can protect their relationships with their children, their personal interests, and most importantly, the best interests of their children.
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]]>The post Shared parenting time can be a positive outcome appeared first on Wick & Trautwein, LLC.
]]>But rather than focusing on what you are missing when the kids are spending time with your ex, let’s explore some of the positive things you can learn to embrace.
Well-deserved “me-time”
Even the most devoted parents can become overwhelmed and stressed out from dealing with their parenting responsibilities 24/7/365.
But being a divorced parent is not the same as being a single parent who is solely responsible for their child’s well-being. When your child is having parenting time with your ex, they are in good hands. Presumably, there are no red flags that would prevent your ex from properly caring for and supervising your son or daughter.
Therefore, this down-time is perfect for you to enjoy some me-time and recharge your parenting batteries. Get a massage, take up yoga, join a book club or enroll in a class simply for the joy of learning. Both you and your child will be better once the parenting time reverts back to you.
Exploring new relationships
No one should be in too much of a hurry to re-couple with another partner after a divorce. But also, there is no need to forgo intimate companionship for the rest of your life, either.
However, it’s not a good idea to expose your children to the partners you date unless and until the relationship becomes significant.
During the shared parenting time when the kids are with your ex, this is the perfect time to explore new relationships and have a little fun. This way, there is no need to be secretive with your kids and leave them with a sitter to go out on a date. Your dating (at least in the earliest stages) can be conducted while the children are with their other parent.
There are at least two ways to view any given situation — positively or negatively. You may discover that your perspective shifts favorably when you begin to embrace the positive side of your divorce.
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]]>The post How to ask for a prenuptial agreement without causing trouble appeared first on Wick & Trautwein, LLC.
]]>Since there’s no way to predict the future, it never hurts to explore the possibility of creating a prenuptial agreement. You can use this to protect yourself and your assets in the event of a divorce.
But there’s something stand in your way: You still need to ask your soon-to-be spouse to sign a prenuptial agreement.
You don’t want to give off the impression that you’re already thinking about marital trouble, so it’s critical to tread lightly.
Here are three steps you can take to ask for a prenuptial agreement without causing trouble:
Once you’re on the same page, you can work through the finer details of your prenuptial agreement. Take your time, ask and answer questions, and only sign on the dotted line when both of you are 100 percent comfortable with the terms and conditions.
Read our blog and browse our website for more information on the divorce process, prenuptial agreements and related subject matter in Colorado.
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]]>The post Creating a trust now can offer benefits for the rest of your life appeared first on Wick & Trautwein, LLC.
]]>Creating a trust and funding it while you are alive with specific assets could be a great way to minimize your tax liability and protect the possessions you value the most.
A trust can be a great way to protect your assets from estate tax
Those who die with substantial assets in their name may have to worry about federal estate taxes taking a significant portion of their estate. By creating a trust, they can minimize or even eliminate the potential tax liability associated with their estate.
There are some exceptions to the tax benefits for a trust. For example, if you choose to place your primary residence in a trust, this may preclude you from claiming a full homestead exemption on the property, which could mean paying more in property taxes while you are still alive. However, there will be less tax risk after your death and transition to new ownership should also be easier thanks to the trustee having ownership of the house.
A trust can help you manage your finances intelligently
If you fund your trust with substantial assets, you may no longer have direct access to those assets. While this can be a headache in some circumstances, in others, it can prove beneficial.
You may choose to live off of only your current income or perhaps even the dividends or interest earned on your investments. By limiting your access to your liquid capital, a trust can make it easier for you to manage your money while you are alive.
Trusts are more difficult to challenge than a standard last will
Creating a trust now will also give you peace of mind about the future security of your loved ones. It is relatively easy for members of your family to challenge your last will, dragging your estate through probate and diminishing the overall value of your estate.
Creating a trust reduces the risk of a challenge in the future, which can give you more peace of mind now about the future stability of the people you love. If you find yourself wondering if creating a trust or maybe several trusts might be the best way to structure your estate plan, sitting down to talk with an experienced Colorado estate and probate attorney is often a critical first step.
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]]>The post 5 times to update your will and estate plan appeared first on Wick & Trautwein, LLC.
]]>Although you might not need to update your will with every major life change, there are several times when you’ll want to consider doing so including the following five.
1. You receive a significant asset or funds
Any time you receive a large amount of money or significant assets, it’s smart to talk to your attorney about protecting it or them with your estate plan. Depending on their value, there may need to be changes in your estate plan to prevent taxes, too.
2. Death of a loved one
If you had named a loved one as a guardian, beneficiary or other party in your will or estate and they pass away, it’s necessary to review your will and estate-planning documents to remove them.
3. State laws had major changes
When state laws change, your will and estate plan could be affected. It’s a good idea to pay attention to changes in state law, because if you don’t change your estate-planning documents, you could find that they don’t protect you in the ways you’d hoped in the future.
4. Several years have passed
How often you review your plan is up to you and is something to talk about with your attorney specifically, but remember to review your estate plan and will once every few years, so that you know what it contains and can see if anything is missing.
5. You get divorced or married
Getting divorce or married also makes a difference. You may want to exclude certain people from your will or estate plan, or you might want to add new people to it. This major life event calls for a visit with your attorney.
These are just five possible times when you may want to consider reviewing your estate plan and potentially making changes. If you aren’t sure if your plan needs to be reviewed, you can call your attorney’s office or speak with your attorney during a meeting to discuss how often you’d like to review your estate plan and which major life events should result in a review, too.
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]]>The post Resolving a contract dispute for your business appeared first on Wick & Trautwein, LLC.
]]>Fortunately, the contract can also serve as a protection in the event that someone doesn’t follow through. If you find yourself in that scenario, it is common to have strong, negative emotions about the other party involved.
However, you may still need to do business together. Try to keep things as professional as possible while working to resolve your contract dispute. Most times, you may be able to do so more easily if you keep things professional from the start.
Review your contract before you address the issue
One of the worst things you could do for your business relationships is to make an accusation of a contractual default that reflects your inaccurate assumptions and not the actual content of your contract.
Before you attempt to discuss the breach of contract with the other party involved, you want to refer to the contract and make sure that it contains the provisions you believe the other party violated or failed to uphold.
If the contract does not include those details, you may still be able to address the issue by expressing disappointment, rather than threatening the other party with legal action. Knowing what is in your contract and not in your contract makes it easier to competently address the issues you have with the other party.
Make an informal but written request to resolve the issue
The first step toward resolution is always asking the other party to uphold their end of the agreement. Composing a polite but direct email expressing your concerns that the contract is not fulfilled can sometimes completely resolve the issue.
The other person in the contract may have forgotten something or simply fallen behind schedule due to other work demands. Regardless of the situation, an email reminding them may be all that it takes to resolve the issue and get your business relationship back on track.
You can have your attorney draft a letter as well
If the other party responds by denying your request or simply ignoring your attempt to resolve the situation, you may need to take further steps. Having your Fort Collins attorney draft a letter demanding resolution is usually a smart second step.
Receiving a letter from the attorney will let the other party know that you mean business and that there could be consequences if they fail to uphold their end of the bargain. These letters may inspire the other person to fulfill their obligations under the contract.
Start gathering documentation to prove your case in court
Did the other party simply fail to perform services or deliver promised goods? That should be relatively easy to document. Did they do a subpar job for a task for which there were specific requirements? Photographs and receipts can help demonstrate the discrepancy between expectations and what actually occurs.
Regardless of the situation, you will need to have documentation for the courts to rule in your favor regarding a contract. An attorney can help you prepare for court by reviewing records of the contract and advising you about your options.
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