Don’t Make These Financial Mistakes in Your Divorce

Posted by on Jun 19, 2015 in Uncategorized |

If you are getting divorced, you have a lot of issues on your mind, and dealing with finances is no doubt a prominent issue. This important area should not take a back seat; mistakes made at this time could haunt you for many years and impact you and your children. Here is more information about common financial mistakes people make in divorce and how to avoid them. 1.  Failing to Gather Information Quickly As soon as divorce becomes inevitable, gather information for the following, including the name that’s listed as the account or property owner, and make certain you have your own copy: Banking and savings accounts Life insurance Investment accounts Retirement accounts and pensions Tax returns Deeds Mortgages Credit cards Other loans such as businesses, personal, payday or title, signature. 2.  Failing to Protect Marital Assets Be watchful over jointly held accounts, such as joint checking or savings accounts, for large withdrawals. In addition, you may need to take action to freeze certain accounts and holdings with a court order to prevent your spouse from transferring or hiding assets. Trying to locate these assets once they are hidden will take the work of a forensic accountant. 3.  Failing to Consider Mediation Divorce can be adversarial and lead to long, drawn-out and expensive court proceedings. If you and your spouse can meet with a professionally trained mediator to work out some of your issues, you’ll be saving money and time spent going to court. If, however, you believe your spouse is hiding assets, being dishonest, or refusing to be cooperative, mediation has little chance of helping. 4.  Failing to Consider Taxes You can be audited for joint returns even after your divorce, so having a tax expert review your previous several years of returns could be a lifesaver. If issues are found, amended returns can be filed to make corrections. Additionally, when it comes time to split up the marital assets, a tax expert can evaluate the after-tax value of a given asset to facilitate more accurate valuations. What may look like a 50/50 split may not turn out to be a fair deal after all. 5.  Allowing Your Emotions to Control Your Decisions If the thought of letting go of the family home feels gut-wrenching to you, even though you are not sure how you’ll afford the mortgage, taxes, and maintenance, then you may be allowing your emotions to control your logic. Step back and take a non-emotional look at the house as a financial obligation before you get in over your head. You can get through your divorce with your financial future protected if you take action and don’t make the above mistakes. Your divorce attorney will be able...

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3 Things You Need To Know About Leasing Commerical Real Estate

Posted by on Jun 5, 2015 in Uncategorized |

Many people choose to lease commercial real estate. This is a great choice if you own your own business and need an office space, but don’t feel like you can buy. Additionally, you may not want a space for the long run, so it is easier to just lease until you can decide what is best for your company. If you choose to rent commercial real estate there are a couple things you should know. 1. Commercial Real Estate Contracts Are Binding One thing that many people do not realize is that commercial real estate contracts are much more serious than a residential contract. For example, if you rent an apartment to live in and you decide to move early, you might just lose your deposit and have to pay an extra month of rent. However, commercial real estate is much more serious. If you sign a 3-year contract and you cannot fulfill the terms of that contract, you might be liable for every single month of payment, even if you aren’t using it anymore. This is why it is vital that before you sign any contracts that you talk to a real estate attorney first. An attorney will be sure to explain everything so that before you sign you understand the terms. 2. The Length of Commercial Leases Vary The length of a commercial lease will vary depending on the contract that you choose. Unlike a residential agreement, there is not a standard amount of time that each contract will have. For example, you will not just sign a year at a time. Instead, you will talk to the landlord and the two of you will negotiate how long the contract will be. During these negotiations, you should have a lawyer present. It will only serve to protect you. 3. Anything You Do To Change The Property Will Belong To The Landlord When you lease an office or a store space you might make some changes to the space that are costly. Recognize that since you do not own the space, it is likely that everything that you do to improve the office will have to stay when you leave. You will not be reimbursed for the money that you put into improving the area. Thus, be realistic about how much money you will put into the space. These are just a couple things you need to know about renting commercial real estate. To find out more, contact someone like Brandt Law...

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