Prenuptial agreements, buy-sell/buyout agreements, and trusts can protect a business in the midst of a divorce. Prenuptial agreements are made between prospective spouses in contemplation of marriage and are effective upon marriage. Discussing a prenup during wedding planning can offer a positive sense of security. Buyout agreements are made between co-owners of a business and dictate decisions should one owner be forced to leave, choose to leave, or upon death. Trusts allow parents to give business-related assets to the child(ren) without fear that the child(ren) will lose those assets later.
During a divorce, assets must be divided equitably between the two spouses, and marital businesses are no exception. To be divided fairly, a business’s value must be assessed and an investigation must take place to determine how much of the business qualifies as community property. A business can be evaluated in different ways, but the most common methods for conducting business valuations are the book value method and the market/earnings method.
Divorce can bring about changes in a child’s life that affect his or her emotional wellbeing. The stress of this new family dynamic can be offset with age-appropriate open communication, well-maintained familial relationships, structured visitation schedules, and preservation of familiar daily routines. Cooperative parenting will help to ease a child’s experiences during the transition process. For parents struggling to negotiate custody arrangements, mediation and court-ordered agreements can help provide guidelines.
Parental alienation negatively impacts parent-child relationships and can cause profound psychological problems for the child. Fortunately, alienated parents may have grounds to modify existing child custody orders.
Parental alienation is when one parent attempts to turn a child against the other parent. Considered to be a form of family violence by many psychologists, parental alienation can happen on a variety of levels and may take many forms including:
An already lengthy adoption process has been impacted by the restrictions imposed by COVID-19 social distancing policies and travel restrictions. The global pandemic has influenced methods of in-home inspection, travel safety, and the need for a safe and consistent home. Though a global crisis presents prospective parents with a new list of challenges to overcome, many states are looking to keep processes moving forward in hopes of safely placing ready to adopt children in homes.
Divorce often requires a complete reorganization of a person’s life. Reconsidering previous decisions regarding estate planning is an often overlooked part of the separation process. Before the divorce, a couple may have curated an estate plan that integrated life insurance policies, trusts, wills, and retirement accounts or plans. In a time of separating lifelong assets, individuals need to consider several factors when revisiting estate planning upon divorce finalization.
Child custody agreements in Nevada address legal custody, physical custody, and visitation schedules. Typically, joint custody is favored when possible, unless it is not determined to be in the best interests of the child. When separated parents are on amicable terms, parenting agreements are generally constructed by the parents with assistance from a mediator when necessary. If there is a dispute that cannot be resolved outside of court, a Nevada judge will make a custody decision in the best interest of the child.
Surratt Law Practice, PC is a Reno, Nevada firm that can represent you in drafting and/or negotiating a prenuptial or postnuptial marital agreement. Prenuptial agreements are a tool to address property and asset division before a relationship goes “sours” when the two people still care about each other.
The Uniform Premarital Agreement Act defines a premarital agreement as, “an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” Talking about establishing a prenuptial agreement as part of your wedding plans may seem like a negative conversation. The emotional dynamic of “negotiating the divorce while planning the wedding” can be difficult.
By: Melissa L. Exline, Esq.
Divorce can be an expensive endeavor. It can be worse when the married couple is drowning in debt. Paying for the lawyer and setting up a new household after divorce, are just a couple of the big things that siphon proceeds from your pocket as well. Legal bills and court costs come even before a person gets their share of property, child support or alimony. Because of this, it is very helpful to make sure to take care of the financial expenses by way of proper planning. While it is stressful, the freedom you will get down the line will be worth the struggle.