October, 2022
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Weathering the Storm: Life Changes
Disclaimer: This article on life’s changes is intended for the purposes of providing information only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.
While life’s changes can happen at any point, they are made much more difficult when they happen during a period of economic instability and uncertainty.
This article will provide some tips on how to weather the storm during life’s changes from a legal standpoint, particularly during periods of economic hardship.
Separation, Divorce and The Matrimonial Home
While there are many factors to consider when a marriage ends, what happens when the couple wants to sell the matrimonial home?
The decision to sell the family home is often one of the most difficult a divorcing couple will face. There are many factors to consider, such as:
– The current market value of the home
– If one spouse plans to keep the home, whether they can afford the mortgage and upkeep on their own
– The sentimental value of the home
– The potential stress of dealing with the sale during an already difficult time
Right now, other issues within the real estate industry complicate this decision. You can see our previous article that goes into this in more detail. However, we are seeing an increase in deals falling through because buyers cannot get approved for a mortgage or because appraisals are coming in low.
Some people purchase a home with other family members after a separation or divorce. If that is the case for you, have you discussed a co-ownership agreement? This document outlines each party’s rights and responsibilities and can help prevent any misunderstandings down the road.
A “Business Divorce”
What is a business divorce? It’s when partners in a business decide to go their separate ways. This can happen for many reasons, such as disagreements on the direction of the company, financial difficulties, or simply different goals for the future.
Like a marital divorce, a business divorce can be a very difficult and emotional process. It’s important to have a lawyer who can help you navigate this process and protect your interests.
Some things to consider:
- What is the value of the business?
- How will the division of assets be handled?
- What does your partnership agreement say?
The Death of a Loved One
The death of a loved one is always a difficult time. In addition to the grieving process, there are often many financial and legal matters to take care of.
You may be impatient to settle the estate and move on, but it is important to take the time to understand all of the implications of your loved one’s death. This is especially true when it comes to taxes. Depending on the size of the estate, there could be significant tax implications.
There is a reason why it is called the “executor’s year.” At the best of times, estate matters take time to work through. Many courts are experiencing backlogs, so it can take even longer.
If you are named as an executor in a will, make sure you understand what is expected of you. However, if you do not have the time or ability to take on this role, you can decline or ask to be removed. If no executor is named, and you are a beneficiary under the will, you may want to consider applying to be the estate administrator to move things along.
Weathering the Storm with Beeksma Law
At Beeksma Law, we are also families, entrepreneurs, homeowners and members of our community. We understand how difficult these times can be and we are here to help.
We offer a free initial consultation to discuss your legal matter and help you understand your options. Please contact us today to book an appointment.
Weathering the Storm in Your Business
Disclaimer: This article on Business is intended for the purposes of providing information only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.
There’s no nice way to put it, it is hard to be a business owner right now. Many businesses are struggling to keep their doors open.
While we may be past lockdowns and other restrictions, supply chain issues still loom and there are plenty of other challenges to contend with. So how do you weather the storm? How do you keep your business afloat when everything seems to be working against you?
Let’s discuss three key areas where you can make good choices today that will help your business in the long run.
Negotiating Commercial Leases
Let’s share a story of a woman we’ll call “Jane”. Jane was desperate to find a space for her growing business and signed a commercial lease without discussing it with a lawyer.
Unfortunately, Jane did not realize that “standard terms” of a commercial lease tend to favour the landlord. Problems arose with the space because of the landlord’s actions, and Jane was forced to delay opening her business while these were being addressed. Meanwhile, she still needed to pay rent for a space that she could not use.
You have an opportunity to avoid making the same mistake as Jane. Consult with a lawyer before you sign anything, even if it’s just a simple “standard” lease.
Yes, there is a cost to this. However, having a lawyer help you to understand your lease and negotiate for more rights can help you save much more in the long run.
Having Proper Contracts In Place
Another mistake that businesses make is not having proper contracts in place with their key suppliers, customers, and employees.
This can lead to a lot of problems down the road, such as:
– Unpaid invoices: If you don’t have a contract in place specifying when and how your customer will pay you, you may have a hard time getting paid.
– Unreliable suppliers: If you don’t have a contract in place specifying the terms of your agreement, your supplier can change the terms at any time. This can lead to disruptions in your supply chain and unexpected costs.
– Unstable support: If you don’t have contracts in place with your service providers, they can create delays or disruptions in your business. It can be hard to prove non-performances if no contract exists.
To avoid these problems, ensure that you have proper contracts with all of your key suppliers, customers, and employees. This will protect you in the event of any problem that may arise because of them.
Understanding Construction Liens
Construction liens are a big problem for businesses, especially small businesses. A construction lien is a claim that a contractor or supplier can make on a property if they are not paid for their work.
If you are a contractor or a subcontractor, make sure that you are staying on top of payments. You can register a lien on the property if you are not being paid. However, you can only do so within 60 days of completing the contract.
Weathering the Storm With Beeksma Law
Making good choices today can help your business weather any storm. By taking the time to understand your commercial lease, put proper contracts in place, and stay on top of payments, you can protect your business from common problems.
At Beeksma Law, we know the struggles that entrepreneurs face. We are here to help you protect your business from the common legal problems that can arise. Contact us today to discuss how we can help you.