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 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. 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.