Is there any way to prepare yourself for what occurs during a divorce, including the division of assets? Divorce is one of the most stressful life events, and nearly half of all married couples go through it. The division of assets can be one of the most challenging aspects of the process. Here’s what you need to know to help you prepare.
What is Marital Property?
During a divorce, the division of assets includes anything acquired while married, including belongings, property, and financial assets. Even if it was only in one spouse’s name, it’s still considered marital property if obtained during the marriage. There are some exceptions, including personal gifts and inheritances. In most cases, you retain ownership of anything that belonged to either of you before the marriage.
How are Assets Divided?
While a mutual agreement on the division of property and assets is ideal, it’s often harder than it might first seem. When the court must step in, these are the things they consider:
- How long you were married
- The value of the property, assets, and estate
- Whether or not there was marital misconduct on either side
- How much each spouse contributed to acquiring the property
- Child custody and support issues
- Any prenuptial agreement that might be in place
Dividing up your belongings, finances, and property when going through a divorce can be one of the most emotional, contentious, and complex pieces of the marriage dissolution process. This is why it’s a great idea to have a strong legal team in your corner. If you’re facing divorce, don’t go it alone. Contact the experienced team at McCutchen McLean, LLC.
If you’re a business owner and you’re in the process of creating a will and trust, it’s critical that you include your company. There are multiple reasons it’s essential to ensure a smooth transition for your business should you become incapacitated.
Why it’s So Important
If you die without a trust in place, one that includes your business, your assets will go through probate, as will your business. When your personal finances are stuck in probate, it can create a hardship for your family. The same is true of your business. If held up by probate, it can cause substantial hardships for your employees. If there is no trustee named, there isn’t anyone with authority to write checks or make financial decisions, at least not until the court appoints one. The wait can lead to the failure and shutdown of your company, sometimes temporarily but often permanently.
What to Include in the Trust
You don’t have to die for a trust to take care of the business you’ve spent your life building. If you get sick, injured, or somehow incapacitated, a trust is just as valuable, if not more so. When you’re creating a trust to protect your assets and your family, including your business, will also protect them. The trust will designate an individual to serve as your trustee separate from your personal finances when your business is in the trust 100%. This trustee, often someone other than a family member, will take over daily decision making and, in some cases, voting rights. This is just the beginning of how a trust can protect you and your company.
To find out more and to create a trust that protects not only your family but also your business, contact the experienced legal team at McCutchen McLean, LLC today.