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Will Divorce Close My Family Owned Business?

A lot of couples make the choice to open their own business together, rather than become an employee for another company. This decision can be financially advantageous, can provide job stability, and can also give you control over your daily schedule. While it sounds nice to be your own boss, there are drawbacks though, and one of those is what happens to a family owned business when the owners get divorced. In some instance the company doors remain open, but the ownership is questionable. To make sure that you are treated fairly and receive what is rightfully yours, call an experienced family law attorney today for help.

The ways a divorce can impact your family business include the following:

  • The ownership or partnership structure may need to be changed. What this means is that if you and your spouse part ways, you may also need to dissolve your partnership. Some couples are able to continue working together, as equal partners, while others decide to allow one spouse to take over the business. If only one spouse remains in control, the other may be entitled to their proportionate share of the value of the company.
  • Company policies and bylaws may need to be changed, to reflect a new corporate structure. Even with ex-spouses continue to run a business together; it is a good idea to revamp corporate documents.
  • Valuation of the business will need to be done, in order to figure out a fair distribution of the company.

Questions nearly always arise when a family owned business is part of the divorce mix as to how and when the company was acquired or started. This information is important because it is critical to properly classify the business when taking stock of a couple’s assets. Not only do you have to take into account the nature of the asset, but also the nature of any increase in value of the company. Arizona is a community property state, and when a pair splits up their property is considered equally owned if it was acquired during the marriage. This makes figuring out what to do with a family owned company legally complex. We have experience with these types of issues, and can help you figure out what is best for you.

For more information about divorce, call us today. Let us put our experience to work for you. Call The Sampair Group in Phoenix and the West Valley today to schedule your appointment.

A Top Three List Of Things To Think About When Filing For Divorce

No two legal proceedings are the same, which means that the things that matter the most to you may be insignificant to the next person. In order to have a successful case, the key is to focus on what you hope to accomplish, and the type of end result you need. Doing this requires taking a hard look at your goals, and the tools at your disposal to reach those goals. In family law and divorce matters, the most common issues that arise involve money and children. Once these issues are brought to the forefront, other questions relating to those issues quickly arise. Resolving these issues and their sub-sets of issues takes the work of an accomplished and experienced family law professional.

In our experience, there are three main things to think about when you are considering filing for divorce. These include:

  • Issues surrounding children: this includes where your kids will live, what the parenting time schedule will look like, how you will continue to co-parent with your ex, and an adequate amount of child support. Keeping your children’s lifestyle the same or similar to what it was during your marriage is one way to help kids transition from being one family, to now having two homes. Allowing your children to continue to participate in the same activities, go to the same school, and have the same friends provides a constant that will give kids a much needed sense of security during the divorce.
  • Issues surrounding money: this includes dividing up liquid assets and determining if an award of spousal support is warranted as well as figuring out which party is responsible for repayment of certain debts. It is important to be able to stand on your own after divorce, and having a solid financial foundation is the first step in this process.
  • Issues surrounding property: this includes dividing up assets such as the family home, automobiles, vacation homes, retirement accounts, and personal property acquired during the marriage.

Many times these issues are impacted by facts unique to your case, such as the existence of a prenuptial agreement or any agreement the parties have made before seeking legal representation. We are skilled at interpreting these types of agreements, if they exist, and can also help develop a plan that will resolve these issues in the absence of an agreement. Call us today for more information.

For more information about divorce, call us today. Let us put our experience to work for you. Call The Sampair Group in Phoenix and the West Valley today to schedule your appointment.

Protect Your Financial Future After Divorce

Divorce is one of the most stressful and emotional transitions you can face, and can often come with financial surprises. It is important to prepare for your financial future so the burden does not haunt you until retirement. Here are some ways to protect your financial future after divorce:

Financially preparing for the divorce and separation as soon as possible is the best way to go. Make copies of important documents such as pay stubs, tax returns, financial account statements, life insurance policies and loan documents and agreements, and begin organizing all of this information. Start tackling your finances during the divorce process, not after. Get separate bank accounts and credit cards, and be sure to cancel all joint credit cards and accounts. This way you can establish your own credit history and will not be held responsible is your ex-spouse fails to pay any credit card bills. As you negotiate the divorce, be sure that the mortgage, utilities and other bills get paid on time so you are not penalized.

Create a new budget for yourself for after the divorce. You will have less monthly income to use in your current lifestyle, so decide what kind of changes you need to make in order to better afford the single life. Consider expenses such as household, automobile, children, insurance, and other debts. Even if it’s in the divorce agreement, you can’t always count on your ex-spouse to pay the amount they are supposed to, or pay on time, so it’s important to know where you stand financially. Building an emergency fund from any cash you receive from the divorce is a great way to protect yourself from financial surprises or emergencies. This fund should equal 3-6 months of your living expenses for enough cushion during financial hardships. Having an emergency fund will also prevent you from racking up credit card debt.

Consult with a Phoenix Divorce Lawyer at The Sampair Group to discuss protecting your real assets such as cars, real estate and personal property. It is rare that couples in a divorce get a fair settlement when it comes to assets, so you should seek to resolve the splitting up of assets as fair as possible. Seeking outside counsel is also important when it comes to medical insurance. It is very important to discuss coverage for you, and any children involved, after the divorce. As for social security, you are entitled to 50% of your spouse’s benefits if you were married for at least 10 years if that amount is greater than your own benefits. This applies even if your ex remarries, but not if you do.

Be sure that you revisit and evaluate your beneficiaries. If you do not remove your former spouse as your primary beneficiary on retirement and investment accounts, they will receive all of that money in the even of your death. These policies must be changed themselves, as just making changes on your will does not protect these funds.

5 Reasons Your Attorney Is the Ultimate Source for Divorce Information

There are many reasons to rely on your attorney during your divorce.

  1. Your attorney knows the law. The judge is going to rely on applying the law to the facts in your case to make a decision in your case. While it’s easy to pick up some basics about divorce law, your attorney has spent years learning the many nuances and details that will make a difference in your case and can explain everything you need to know.
  2. Your attorney can see the big picture. When you’re divorcing, you are in the middle of a hurricane of changes and emotions. It’s hard enough to think clearly about today, let alone your future five years from now. Your attorney can help you see the long-term implications of the decisions that are being made today and help you think through how best to position yourself for the future.
  3. Your attorney has been through hundreds of divorces. This is probably your very first divorce. Because your attorney has worked with so many people over the years, he has had the benefit of seeing many, many divorce cases which have provided him with perspective it is impossible to have when you are trying to work through your own divorce.
  4. Your attorney knows how to find money. The more money and assets there are to divide in the divorce, the more you will walk away with. Your attorney will help you find assets to be divided in the divorce and increase your share.
  5. Your attorney is an expert at strategy. A divorce case is about taking the law and the facts of the case and putting them together in a convincing and compelling way that will help you reach your goals. This is why you need an attorney for your case.

The Sampair Group is your divorce firm in Maricopa County. Call our office to schedule an appointment with one of our skilled attorneys today.

5 Things You Need to Be Honest with Your Divorce Attorney About

Going through a divorce makes you feel naturally protective. You’re not sure who you can trust and exactly how much you need to reveal. The one person you need to be absolutely honest with is your divorce attorney. Here are five things you absolutely must share with your attorney.

  1. Your true income. You may be trying to characterize your income as less to position yourself for a better strategy in child support, spousal support or a property settlement, but you’ve got to put your cards on the table when talking with your attorney. The only way you can get useful advice is if you offer up all the facts about that you earn.
  2. What kind of custody arrangement you really want. It’s no secret child custody can sometimes be used as a bargaining chip in negotiations. Your attorney needs to know if you really and truly want to be the residential parent and what kind of parenting plan will really work for you if he or she is to negotiate properly in your case.
  3. Everything bad that your ex is going to say about you. Your attorney can present the best case possible if he or she is fully prepared for everything your ex is going to throw at you. Don’t withhold information about a DUI, child neglect case, addiction, arrest, or anything else in your background that you feel paints you in a negative light.
  4. Your assets. If you think you can hide assets, you’ll be surprised when your spouse’s attorney finds them. Be honest with your attorney about your assets so that you can together create a feasible settlement plan.

When you need an attorney you can rely on for your divorce, turn to the Sampair Group. We have years of experience in Maricopa County. Call us for an appointment with one of our knowledgeable attorneys now.

5 Reasons Your Attorney Is the Ultimate Source for Divorce Information

There are many reasons to rely on your attorney during your divorce.

  1. Your attorney knows the law. The judge is going to rely on applying the law to the facts in your case to make a decision in your case. While it’s easy to pick up some basics about divorce law, your attorney has spent years learning the many nuances and details that will make a difference in your case and can explain everything you need to know.
  2. Your attorney can see the big picture. When you’re divorcing, you are in the middle of a hurricane of changes and emotions. It’s hard enough to think clearly about today, let alone your future five years from now. Your attorney can help you see the long-term implications of the decisions that are being made today and help you think through how best to position yourself for the future.
  3. Your attorney has been through hundreds of divorces. This is probably your very first divorce. Because your attorney has worked with so many people over the years, he has had the benefit of seeing many, many divorce cases which have provided him with perspective it is impossible to have when you are trying to work through your own divorce.
  4. Your attorney knows how to find money. The more money and assets there are to divide in the divorce, the more you will walk away with. Your attorney will help you find assets to be divided in the divorce and increase your share.
  5. Your attorney is an expert at strategy. A divorce case is about taking the law and the facts of the case and putting them together in a convincing and compelling way that will help you reach your goals. This is why you need an attorney for your case.

The Sampair Group is your divorce firm in Maricopa County. Call our office to schedule an appointment with one of our skilled attorneys today.

How Are Assets Without Liens Treated In Divorce?

In most divorce cases there are very few major assets (houses, cars) that are unencumbered. What this means is that the marital assets usually have liens on them, which will not be removed until the loan for the asset is paid in full. When an older couple gets divorced, this may not always be the case. While it is nice to own things free and clear of any loan, the issue requires careful analysis when property is divided in a divorce.

A couples’ home is usually the single most valuable asset, especially if it has been paid in full. In a gray divorce, which is defined as a divorce among persons over a certain age, the home is often free from a mortgage lien. The marital residence is also usually a piece of property that was acquired during the marriage, and unless it is sold and the profits split other measures must be taken. Some things to consider include:

●          Taking out a reverse mortgage, which is a lending tool that allows for equity to be liquidated. Once the equity is in hand, the parties can make a fair split of the home by payment of the funds to one, and an award of the residence to the other.

●          Selling the home and making an equitable distribution of the proceeds.

●          Allowing one spouse to remain in the home, while giving the other an asset of similar value.

There are several options for handling paid off assets in a divorce, our knowledgeable attorneys will go over your options with you and help you make a decision that works. Not only will we help determine how valuable assets should be divided, but we will also look at how the split impacts your future. Financial stability is always important, but for couples nearing retirement age it is crucial to preserve the nest egg that’s been growing the past several years. Through careful legal planning, we can help you reach a fair financial settlement.

For more information about what to do with lien free assets in a divorce, call us today. Let us put our experience to work for you. Call The Sampair Group in Phoenix and the West Valley today to schedule your appointment.

Can We Divorce Without Dividing Assets?

Divorce is so complicated because it involves complex financial calculations and formulas. The actual ending of your relationship to each is quite simple. Divorce takes so much time and money because the assets and debts of the marriage must be divided and often there are important issues regarding children. You may wonder then if it is possible to divorce without dividing up assets.

In general, with certain important exceptions, any assets or debts acquired during your marriage by either of you are community assets and debts. They belongs to both of you and must be divided in the divorce. The ownership of community property must be addressed in your divorce (the exception to this would be if you have had a marriage of very short duration and have not had time to acquire any community assets or debts).

You don’t need to go to court to have this division occur. You and your spouse can create a settlement agreement on your own. Decide how you want to split everything up. If you agree, it’s a fairly simple matter for your attorney to draft the divorce papers and move your divorce through the courts quickly without undue delay. Even if you can’t decide on your own, an attorney or mediator can help you quickly divide everything so that your divorce can move forward without contest.

Some spouses keep things completely separate throughout their marriage, never putting two names on any asset or debt. Although these items are legally community property, this can simplify your divorce if you agree that each will own or be responsible for assets or debts currently in the spouse’s own names.

The Sampair Group handles divorce and family law cases in the Mesa, Phoenix, and Glendale areas of Arizona. Our attorneys are uniquely qualified to handle your case with attention to detail. Call our office to schedule a convenient appointment today.

5 Things You Need to Be Honest with Your Divorce Attorney About

Going through a divorce makes you feel naturally protective. You’re not sure who you can trust and exactly how much you need to reveal. The one person you need to be absolutely honest with is your divorce attorney. Here are five things you absolutely must share with your attorney.

  1. Your true income. You may be trying to characterize your income as less to position yourself for a better strategy in child support, spousal support or a property settlement, but you’ve got to put your cards on the table when talking with your attorney. The only way you can get useful advice is if you offer up all the facts about that you earn.
  2. What kind of custody arrangement you really want. It’s no secret child custody can sometimes be used as a bargaining chip in negotiations. Your attorney needs to know if you really and truly want to be the residential parent and what kind of parenting plan will really work for you if he or she is to negotiate properly in your case.
  3. Everything bad that your ex is going to say about you. Your attorney can present the best case possible if he or she is fully prepared for everything your ex is going to throw at you. Don’t withhold information about a DUI, child neglect case, addiction, arrest, or anything else in your background that you feel paints you in a negative light.
  4. Your assets. If you think you can hide assets, you’ll be surprised when your spouse’s attorney finds them. Be honest with your attorney about your assets so that you can together create a feasible settlement plan.

When you need an attorney you can rely on for your divorce, turn to the Sampair Group. We have years of experience in Maricopa County. Call us for an appointment with one of our knowledgeable attorneys now.

5 Reasons Your Attorney Is the Ultimate Source for Divorce Information

There are many reasons to rely on your attorney during your divorce.
Your attorney knows the law. The judge is going to rely on applying the law to the facts in your case to make a decision in your case. While it’s easy to pick up some basics about divorce law, your attorney has spent years learning the many nuances and details that will make a difference in your case and can explain everything you need to know.
Your attorney can see the big picture. When you’re divorcing, you are in the middle of a hurricane of changes and emotions. It’s hard enough to think clearly about today, let alone your future five years from now.

Your attorney can help you see the long-term implications of the decisions that are being made today and help you think through how best to position yourself for the future.
Your attorney has been through hundreds of divorces. This is probably your very first divorce. Because your attorney has worked with so many people over the years, he has had the benefit of seeing many, many divorce cases which have provided him with perspective it is impossible to have when you are trying to work through your own divorce.
Your attorney knows how to find money. The more money and assets there are to divide in the divorce, the more you will walk away with. Your attorney will help you find assets to be divided in the divorce and increase your share.
Your attorney is an expert at strategy.

A divorce case is about taking the law and the facts of the case and putting them together in a convincing and compelling way that will help you reach your goals. This is why you need an attorney for your case.
The Sampair Group is your divorce firm in Maricopa County. Call our office to schedule an appointment with one of our skilled attorneys today.