Handling Divorce For Couples With A Family Business

how to handle a divorce

No one is completely safe from divorce. Even celebrities find themselves in divorce courts all the time. Families owning big and successful businesses, as well, may also find themselves under the wings of a divorce case.

Generally, a divorce can get very messy and it might just get even messier when you throw family business into the equation. This means that there are more properties to take care of and more decisions to make.

When spouses open a family business together, the excitement of starting a venture together completely envelopes their mind to the point that usually, they forget to take into consideration the possibility of separation of marriage termination. As a result, their business is not divorce-proof.

Nonetheless, here are some tips for spouses, at the same time business partners, who are undergoing a divorce or are divorced.

Continue the business together

Ideally, the business and the personal relationship should not be mixed together. However, in reality, this cannot be avoided for some. If it is possible to continue the business together, we suggest that you do. If you have the power to set aside personal feelings and focus solely on taking care of business matters then do so.

However, if continuing the business together is too much for you to handle, you need not to worry for there are several other options you can turn to.

Sell your share or buy their share

If continuing business together is out of the option then you may also opt to sell your share of the business  to your spouse or to another party or if your spouse is willing to sell his/her share, then you should definitely acquire it.

This option, however, might be quite tricky. Both parties will definitely want to keep the business solely. It is uncommon for the other spouse to be willing to sell his shares to the other spouse.

how to take care of business during divorce

Consider selling the business

Selling or buying each other’s share of the business may possibly cause more conflict between the divorced spouses; hence, you might as well consider selling the business. This is a fair option since both of you will be placed in the same position. The sales will then be divided equally or proportionally between you two.

Consult the lawyer or the adviser

The opinion of a lawyer or of an adviser as regards to the issue at hand, which is the family business, is very important. Hear out what they suggest or advise you to do before making any decision which you might just regret later on.

Moreover, if we are talking about just one business or more than one family businesses, you will be in need of the services of a family lawyer. Choosing a reliable lawyer is important especially in these cases. Fortunately, law firms have made it easier for prospective clients to get to know their services. Have a look at http://www.franklinfamilylawattorney.com/divorce/ to know more about how their attorneys handle divorce cases like yours.

How Much Does Hiring a Lawyer Cost?

importance of hiring lawyers

Legal issues are extremely diverse. There are so many issues that surround the litigation process. In order to sail through legal issues, legal representation is critical. But legal representation comes at a fee. How much fee should one pay when hiring a lawyer? The cost of hiring a lawyer is dependent on various elements. Voiceglo lists them below:

1. A lawyer’s level of experience

The number of years a lawyer has been in practice dictates the cost charged. The more the experience, the higher the cost of hiring a lawyer. This is because an experienced lawyer is associated with high levels of intellectual capacity in different legal areas. An experienced lawyer’s services are also demanded more making the cost higher.

2. The billing structure and category of the legal matter

The cost of hiring a lawyer is determined by the billing structure employed. The billing structure depends on the type of legal matter in question. However, news has that in some states, court fees are increasing even for civil cases as well. Anyhow, the usual billing structure when hiring a lawyer involves:

Hourly basis

This is a widespread method of computing how much a lawyer should be paid. The amount a lawyer receives is equivalent to the number of hours he/she dedicates to a case. Cases in which the cost is paid on an hourly basis include:

· Family law

· Estate planning

Contingency fee

This fee represents an agreed upon percentage of a settlement which the lawyer gets once a jury determines a case. In most situations, a lawyer receives a contingency fee only when a complainant wins a case. Common cases in which contingency fee is applicable are:

· Personal injury litigation

· Patent infringement litigation

Flat fee basis

In this case, the amount incurred by a lawyer’s client is paid in advance. The amount paid is fixed. It is not affected by the number of hours a lawyer spends on a case. A flat fee applies in scenarios where the litigation process is not complex. Such cases include:

· Corporate establishments

· Unchallenged divorce matters

· Trademark filings’

cost to hire a lawyer

3. Location of legal services

The location in which a lawyer is situated determines the amount charged. In an urban setting, the cost of hiring a lawyer is high. In most cases, an hourly cost of $500 is charged. In a rural setting, the cost is relatively low and goes for approximately $200 on an hourly basis. A low clientele and little competition keeps the cost down.

4. The size and reputation of the law firm

Working with a lawyer from a law firm that is very big and has earned reputation and recognition as a credible institution is very costly. This is in contrast to hiring a lawyer from a small and less recognized law firm. Hiring a lawyer who practices independently would also cost less. If the nature of the legal issue is very diverse and involving, it is better to work with a lawyer from a big and renowned. As much as the cost of hiring may be high, it is worth it because adequate legal expertise will be rendered.

In conclusion, the cost of hiring a lawyer should be known prior to legal representation. The above discussed elements should be factored in in order to have comprehensive understanding of the total cost to be incurred. Hiring a lawyer is important whether you’re starting a small restaurant business or if you’re caught in a divorce case; lawyers that practice family based law at Arthur Duke are a good choice of legal representatives.