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Posted in Family Law

Real estate investments – An appropriate family business?

Real estate investments – An appropriate family business?

Businesses run by families seem to be more enduring than others are. This is because of the stability, strict set of rules, followed by all members, and because they can be passed through generations. However, not all business ideas are appropriate for families. More than others, some investments, like the real estate exchange, seem to be more favorable for this climate. Because they are deferred from income taxes, a family might benefit a lot from this type of investments. However, before proceeding in such investments, you should know about some essential aspects, as described below.

 

You will need a permanent collaborator

If you are not familiar with investments under the 1031 Section, there is a crucial rule you should follow. You must never lay hands on the money generated by the property exchange. In order to manage such a transaction, you first need to sell a property you own, find another one to exchange it with, and finally swap the properties. If you are forbidden from touching the money, naturally, you need a third party doing that for you. This is the reason specialized companies emerged on the market. Moreover, an authorized consultant can even help you with the process of finding a new property. However, you and the money you will never meet, if you want your investment to remain tax deferred.

They can offer you a flexible source of income

If you are tired of managing a soliciting business, you might want to consider changing it with a more flexible one. If the factory you own, for example is starting giving signs of low income, consider swapping it with a rental building. Investments under the Internal Revenue Code Section 1031 are quite flexible, allowing you to change two types of different buildings, as long as they have commercial purpose and they are evaluated at the same market value. Therefore, you have the possibility to swap whatever property you own with an apartment building, for example.

Combine multiple properties for a bigger transaction

Not restrictive at all, the law lets you combine multiple properties and swap them with a single bigger one. If you lack a high evaluated property, you can become inventive and find a way and swap it for a highly evaluated property. If you are daring enough, you can easily go for a hotel building, restore it and transform it in an empire ruled by your family. If you are not sure about the alternatives you have and how flexible the market is, ask your collaborator for advice. They are well aware about the real estate market and its requirements.

Here are some ideas on how to transform an opportunity the IRS gave to investors and create a successful family business. The flexibility of the income tax deferral law allows you to find a property accordingly to your preferences, grow it and pass it through generations. However, pay attention to the team of professionals helping you, because they can be either dealmakers, either deal breakers.

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Posted in Family Law

What actually happens during a divorce process?

What actually happens during a divorce process?

 

If you are considering getting a divorce, you should expect a series of things to change in your life, but first you must be prepared for the divorce process, which for many people it can be quite a demanding and daunting experience. It is highly important to look for a professional and reliable divorce attorney the moment you decide to make this important decision in your couple’s life, especially if you are not accustomed to the terms in this domain and to what a divorce process graphic actually implies. Here are the main steps you need to follow in a divorce process.

Step 1 – filing the forms

The first step in the divorce process is to file the necessary forms and the most important one is the petition. The one who files the petition is called the Petitioner, while the spouse is the Respondent. It is important to know that there are other forms that need to be filed, which is why it is highly important to discuss all these aspects with the divorce attorney you have hired to make sure everything is in order. When selecting the attorney, check their Avvo profile first in order to learn more about their experience in the domain.

Step 2 – serving the forms

After filing this form, the petitioner has to wait for the response from the respondent, which is supposed to be given within 30 days from filing. It is true that a response is optional in the divorce process, but in case you do not receive it, you still have to wait at least 30 days until making the next move.

Step 3 – disclosing financial information

The following step in the divorce process implies for the petitioner to fill in and exchange other important forms such as declaration of disclosure, income and expense declaration and schedule of assets and debts. This must be performed within 60 days the moment the petitioner files the petition for dissolution and each party has to complete these forms.

Step 4 – finalizing the divorce process

In this phase, there are two possible scenarios: the respondent either did or did not file a response to your petition. In case they did file a response, you must ensure you have agreed on all aspects in the case in order to be able to submit judgment and obtain court approval. On the other hand, in case you have no response from the other party, you have to file a request for default and see if you have an agreement on every issue in the case.

Why is hiring a divorce attorney so important?

Unless you work in the domain, you are probably not familiar with all the terms and regulations that a divorce process implies, which means that it can be extremely difficult to represent yourself in court. It is recommended to hire an attorney that is specialized in divorces only, and not one that is specialized in several areas, because the former ones know every aspect a divorce implies and know how to handle a case, no matter how complicated or difficult it might be. Hire the best one in the region if you want to obtain the best results.

 

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