A wage garnishment, sometimes called a wage attachment, is an order requiring your employer to withhold a specific amount of money from your pay and send it directly to one of your creditors. In most cases, a creditor can’t garnish your wages without first getting a money judgment from a court. For instance, if you’re behind on credit card payments or owe a doctor’s bill, those creditors can’t garnish your wages unless they sue you and get a judgment. Some creditors, though, like those you owe taxes, federal student loans, child support, or alimony, don’t have to file a suit to get a wage garnishment. These creditors have a statutory right to take money directly out of your paycheck. But creditors can’t seize all of the money in your paycheck. Different rules and legal limits determine how much of your pay can be garnished. For example, federal law places limits on how much judgment creditors can take. The garnishment amount is limited to 25% of your disposable earnings for that week (what’s left after mandatory deductions) or the amount by which your disposable earnings for that week exceed 30 times the federal minimum hourly wage, whichever is less. Some states set a lower limit for how much of your wages are subject to garnishment. Utah wage garnishment laws protect the same amount as the federal wage garnishment laws. The creditor will continue to garnish your wages until the debt is paid off, or you take some measure to stop the garnishment, such as claiming an exemption with the court. Your state’s exemption laws determine the amount of income you’ll be able to retain. Depending on your situation, you might be able to partially or fully keep your money. You can also potentially stop most garnishments by filing for bankruptcy. Limits on Wage Garnishment in UtahIn Utah, the most a creditor can garnish from your wages is: Limits for Child Support, Student Loans, and Unpaid TaxesIf you owe child support, federal student loans, or taxes, the government or creditor can garnish your wages without getting a court judgment for that purpose. The amount that can be garnished is different than it is for judgment creditors. Garnishment Limits for Unpaid Child SupportSince 1988, all court orders for child support include an automatic income withholding order. The other parent can also get a wage garnishment order from the court if you get behind in child support payments. Federal law limits this type of wage garnishment. Up to 50% of your disposable earnings may be garnished to pay child support if you’re currently supporting a spouse or a child who isn’t the subject of the order. If you aren’t supporting a spouse or child, up to 60% of your earnings may be taken. An additional 5% may be taken if you’re more than 12 weeks in arrears. Garnishment Limit for Federal Student Loans in DefaultUnder federal law, the U.S. Department of Education or any entity collecting for this agency can garnish up to 15% of your pay if you’re in default on a federal student loan (the same as Utah state law). This kind of garnishment is called an “administrative garnishment.” But you can keep an amount that’s equivalent to 30 times the current federal minimum wage per week. Garnishment Limits for Unpaid TaxesThe federal government can garnish your wages (called a “levy”) if you owe back taxes, even without a court judgment. The weekly exempt amount is based on the total of the taxpayer’s standard deduction, and the aggregate amount of the deductions for personal exemptions allowed the taxpayer in the taxable year in which such levy occurs. Then, this total is divided by 52. If you don’t verify the standard deduction and how many dependents you would be entitled to claim on your tax return, the IRS bases the amount exempt from levy on the standard deduction for a married person filing separately, with only one personal exemption. States and local governments may also be able to garnish your wages to collect unpaid state and local taxes. How to Protect Your Wages from GarnishmentIf you receive a notice of a wage garnishment order, you might be able to protect or “exempt” some or all of your wages by filing an exemption claim with the court or raising an objection. The procedures you need to follow to object to a wage garnishment depend on the type of debt that the creditor is trying to collect, as well as the laws of your state. You can also stop most garnishments by filing for bankruptcy. Your state’s exemption laws determine the amount of income you’ll be able to keep. Restrictions on Job Termination Due to Wage GarnishmentsComplying with wage garnishment orders can be a hassle for your employer; some might prefer to terminate your employment rather than comply. Federal and sometimes state laws provide some protection for you in this situation. According to federal law, your employer can’t discharge you if you have one wage garnishment. Utah law provides the same protection. Under state law, no employer may discharge any employee because the employee’s earnings are subject to garnishment in connection with any one judgment. But federal and state law won’t protect you if you have more than one wage garnishment order. Types of Wage GarnishmentsGovernment agencies and court orders can require employers to garnish an employee’s wages to collect unpaid debts or financial responsibility. Government agencies and court orders can require employers to garnish an employee’s wages to collect unpaid debts or financial responsibility. Federal and state tax agencies will impose a levy on an employee’s wages for outstanding tax balances. There are five types of wage garnishments that employers can receive.Federal Wage GarnishmentsWage garnishments are ranked in order of importance. Federal debts must be paid first, except if there is a Child Support garnishment in place. State wage garnishments are issued after all federal debt is repaid. Child SupportChild support is the first priority for wage garnishments. As a federal tax obligation, employment income must first satisfy child support requirements. The law orders automatic wage withholding for family support orders, spousal support, and alimony. Employers must notify the employee once a wage garnishment is issued. They must also state the amount that will be withheld from each paycheck. Federal Student LoansIf an individual defaults on a federal student loan, the government has the right to garnish up to 15 percent of the student’s wages. Since the U.S. Department of Education issues federal student loans, they are treated as other federal debts. The borrower will be notified 30 days prior to garnishments. Federal student loans are next in importance after child support. State Wage GarnishmentsAfter all federal debt is settled, state tax agencies are eligible to collect any unpaid debt. State Income TaxesIf you fail to file a tax return or incorrectly report income, you may be subject to wage garnishments. Citizens who do not pay owed state taxes can face garnishments up to 15 percent of wages until the debt is repaid varies by employee’s work state. Credit Cards and all Other DebtOnce federal and state tax levies are taken care of, private organizations have the right to garnish a borrower’s wages. This typically comes in the form of credit card and other debt. Other liabilities may include medical bills, personal loans, or other unpaid consumer obligations. When it comes to consumer debt, the order in which it is retrieved is based on the date the debt was acquired. The earliest debt must be paid first. Garnishments continue in order of the time received. The amount that can be garnished from the employee’s wages varies by the employee work state. Wage Garnishment Protections for EmployeesThere are a number of protections in place for employees whose wages are garnished. The federal government and many states have policies in place that prevent debtors from becoming impoverished while repaying their debts. Two of the most important protections are: How to Avoid a Wage Garnishment OrderThe best way to avoid a wage garnishment order is to keep up with your debt payments. Ideally, you should pay your debts on time and in full, but this is not always possible. If you know you may have trouble paying all your bills on time, you should contact your creditors. Most student loan administrators have a variety of ways for you to avoid default. Child support, on the other hand, may be modified by court order if you can show that you can no longer afford the payments. In addition, the IRS and some state tax departments can help you schedule structured payments to repay your back taxes. Finally, some banks and other private debts may be able to work out more affordable payment arrangements. If you‘re unable to work out an alternative arrangement and you see the notice for the wage garnishment hearing in the mail, don’t ignore it! Attend the hearing with an attorney if possible. Bring along any documentation you may have about the debt, including proof of attempted payments and attempts to negotiate a different payment schedule, as well as proof of your income and expenses. If you were unable to attend the garnishment hearing and the garnishment takes effect, you should ask your employer for a copy of the court order. You may be able to request that the court review the garnishment order. Stopping Wage Garnishment without BankruptcyRespond to the Creditor’s Demand LetterOnce a creditor has obtained a judgment against you, many states require that it send you one last warning letter before the garnishment begins. This is usually called a “demand letter.” If you get a demand letter from your creditor, don’t ignore it. Many creditors prefer to get voluntary payments from debtors rather than deal with the cost and time-consuming paperwork involved with garnishments. Use this opportunity to negotiate a payment plan with the creditor before it begins the garnishment process. Seek State-Specific RemediesSome states offer their own additional protections against garnishment. For instance, in Salt lake, Utah, you can request that the court appoint a trustee. In a trusteeship, you make payments to the trustee, who will then distribute those payments to your other creditors. As long as you are in a trusteeship, a creditor cannot garnish your wages. In Utah, you can make a claim of exemption. You can reduce or eliminate the garnishment if you can show economic hardship and that your income is needed to support your family. You should contact the clerk of your municipal or county court, or consult with a local attorney, to see what options are available in your state. Get Debt CounselingA consumer credit counseling service (CCS) may be able to help you stop a garnishment. Not to be confused with debt repair companies, a CCS is a non-profit agency that can help you negotiate and reach an agreement with your creditors to pay them over time. If your creditors agree to participate in this group payment plan, then they cannot garnish you as long as you make your payments. Object to the GarnishmentIf you do nothing after receiving the demand letter, you will then likely receive from your employer copies of the garnishment order and notice of the garnishment. You should file any objections you have to the garnishment, in writing, with the court and request a hearing. The garnishment papers might contain forms that you can fill in and request a hearing. If not, you’ll have to complete and file something separately. Some of the more common objections you can make include: The Creditor Did Not Follow Proper ProceduresIf the creditor did not follow garnishment procedure, then the court may terminate the garnishment order. An example of improper garnishment would be for the creditor to fail to give you timely notice of the garnishment. The Creditor Was PaidIf you already paid the judgment, or if the creditor received full or partial payment toward the judgment through other means (bank attachments, prior post-judgment voluntary payments, etc.) then you obviously need to object so that the creditor doesn’t receive more than what it is legally entitled. Attend the Objection Hearing (and Negotiate if Necessary)Once you have filed your objection, then you need to attend the hearing. If you file an objection, but do not go to the hearing, then the court may overrule your objection and the garnishment will begin. Even if you attend the hearing and the court denies your objection, you can still use this as an opportunity to meet with the creditor and negotiate a payment plan. It may not be too late to stop the garnishment if you can get the creditor to agree. Challenge the Underlying JudgmentIf you have a legal basis to dispute the judgment (for instance, you were never properly served with the complaint and subsequent legal papers), it may not be too late to stop the garnishment. You will not be able to dispute the judgment at the garnishment hearing, so raising any of your defenses or objections will fall on deaf ears. However, you may be able to vacate the judgment by filing a separate motion, posting a bond (usually) and attending a different hearing. This can be a very difficult process, so you should speak to a local attorney to discuss this further. You must also do quickly, as you may have only a limited period of time to pursue this remedy. Continue NegotiatingEven after a garnishment has started, you can still try and negotiate a resolution with the creditor, especially if your circumstances change. For example, if you have an income tax refund that could pay off some of the judgment, then you may be able to get the creditor to agree to cancel the garnishment in exchange for a lump sum payment to settle the rest of the judgment. If none of the above options are sufficient, you may want to consider using bankruptcy. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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Wayne County is as historic as it is naturally beautiful. The land tells a tale through formation and erosion. The people tell their story as it is passed down from earlier generations. Scientists have identified the remains of extinct Pleistocene species such as the sloth, horse, mammoth, bison, and camel in Wayne County and dated Archaic and Fremont Indian sites (Cowboy Caves) to between 6300 B.C. and 450 A.D. Horseshoe (Barrier) Canyon and the Maze section of Canyon lands in eastern Wayne contain spectacular pictographs. In historic times the county was part of the Ute Indians’ domain. Wayne was created in May 1892 from Piute County. Most of its towns were settled after 1880 because of the remote location and limited resources. A delegate to the constitutional convention gave it the name of Wayne County. Raising livestock is the oldest and most important industry. Beef cattle produce the most income, but dairy cows, sheep, and poultry have all contributed to the local economy in the past. Getting cattle to market was difficult. Until good roads were built in the 1930s stock was driven some 100 miles north to the railroad at Nephi and later to a Denver & Rio Grande branch line in Sevier County. The creation of national forests in the early 20th century reduced the number of cattle that could be grazed in western Wayne County. The lumber industry became another major source of income. Wayne County is logged at a higher elevation than any place in the U.S. This area has long been famed for its hunting and fishing quality. With the completion of highway 24 through Capitol Reef National Park and scenic highway 12 over the Boulder Mountain, Wayne County is enjoying in more recent years tourism. This also provides income for some residents. Almost every town in the county has excellent accommodations for the tourist. There are two airports in the county. One is owned and maintained by the county near Bicknell and the second is government maintained and located at Hanksville. Uranium has been mined, and tar sands, another energy-related resource, await development. The state operates two fish hatcheries in Wayne. During the Great Depression the Works Progress Administration (WPA) provided funds to build a county courthouse in Loa. County officials originally met in private homes and rented quarters and later converted a store into office space. The Civilian Conservation Corps (CCC), another federal program during the depression, operated three camps in the county. The CCC built roads, campgrounds, and small water projects. Road building has been a major concern of local government from the beginning. Modern highways now make it easy for tourists to drive to many scenic attractions and give residents easy access to the nearest commercial center and medical and other services in Richfield. Wayne County’s early residents were a diverse group of mammals. The sloth, horse, mammoth, and bison all have left evidence of their lives here within the county borders. There also is evidence of the Archaic and Fremont Native American cultures living here with sites that date as far back as 6300 B.C. and up to A.D. 450. The pioneer settlers didn’t make it into this remote area until the 1880’s. When the U.S. government had work programs to build roads and campgrounds, the area grew both in the number of residents and towns. The county courthouse in Loa was built with funds earned by residents of the county during the depression-era. Ranchers have also used the area for raising cattle. The state and federal governments run over 97% of the land. The county’s main attraction and income is tourism at Capitol Reef National Park. The park gives the visitor a chance to drive, hike, and camp among the large and unique rock formations found in the area. Wayne County, located in the Coastal Plain region of North Carolina, was formed in 1779 from Dobbs County and named for Revolutionary War general “Mad Anthony” Wayne. Early inhabitants of the area included the Saponi and TuscaroraIndians; English and Scotch-Irish settlers later populated the region. Goldsboro-named for Maj. Mathew Tilghman Goldsborough, assistant engineer on the Wilmington & Weldon Railroad, which passed through Wayne County-was incorporated in 1847 and replaced Waynesboro as the county seat in 1850. Wayne County agricultural products include cucumbers, soybeans, tobacco, corn, wheat, vegetables, cotton, poultry, and swine. Manufactured products include pickles and relishes, furniture, apparel, commercial baking equipment, and electric transformers. The estimated population of Wayne County was 115,000 in 2004. The Wayne County Courthouse is located in Wooster, Ohio and was constructed to Thomas Boyd’s design from 1877 to 1879. The building is designed in classic Second Empire style and is composed of sandstone. The architect originally designed a symmetrical building separate from the old north annex of the previous courthouse. The reluctant county officials cited money issues and ordered the new building to be built connected to the old, thus giving it an offset appearance. The entrances are flanked by the Atlantes supporting a pediment. The first floor consists of smooth stone blocks. The windows are high arched and set back into the wall, above each is a small arch with a decorative keystone. The second and third floor is of a rougher, darker stone than the first. Doric and Corinthian columns flank the windows around the facade. The second floor windows are high arched and recessed. Here the buildings on either side of the tower differ, the northern half ending with a hipped roof, the southern half continuing on above. The third floor of the southern end contains rectangular recessed windows, the roof resting on a decorative molding above. On the southern side sits a broken pediment with a griffin peering out below. Resting on the pediment are two figures representing Justice, one holding the scales of justice, the other the Ten Commandments. The windows peeking out of the roof are round portholes. A high tower sits, oddly enough, at the end of the roofing detail, but correctly in the middle of the court complex. It rests on a broken pediment containing an urn. The tower raises two levels to become a clock tower, and then curves in to brace a cupola with a weather vane capping it. The Courthouse of 1878, Wayne County’s best-known symbol and most outstanding architectural landmark, is the latest in a succession of buildings that have housed Wayne County’s court system since pioneer days. The county’s first real courthouse was erected in 1819 by Wooster founders John Bever, William Henry and John Larwill. Building a courthouse was one of the conditions of a deal that allowed the county seat to be moved from its original location in Madison (located atop what is today known as Madison Hill) to Wooster. The three-story brick structure, which incorporated a gallery, was occupied by county offices and Freemason organizations. In 1823, John Bever donated a bell for the structure’s bell tower. The courthouse burned in 1828 during a term of the court, and some county records were lost. The second courthouse was built between 1831 and 1833 on the site of the first courthouse at a cost of $7,200. Designed by an architect named Mr. McCurdy, it was a square brick structure two stories tall with arched door openings, six-over-six window sash with shutters, and a central bell tower topped by a dome and high spire. The roof of the structure was covered with lead. In its day, it was considered to be one of the most architecturally outstanding courthouses in the state. Decorating the spire were an iron weathervane and two balls that were made of copper. The copper balls were gilded and bronzed. Crafted by John Babb of Wooster at a combined cost of $15.00, the large ball was 24 gallons and three quarts in size, while the smaller one was one-and-a-half gallons. The structure was condemned in 1877 after 44 years of service due to rotting timbers and “defective walls.” Public meetings began on Feb. 16 and 18, 1878 on building a new county courthouse, and $75,000 was appropriated for the project. John McSweeney and John P. Jeffries served as chairmen for the undertaking. While the new courthouse was under construction, court was held in the France’ Hall built in 1870. That building was eventually incorporated into the west section of Freedlander’s Department Store. The court returned to the site in June of 1879 when the work was finished. When the courthouse was completed, it was felt that the space was not properly divided with respect to its space and rooms. In 1910 the county commissioners spent $10,000 to alter the interior layout. In July 1960, after running continuously for 81 years, the clock was stopped for three days during which it underwent a major cleaning and overhaul. By 1974 the striking hammer had been hitting the bell in the same spot for 95 years. A consultant recommended that the bell be turned 180 degrees and that the striking hammer be bored and a magnesium-bronze plug be inserted to strike the bell rather than the original cast steel hammer face. As a consequence, the bell now has a fuller tone and its resonance has been improved. Since 1889 the clock has had seven keepers. During the first half of the 20th century three generations of the Long family were among those taking care of the clock. The longest-serving caretaker of the clock is George J. Riehl of Wooster who has maintained the timepiece since 1952. All those who have taken care of the clock have etched their names and dates on the door frame of the clock works. In September, 1989, the courthouse’s tower began being illuminated at night by large yellow low-sodium spotlights placed on the roofs of surrounding buildings. The lighting plan was conceived by Main Street Wooster, Inc. and implemented with the assistance of the General Electric Company. The result is that the courthouse can now be seen at night on the Wayne County landscape from a great distance, looking like a large candle towering over the city’s other lights which spread out into the countryside. Over 177 years, the courthouse has undergone few renovations that disturb its original 19th century character. The recently completed renovation of Courtroom No. 1 to return it to its original character is indicative of the county’s ongoing commitment to preserving this outstanding structure so that it can continue to play the vital day-to-day role for which it was designed in the life of Wayne County. Wayne County UT Cities, Towns, & Neighborhoods By offering the legal insurance plan, Legal GUARD, you’re helping to provide peace of mind and protection for your employees when it matters most. Legal GUARD members have access to a national network of attorneys with exceptional experience who are matched to meet specific legal needs. Members also get paid-in-full coverage on most legal matters, as well as personal guidance and coaching. A Legal GUARD plan can be customized to fit your needs and offers a wide range of services: Legal GUARD provides a valuable serviceThere are a number of reasons why Legal GUARD is so attractive to employees: Benefit Forms & InformationTuition Reimbursement Healthcare Provider FormsNOTE: It is important that the department personnel officer is immediately made aware of any leave in order to comply with Federal notice regulations under the Family Medical Leave Act. • Family Medical Leave Act Benefits General Health Benefit Plan InformationWayne County Health & Welfare Benefit Plan • Plan Amendment for Retiree Medical Savings Account District Courts in Wayne County Wayne County Courthouse Juvenile Courts in Wayne County Justice Courts in Wayne County Wayne County Courthouse Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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What Are The Advantages Of Avoiding Probate? What Are Some Effects Of Divorce Or Separation On Children? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Ascent Law, LLC https://www.ascentlawfirm.com/wayne-county-utah/ Exempt SecuritiesExempt securities are financial instruments sold by publicly-traded companies or the government to investors. The revenue from the sale of securities is used as a means of raising capital. Many of these instruments must be registered with the SEC and abide by the provisions of the Securities Act of 1933. In short, the Securities Act of 1933 does a couple of things. It requires that a publicly held company disclose full financial information and that the information is truthful. However, not every security issuance must register with the SEC. Certain types of securities can be granted an exemption from full filing requirements. Exempt securities, under Section 4 of the Securities Act of 1933, are financial instruments that carry government backing and typically have a government or tax-exempt status. Securities that do not need to be registered with the SEC under the Security Act of 1933 or the Securities Exchange Act of 1934. Examples of exempt securities include small issues, agency securities, most other debt instruments issued by the federal or a local government, and issues made only in a single state. Private placements are also usually exempt from registration. Securities Exempt from RegistrationThere are many securities which are exempt from the Securities Act of 1933—requiring neither registration nor a prospectus. There are several reasons why securities may be exempt from registration requirements: Tax-Exempt SecurityA tax-exempt security is an investment in which the income produced is free from federal, state, and/or local taxes. Most tax-exempt securities come in the form of municipal bonds, which represent obligations of a state, territory or municipality. For some investors, U.S. Savings Bond interest may also be free from federal income taxes. How a Tax-Exempt Security Works?Income, such as dividends and interest, on tax-exempt securities does not have federal tax applied to it. Depending on where the investor lives, a tax-exempt security may be free from all taxes. An in-state resident will usually receive a state and federal tax exemption on general obligation bonds from his or her home state. While municipal bonds are the most common references of tax-exempt securities, mutual funds that invest in municipal bonds, U.S. Savings Bonds, or other tax-exempt securities can also receive tax-exempt status. Federal government bonds, namely the U.S. Savings Bond and Treasury Inflation Protected Securities (TIPS), are taxed at the federal level, but exempt from state and local taxes. Exempt TransactionAn exempt transaction is a type of securities transaction where a business does not need to file registrations with any regulatory bodies, provided the number of securities involved is relatively minor compared to the scope of the issuer’s operations and that no new securities are being issued. Exempt securities are the instruments used that the government backs, which have tax-exempt status. An exempt transaction is a securities exchange that would otherwise have to register with the Securities and Exchange Commission (SEC) but does not because of the nature of the transaction in question. How an Exempt Transaction Works?Exempt transactions cut down the amount of paperwork needed for relatively minor transactions. For example, it would be a big hassle to perform a filing with the SEC every time a non-executive employee wanted to sell back some of the company’s common shares he or she purchased as part of an employee stock purchase plan. Types of Exempt TransactionsA private placement or Reg D offering is a type of exempt transaction in which the securities are not offered to the public, but are instead sold privately to an accredited investor. According to the SEC, an accredited investor can be: Other types of exempt transactions include Reg A offerings, also known as small business company offerings, which permit the issuing company to raise no more than $5 million in 12 months. This allows smaller companies to access securities markets to raise capital. Rule 147 offerings, or intrastate offerings, are also exempt. Transactions with financial institutions, fiduciaries, and insurance underwriters may be considered exempt. Unsolicited orders, which are those executed through a broker at the request of his or her client, are also considered exempt. Usually, an exempt transaction involves a small amount of money or an accredited or sophisticated investor, or does not, for some other reason, warrant a full registration. However, even exempt transactions are subject to some regulations, such as anti-fraud provisions. Investors and companies can still be held liable to misleading or false statements made on behalf of the company, the offering, or the securities, even if the transaction is exempt. And while exempt transactions may not need to be registered with state securities regulators, those state authorities retain the authority to investigate fraud, collect associated state fees, and enforce state filing requirements. Therefore, companies should take care to remain in compliance with state securities regulations, even if their offerings and transactions are exempt under federal filing regulations. Types of Exempt securitiesCertain securities are exempt from the registration requirements under the Securities Act of 1933. Either these securities come from issuers that have a high level of creditworthiness, or another government regulatory agency has some sort of jurisdiction over the issuer of the securities. These types of securities include: Fixed annuities are exempt from SEC registration because the issuing insurance company guarantees the payout. However, variable annuities require registration because the payout varies depending on the performance of the securities held in the separate account. Government SecuritiesU.S. government securities—Treasuries—and municipal bonds are all exempt from registration. Intrastate OfferingsAn intrastate offering is an offering made only to the residents of a state by a corporation in that state. The offering must be registered in the state, and it must comply with SEC Rule 147: Life InsuranceMost life insurance contracts are exempt, except for those contracts that have investment risk, such as variable life policies and variable annuities. Commercial Paper and Bankers AcceptancesCommercial paper is exempt from registration if its term is 270 days or less; and banker’s acceptances, if the term 180 days or less. Regulation ARegulation A of the Securities Act of 1933 (aka Reg A) exempts small offerings of securities from the regular SEC registration if these conditions are met: Private PlacementsA private placement is the sale of securities to wealthy or sophisticated investors but not to the general public. Private placements are exempted from SEC registration under Regulation D of the Securities Act. Some broker-dealers — sometimes referred to as private placement agents — specialize in private placements. Nonetheless, private placement agents are required to be registered by the SEC even though the securities that they sell are usually exempt from registration requirements. Regulation DThe details of Reg D are explained in Rules 501 to 506. No public advertisements or solicitations for a Reg D issue are allowed. A tombstone ad may provide notice of the completion of an offering, but not the offering itself. Rule 501: Definition of an Accredited InvestorSecurities are exempt if sold to accredited investors, who are basically individuals or institutions that have a lot of money and the financial wherewithal to invest in risky unregistered securities. Accredited investors include: Although the SEC does not require that a disclosure document be offered to accredited investors, the issuer will usually provide a Private Offering Memorandum instead. After all, even accredited investors want to know some details about what they are investing in.A non-accredited investor, who the law presumes does not have sufficient knowledge of financial matters to evaluate the risks and merits of a private placement, must have a purchaser representative who does have the necessary expertise to evaluate any private placement that a non-accredited investor is considering. A purchaser representative may not be affiliated with the issuer unless he is related to the investor. Rule 503 — Form DThe issuer must file a Form D within 15 days after the commencement of a Reg D offering. Rule 504A non-reporting company can raise up to $1,000,000 from any number of individuals, accredited or not, without a SEC registration. Rule 505 — Purchaser Limitation RuleA corporation can raise up to $5,000,000 within a 12-month period from any number of accredited investors, but no more than 35 non-accredited investors.A non-accredited investor is anyone or organization who is not an accredited investor. However, a married couple counts as 1 non-accredited investor, as well as any purchase of issues under the Uniform Gifts to Minors Act (UGMA) for their dependent children. A partnership that was not formed for a Reg D investment is considered 1 non-accredited investor; if the partnership was formed expressly for this investment, then the number of non-accredited investors depends on the status of each partner. Rule 506 — Investment SophisticationThe dollar limitation of Rule 505 can be waived if the non-accredited investors are sophisticated investors who have had prior experience with a Reg D offering, or they are represented by a purchaser representative who has, such as an investment adviser, accountant, or attorney. Rule 502Rule 502 restricts general solicitation or advertising for a private offering, stating specifically that “neither the issuer nor any person acting on its behalf shall offer or sell the securities by any form of general solicitation or general advertising….”This rule may apply if the media finds out about the offering and publishes it widely, creating a demand for the private offering. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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What Are The Financial Consequences Of Divorce? What Are The Advantages Of Avoiding Probate? What Are Some Effects Of Divorce Or Separation On Children? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Ascent Law, LLC https://www.ascentlawfirm.com/what-is-exempt-security/ Some married couples want a break from each other but aren’t ready to officially end their marriage. A “separation” means that you and your spouse are living apart but are still legally married. You don’t always have to live in separate residences to be separated—you might choose (for financial or other reasons) to remain in the same house but living as roommates rather than a married couple. A separation can be informal—meaning the spouses work out the terms of the separation without any court involvement—or legal—meaning that a court recognizes the separation and issues an order detailing the terms of the separation. Trial Separation and Separation AgreementsTrial separations, sometimes called “marriage separations,” are voluntary and don’t require that you file anything with a court. Most spouses choose to try a trial separation when they hope to resolve the problems they’ve been having and remain married. Legally, not much changes for the couple during a trial separation—all marital property laws still apply. For example, any debt or assets either of you acquire during the trial separation period are still considered marital property. No matter what type of separation you choose, it’s a good idea to work out the terms of your separation with your spouse. This includes writing a separation agreement about topics such as: You don’t have to enter into a separation agreement to be separated. However, it’s worth taking the time to write out an agreement that both of you sign to avoid confusion and disagreement. And, if you ultimately decide to divorce, you can use the agreement as a starting point for drafting a marital settlement agreement. When spouses determine that there’s no hope of reconciling, their trial separation becomes a permanent separation. If you and your spouse need a break from the relationship, one option is to live apart while deciding whether to divorce—a “trial separation.” Legally, not much changes during a trial separation—all marital property laws still apply. For example, a court will treat the money you earn and the things you buy during the trial separation as property acquired by a married person. That will often mean that the property is jointly owned by you and your spouse (depending on your state’s rules about property ownership). If you and your spouse separate but hope to reconcile, it’s a good idea to write an informal agreement about the rules of your separation. For example, your trial separation agreement might address: If you ultimately decide to divorce, you might be able to use this trial separation agreement as a starting point for creating a marital settlement agreement. If you and your spouse determine that there’s no hope of reconciling, your trial separation becomes a permanent separation. Permanent SeparationIn a “permanent separation,” you and your spouse live apart and have no hope of reconciling. You don’t have to involve a court to become permanently separated. Depending on your state’s law, a permanent separation might affect spouses’ property rights. For example, in some states, once a couple permanently separates, each spouse becomes solely responsible for any debts they take on after the date of separation. Because a permanent separation can affect your property rights, you’ll want to determine a firm start date for the separation. Once you’ve determined that there’s no hope of reconciling with your spouse and the separation is permanent, it’s important that you don’t go out together or spend the night together for old times’ sake. Even a brief reconciliation can change your separation date and affect your and your spouse’s rights to each other’s income, debt, and property. How Permanent Separation Affects Your RightsDepending on the law where you live, a permanent separation can change property rights between spouses. For example, in some states, assets and debts acquired during a permanent separation belong only to the spouse who acquires them. Once you are permanently separated, each spouse becomes solely responsible for any debts they take on. Similarly, spouses who are permanently separated are no longer entitled to any share of property or income acquired by the other. Why the Date of Permanent Separation MattersBecause the spouses’ rights to each other’s property and obligations for debts change significantly as of the date of a permanent separation, spouses often hotly dispute the exact date their separation became permanent. For example, if your spouse left in a huff and spent a month sleeping on a friend’s couch, but you didn’t discuss divorce until the month had passed, the date the separation became permanent might be unclear. And that means that if your spouse received a big bonus at work during that month, you might be able to argue that part of the bonus belongs to you. If you move out of the house and don’t expect any long-term reconciliation with your spouse, think twice about going out together or spending the night together just for old times’ sake. If you do briefly reconcile, you risk changing the date of separation and becoming responsible for your spouse’s financial actions during a period when you thought you were responsible for only your own. Once you permanently separate from your spouse and have made basic agreements about your joint assets and debts, you don’t have to divorce right away. You might decide to remain married for a variety of reasons, such as a desire to not disrupt your children’s lives or in order to retain insurance coverage. Or, sometimes maintaining the status quo is just easier than pursuing a divorce. On the other hand, you might decide to divorce as soon as you can get the paperwork finalized, or, if your state has a required separation or waiting period, when that period is over. Legal separations are formal separations recognized by the court. Not every state allows legal separations. In states that permit legal separations, the process is similar to getting a divorce: One spouse will file a petition for legal separation, and a judge will oversee division of marital property and debts, decide custody and support, and award alimony, if appropriate. If you and your spouse can work together to decide these issues, you might be able to submit a separation agreement for the judge to approve and incorporate into your separation order. When a court grants a legal separation, neither spouse can remarry. In order to remarry, you’ll have to officially end your marriage with a divorce. In many states, you can remain legally separated forever, but in some states, the court will place a deadline on the legal separation. If there’s a deadline, you and your spouse will have to decide if you want to reconcile, remain separated, or divorce. Either spouse can file for divorce without permission or agreement from the other. Some couples choose to remain legally separated indefinitely for reasons such as: Differences between Separation and DivorceThe biggest difference between separation and divorce is that a separation leaves a marriage legally intact while a divorce terminates the marriage. Divorce is permanent, and a divorce order is extremely difficult to appeal. Separations are easier to reverse. If you’ve done a trial separation or permanently separated from your spouse, you can simply get back together. If you’re legally separated, you just need to file a motion (request) with the court asking the court to end the separation. Other differences between separation and divorce include: Required Separation Before DivorceSeveral states require married couples to live apart for a certain amount of time before they can divorce. In most states, the required separation period applies to only certain types of divorces. For example, many states require separation only for couples seeking divorce on a fault-based ground. Most states that allow only no-fault divorces don’t have a required separation period. (You can read about “separate and apart” requirements, including as they relate to moving out.) Pros and Cons of Separation Before DivorceWhen you’re certain that your marriage is over, and you know that you want to divorce, separating might still be a good idea. When you separate before divorce, you and your spouse have a chance to resolve some issues—and you can use any agreement you’ve reached to streamline your divorce. If you’re able to agree on all the issues in your divorce, you might even be able to file an uncontested divorce, which can save you money, time, and effort. If you file for divorce without an agreement in place, your divorce might take a while to complete. It can take months to resolve issues like custody, support, and property division even on a temporary basis. Some contested divorces can take a year or more to get to trial. And the longer your divorce takes, the higher your legal bill will be if you’ve hired an attorney. Additionally, drawn-out contested divorces usually take a major emotional toll on everyone involved, including children. Deciding to divorce right away doesn’t mean you can’t resolve your differences before a divorce trial, though. If you think that you might be able to negotiate an agreement with your spouse, divorce mediation might be a good idea. Divorce mediation is successful for a lot of couples, and it allows couples to resolve their divorce on their terms. In fact, many states require couples to participate in mediation before the court will set a trial date. Do I have to pay alimony or child support while I’m separated?It depends. If you’re living in the same household while you’re in a trial or permanent separation, the court might not award child or spousal support. However, when you file for a legal separation, the court will calculate child support and alimony, if appropriate. Once a court has issued a support order as part of a legal separation, you must follow its terms or you could face legal consequences. Legal separation permits each spouse to move on, independently, from their marriage, without going through the formal divorce process. Legally separated couples can often continue providing each other health care, Social Security benefits, and tax benefits. (Be sure to look at the terms of any benefits you share and determine if they’re affected by a legal separation, as some types of benefits might end upon a legal separation). A court order in a legal separation carries the same weight as custody, property, and support orders in a divorce decree. This means that both spouses are bound by the separation order, and both can enforce the orders in court. Married couples typically share assets and debts unless they sign an agreement that says otherwise. Often, married couples find that sharing assets and debts puts them in a stronger financial position—but not always. In many situations, married couples also enjoy more tax benefits than singles. Ultimately, there’s no one-size-fits-all answer. To determine whether your financial situation is better if you’re single or divorced, you’ll want to take a close look at your finances, and consider consulting with an accountant, financial advisor, or other qualified expert who can assess your options. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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What Are the First Steps To Getting Sole Custody When We Weren’t Married? What Are The Financial Consequences Of Divorce? What Are The Advantages Of Avoiding Probate? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Ascent Law, LLC https://www.ascentlawfirm.com/what-are-some-effects-of-divorce-or-separation-on-children/ Probate is the official way that an estate gets settled under the supervision of the court. A person, usually a surviving spouse or an adult child, is appointed by the court if there is no Will, or nominated by the deceased person’s Will. Once appointed, this person, called an executor or Personal Representative, has the legal authority to gather and value the assets owned by the estate, to pay bills and taxes, and, ultimately, to distribute the assets to the heirs or beneficiaries. The purpose of probate is to prevent fraud after someone’s death. Not all estates must go through probate though. First, if an estate falls below a certain threshold, it is considered a “small estate” and doesn’t require court supervision to be settled. Second, not all assets are subject to probate. Some kinds of assets transfer automatically at the death of an owner with no probate required. The most common kinds of assets that pass without probate are: The general procedure required to settle an estate via probate in Utah is set out in a set of laws called the Uniform Probate Code, a set of probate procedures that has been adopted, with minor variations, in 15 states, including Utah. In Utah, under the UPC there are three kind of probate proceedings: informal, unsupervised, and supervised formal. Informal ProbateMost probate proceedings in Utah are informal. You can use it when the heirs and beneficiaries are getting along, there are no creditor problems to resolve and you don’t expect any trouble. The process begins when you file an application with the probate court to serve as the “personal representative” of the estate. (This is what most people think of as the “executor”). Once your application is approved, you have legal authority to act for the estate. Usually you’ll get what’s called “Letters Testamentary” from the court. Once you get the letters, you need to do these things: Once the property’s been distributed, you close an informal proceeding by filing a final accounting with the court and a closing statement that says you’ve paid all the debts and taxes, distributed the property, and filed the accounting. Unsupervised Formal ProbateA formal probate, even an unsupervised one, is a court proceeding. That means that a judge must approve certain actions taken by the Personal Representative, such as selling estate property, or distributing assets, or paying an attorney. The purpose of involving a judge is to settle disputes between beneficiaries over the distribution of assets, the meaning of a Will, or the amounts due to certain creditors. The informal probate process won’t work if there are disputes, so that’s when the court gets involved. Supervised Formal ProbateA supervised formal probate is one in which the court steps in to supervise the entire probate process. The court must approve the distribution of all property in such a proceeding. The basic process for an executor is: This will take about a year for most estates. The exact amount of time will depend on the size and complexity of the estate. International probate can be more complicated and usually takes between six months and two years. Sometimes disputes can come up during probate between the executor, beneficiaries, creditors, or tax authorities. These disputes can delay you in administering the estate. Generally speaking, probate Attorney, also called estate or trust attorneys, help executors of the estate (or “administrators,” if there is no will) manage the probate process. They also may help with estate planning, such as the drafting of wills or living trusts, give advice on powers of attorney, or even serve as an executor or administrator. What Does a Probate Attorney Do?What a probate lawyer does will likely depend on whether or not the decedent has drafted a will prior to their death. When There Is a WillIf an individual dies with a will, a probate lawyer may be hired to advise parties, such as the executor of the estate or a beneficiary, on various legal matters. For instance, an attorney may review the will to ensure the will wasn’t signed or written under duress (or against the best interests of the individual). Elderly people with dementia, for example, may be vulnerable to undue influence by individuals who want a cut of the estate. There are numerous reasons that wills may be challenged, although most wills go through probate without a problem. When There Is No WillIf you die without having written and signed a will, you are said to have died “intestate.” When this happens, your estate is distributed according to the intestacy laws of the state where the property resides, regardless of your wishes. For instance, if you are married, your surviving spouse receives all of your intestate property under many states’ intestate laws. However, intestacy laws vary widely from state to state. In these situations, a probate attorney may be hired to assist the administrator of the estate (similar to the executor), and the assets will be distributed according to state law. A probate attorney may help with some of the tasks listed above but is bound by state intestacy laws, regardless of the decedent’s wishes or the family members’ needs. A relative who wants to be the estate’s administrator must first secure what is called “renunciations” from the decedent’s other relatives. A renunciation is a legal statement renouncing one’s right to administer the estate. A probate attorney can help secure and file these statements with the probate court, and then assist the administrator with the probate process (managing the estate checkbook, determining estate taxes, securing assets, etc.). Most people, thankfully, don’t need to hire a attorney very many times in their lives. And even if you’ve gone to an attorney for a business matter, real estate transaction, or a divorce, working with a probate attorney is likely to be a different kind of experience. Some things are the same whenever you hire an attorney, though: to fully understand what’s going on, you will probably need to ask a lot of questions, and to keep costs down, you will have to take on some of the routine work yourself. Claiming Property with a Simple (Small Estate) AffidavitUtah has a procedure that allows inheritors to skip probate altogether when the value of all the assets left behind is less than a certain amount. All an inheritor has to do is prepare a short document, stating that he or she is entitled to a certain asset. This document, signed under oath, is called an affidavit. When the person or institution holding the property — for example, a bank where the deceased person had an account gets the affidavit and a copy of the death certificate, it releases the asset. The out-of-court affidavit procedure is available in Utah if the value of the entire estate subject to probate, less liens and encumbrances, is $100,000 or less. Simplified Probate ProceduresUtah has a simplified probate process for small estates. To use it, an executor files a written request with the local probate court asking to use the simplified procedure. The court may authorize the executor to distribute the assets without having to jump through the hoops of regular probate. You can use the simplified small estate process in Utah if the value of the entire estate, less liens and encumbrances, does not exceed the homestead allowance, exempt property, family allowance, costs of administration, reasonable funeral expenses, and reasonable medical expenses of the last illness. The executor files a sworn statement that says the estate assets are less than the value described above, describes the estate assets, declares the executor has distributed assets to the inheritors, and sent the inheritors and known creditors a closing statement and provided them with a closing statement. Can I avoid probate?If you don’t own any land, and your estate is less than $100,000, no probate is required. It is possible to arrange your affairs so there is no estate to probate upon your death. For example, you can give all your property away the day before you die. You might also arrange that you own everything jointly with someone who you expect will survive you. “Joint tenancy with rights of survivorship” means simply that every person named on the title as your joint tenant who survives you will own the property without it becoming part of your estate. If you and your spouse own your home as “joint tenants”, upon your death (if you die first) your spouse will own the home without probate to transfer ownership. The same rule applies to ownership of all things you own, although the law does not usually include the power of joint ownership for such items of property as furniture or clothing or jewelry. Joint tenancy has disadvantages. If your child owns your bank account with you jointly, the child could take the money and spend it for herself. If a creditor gets a judgment against your child, the creditor could claim the account. If your child dies before you or gets divorced, the child’s spouse might become a part owner. If your child is a joint owner of your home, she could block you from selling it. There are also tax problems: if you give property away, you may be required to file a gift tax return; and if your child (to whom you deeded a joint tenancy) sells your home after your death, the child may have to pay capital gains tax. Probate of your estate including your home avoids the capital gains tax. Using a trust also avoids this tax. A safer method than joint ownership of monetary/depositary accounts is to designate the accounts to be “Paid on Death” (POD) to named beneficiaries. For example, you can make your spouse a co-owner of your accounts, and designate your children as POD beneficiaries on the account record. After you and your spouse’s deaths, any balance in the account will be paid to your children (who need only prove your death and their identities). Your children are not “owners” of the account while you are alive, so none of the children can make withdrawals, nor can their creditors. Another option is to give all your property to a trust that manages the property for your benefit while you are alive and distributes the property as you direct when you die. Such a trust is often called a “living trust” because you establish it while you are alive. It is also called “revocable” because you ordinarily retain the right to revoke the trust. If you give your property to a trust, here are some things to think about: What You Need for File A Formal Probate For An EstateFormal probate matters are typically heard by a judge and may involve one or more hearings before the court. A formal probate proceeding requires both written notice and publication notice before the allowance of the formal petition. There are different forms you’ll need to file depending on whether or not the decedent (the person who has died) died with a will. If the decedent died with a will, you’ll need to file: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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What Are The Positive And Negative Consequences Of Divorce? What Are The First Steps To Getting Sole Custody When We Weren’t Married? What Are The Financial Consequences Of Divorce? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Ascent Law, LLC https://www.ascentlawfirm.com/what-are-the-advantages-of-avoiding-probate/ Divorce is stressful emotionally, mentally, physically, and yes, financially. During a divorce, you and your spouse will be forced to make and accept decisions that have a major impact on your current and future financial situation and security. The most important thing to remember? Don’t go into them uneducated and alone. While many people choose to consult a family law attorney in their divorce proceedings, too few engage the expertise of a financial planner and/or CPA. Dividing Property in DivorceWhen a marriage comes to an end one of the first decisions you have to make is how you’ll divvy up the property you own. Diving property can be as much decided by state law or court-order as it is compromise and agreement between you and your spouse. Currently, there are nine states that are community property states. These states have laws that hold that all assets acquired during the marriage by either spouse are considered joint marital assets. Joint marital assets are generally divided equally between the spouses in a divorce. Beyond the unique laws in community property states, there are several other routes taken for the division of marital property. Surprisingly, many people come to a relatively amicable agreement about the division of property, but if there is disagreement about one or more items, there are a number of fair methods for deciding who gets what. One of the most common is bartering, where one spouse takes certain items in exchange for others. For example, the wife may take the car and furniture in exchange for the husband getting the boat. Another method used in the division of property is to sell the marital property and divide the proceeds equally. Often times, mediators or arbitrators may also be used. Be sure to familiarize yourself with the laws that govern the division of property in your state. When it comes to property like houses, there are specific issues you might want to consider, especially if you want to buy a new house during the course of the divorce. Make sure you find out the legal requirements and restrictions so that you will not end up with the short end of the stick. Dividing Debts in DivorceOften even more difficult than dividing the property in a divorce is deciding who will be responsible for any debt the couple has incurred during their marriage. In order to do this, you’ll need to know how much you owe and to whom. Even if you trust your spouse fully, do yourself a favor and order your credit report from each of the three credit reporting agencies. Your credit report breaks down everything you owe in your name, including joint accounts you share with your spouse. Go through the credit reports and identify which debt is shared and which is in your spouse’s name only. At this point, it’s important to stop the debt from growing any larger while you’re in the process of getting divorced. The best way to do this is to cancel joint credit cards, leaving one card in your name in case of emergencies. Once you’ve identified your debts and taken steps to ensure they don’t increase, it’s time to decide who will be responsible for what debt. There are several ways to do this, including: Tax Issues in DivorcePeople sometimes get caught up in the most obvious and talked about issues of divorce such as the division of property and debt, who will have custody of the kids, etc. As a result, many don’t think through the tax implications of their divorce, an oversight that can cost thousands of dollars or more. This is where a certified public accountant (CPA) comes in very handy as a part of your divorce team. Tax issues that may arise from divorce can include: Of course, as tax law changes and your unique situation may require special consideration, be sure to also consult a tax professional. Retirement Plan Issues in DivorceIf your spouse has retirement savings, you are probably entitled, by law, to half. This money can be used for your own retirement or for a down payment on a house, relocation expenses, or other current expenses. To avoid the 10% penalty on early withdrawal, be sure to follow IRS regulations. The primary issue with a division of retirement assets is that while the assets may or may not have been sufficient for your joint retirement needs, more than likely your individual retirement needs will be much greater. As a result, not only must you consider how these assets will be divided, but how you will continue to contribute to them in order to secure your financial future in retirement (even as your near future may be in question as well). Educate YourselfDivorce can bring out the worst in some people, and you need to be aware that even the most honest of people may try to cheat when it comes to settling up financially in a divorce. Spouses may underreport income, ask an employer to delay a large bonus or salary increase, among other dishonest behaviors. Most vulnerable are those whose spouse owns a closely-held business. The best defense when facing the financial concerns of a divorce is knowledge. It is particularly important for both spouses to educate themselves about their joint finances so that nothing remains a secret to be overlooked. In the case of divorce, ignorance is not bliss. Generally, women suffer more financially than do men from divorce. The financial burden is greatest during the first year after divorce and varies depending on: how much money the woman contributed to the family income before divorce, and the ability and willingness of her former husband to make child support payments. How Does Divorce Financially Affect Children?The financial burdens of divorce cause children to spend less time with parents, have fewer extracurricular opportunities, lose health insurance, and refrain from going to college. • Less time with parents. Children with divorced parents spend less time with their parents. A parent who previously stayed at home or worked only part-time may need to work full-time after divorce. How Does Divorce Financially Affect Men?Most men experience a 10–40% drop in their standard of living. Child support and other divorce-related payments, a separate home or apartment, and the possible loss of an ex-wife’s income add up. Generally: How Might Divorce Financially Affect My Community?The success and failure of our marriages have consequences beyond our personal lives. Society takes on a financial burden when marriages fail. Divorce is one of the most common ways that people, especially women and children, fall into financial difficulties. When this happens, they become dependent on government programs, services, and supports. Divorce and unwed childbearing cost U.S. taxpayers at least $112 billion each year. Another study estimated the cost of divorce in Utah alone to be $3 billion each year. These costs are just for public assistance programs (welfare), not the cost of the divorce itself (lawyer and court fees, counseling, mediation, etc.). In addition, children from divorced homes are more likely to get involved in crime, which pulls apart the threads of civil society. Children from divorced homes also struggle more in school, are less likely to graduate from high school, and are less likely to become productive citizens. Individuals at the crossroads of divorce help not just themselves and their families, but their neighborhoods, communities, and nation if they are able to repair their relationships and re-establish a healthy, stable marriage. Summary DivorceIn many states, an expedited divorce procedure is available to couples who haven’t been married for very long (usually five years or less), don’t own much property, don’t have children, and don’t have significant joint debts. Both spouses need to agree to the divorce, and must file court papers jointly. A summary (sometimes called “simplified”) divorce involves a lot less paperwork than other types of divorce—a few forms are often all it takes. For this reason, summary divorces are easy to do without the help of a lawyer. You can usually get the forms you need from your state court’s official website, or from the local family court clerk’s office. Uncontested DivorceIn terms of dealing with the court process, the path that normally generates the least amount of stress is an uncontested divorce. That’s one in which you and your spouse settle up-front all your differences on issues such as custody and visitation (parenting time), child support, alimony, and division of property. You’ll then incorporate the terms of your settlement in a written “property settlement agreement” (sometimes called a “separation agreement”). Once your case is settled, you can file for divorce with the court. Courts almost invariably fast-track these types of cases, so you can get divorced in a relatively short period of time. In some states, you many not even have to make a court appearance, but rather can file an affidavit (sworn statement) with the court clerk. Default DivorceA default divorce occurs when you’ve filed for divorce, and your spouse doesn’t respond. You’d likely see this, for example, if your spouse has left for parts unknown and can’t be found. Assuming you’ve complied with the court’s rules and regulations, a judge can grant the divorce despite the fact your spouse hasn’t participated in the court proceedings. On its face, this may seem like the ideal situation. No one is there to contest what you’re asking the court to give you. But be aware that there are pro and cons to a default divorce. Contested DivorceIf you and your spouse are at loggerheads over one or more marital issues, to the point that you can’t come to an agreement, then it will be up to a judge to decide those issues for you. This is what’s meant by a contested divorce. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
The post What Are The Financial Consequences Of Divorce? first appeared on Ascent Law, LLC.
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What Happens If I Declare Bankruptcy? What Are The Positive And Negative Consequences Of Divorce? What Are The First Steps To Getting Sole Custody When We Weren’t Married? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Ascent Law, LLC https://www.ascentlawfirm.com/what-are-the-financial-consequences-of-divorce/ If you’re going through a divorce and have children in common, you’ve probably heard the terms “joint custody” and “sole custody.” These phrases, however, are frequently misunderstood. In the Utah child custody can be “joint” (shared) or “sole” (awarded to just one parent). All custody decisions are made by the court and in the best interests of the child. A parent with sole physical and legal custody has exclusive rights concerning the child. These custody arrangements are rare, and are usually limited to situations in which one parent has been deemed unfit or incapable of having any form of responsibility over a child — for example, due to drug addiction or evidence of child abuse. In these sole custody situations, the child’s other parent (also known as the “non-custodial” parent) has neither physical nor legal custody rights, but may be entitled to periods of visitation with the child (though those visits may be supervised, especially in situations involving domestic violence or child abuse). Difference Between Sole Legal and Sole Physical CustodyEven if you have sole custody, there are important distinctions between legal custody and physical custody explained below — as you could have sole physical custody of a child, but joint legal custody which you share with the other parent. Benefit of Sole CustodyThe benefit of sole physical and legal custody is that the child lives with you and you don’t need to consult with the other parent to make important decisions about the child’s life, such as educational, medical and religious choices. Being granted sole custody does not impact the other parent’s right to visitation. Sole Custody and RelocatingHaving sole custody doesn’t necessarily mean that you get to relocate without the court’s permission. If the other parent has any visitation rights, relocation jeopardizes his/her rights and therefore relocation is an issue that has to be addressed by the court. An Example of Sole CustodyExample: Mother and Father have divorced due to Father’s substance abuse and addiction. Mother seeks and is granted sole custody of Child. This means that Mother alone has legal authority to decide key issues related to Child’s upbringing, and Child will live exclusively with Mother. Father may be entitled to visitation with Child. When Should I Seek Sole Custody?The clearest reason to ask for sole custody is to protect your child from physical harm, especially if the other parent has a history of any of the following issues: There are also reasons to obtain sole custody beyond protecting the child physically: What Are My Chances Of Getting Sole Custody?The chances of getting sole custody vary greatly and depend on the circumstances of your case. Most courts start with an assumption that children benefit from spending time with both parents. However, they know joint custody is not appropriate in every situation. If you and the other parent agree on sole custody, the judge will typically approve your agreement. If the other parent does not contest your request for sole custody, the lack of interest will typically compel a judge to award sole custody. If the other parent decides to fight for custody, you may face a long battle. Be prepared to show why sole custody would be in the child’s best interest and provide proof of any allegations you make. A mother who gives birth while unmarried automatically has sole custody of her child until a court rules otherwise or until she and the father officially acknowledge his parenthood. Also, a child’s only living parent usually has sole custody. Otherwise, your best option for getting full child custody without a trial is to reach an agreement with the other parent. If you decide together that your child would benefit from sole custody, write this in your custody agreement. Include details about any decisions the noncustodial parent can make for your child, when your child will spend time with that parent and how you’ll support their relationship. Married or not, one thing never changes—when you split up, it’s vital for your kids’ current and future well-being that you try to reach a compromise about issues of custody, visitation, and support. Doing this in a constructive, humane way may be a great challenge. But, your ability to get along civilly if not cheerfully is the biggest gift you can give your children. Sometimes this can be accomplished through open discussions between the two of you. In other situations it will require counseling, therapy, or mediation. No matter how scary or messy breaking up can sometimes be, as long as you are each determined to avoid a contested court battle and willing to put your egos aside in an effort to work together in the best interests of your child, you should be able to work out even the toughest parenting issues. If you can’t reach an early compromise on the issues of custody (who has legal authority over the child and where does the child live), visitation (how often and under what conditions does the noncustodial parent spend time with the child), and child support (whether the noncustodial parent contributes anything to the costs of raising the child), you will have to submit your dispute to the court system. While the specific rules for child custody and visitation differ from state to state, here is a general overview. The Rights of Unmarried Parents Who Are Both Legal ParentsIf both of you are legal parents of the child—either because you are both biological parents, because you have jointly adopted your child, or because the non-biological parent has been able to obtain a legally valid stepparent or second-parent adoption your child-related disputes will normally be handled in the same way as if you were a divorcing married couple. You may be required to attend mediation sessions or submit to an investigative process with county personnel. After listening to a county social worker’s report about each of your parenting abilities and home situations, the local family court judge will have great discretion to make child custody and visitation decisions. The legal standard the judge will always follow is the “best interests of the child.” In most states you can propose your own custody and visitation arrangements. If the judge believes these to be sensible (and especially if you both agree to follow them), the court will often approve your proposal. But if the judge doesn’t agree with your proposal, the judge can substitute a modified or even completely different arrangement. CustodyIn many states the court will order that both legal parents retain custody (sometimes called joint, or shared, legal custody). This means each parent has equal authority over the key decisions in the child’s life (such as education and medical care), as well as a legal obligation to care for and support the child. Physical custody (where the child lives) is typically shared, with the child spending some days or weeks with one parent and living with the other parent at other times. In other states the court will award both parents “joint legal custody,” but stipulate that one parent will be the “primary physical custodian.” In still other states, it is far more common for the court to award one parent “primary physical custody,” while the other is given “reasonable rights of visitation.” But no matter what the legal description, the usual practical result is that the parent who isn’t the primary caretaker during the school week is granted liberal rights to spend weekends or other time with the child (called visitation) unless there is a strong reason why this would be detrimental to the child. VisitationLike custody, you and your former partner can make visitation arrangements voluntarily. However, if your efforts are frustrated by the actions of the other parent (or someone else with physical custody of the child), you will have to file a court action and request that a judge order visitation. Child SupportIn every state, both legal parents are required to support their children, regardless of whether they were married when the child was born. When it comes to supporting a child financially, if parental incomes are unequal or if one parent is shouldering most of the costs of taking care of the child the family law court will order the noncustodial parent to contribute a specified sum of money to the costs of childrearing (called child support), often by referring to published guidelines establishing minimum levels of support. The family law court will retain the right to modify this amount should parental incomes or the needs of the children change. The amount of child support awarded will depend on how much each parent makes and spends on housing, health care, and other necessary child-related expenses, including dental bills and private school tuition. The monthly amount can vary widely, and each state has its own child support guidelines that are set by statute. We encourage you to learn what the court would likely order in your particular situation, so that you have an idea of where to start in the negotiation process. If support isn’t paid voluntarily, the parent with custody or someone acting on the child’s behalf (such as the welfare department) can sue the noncustodial parent to obtain a court order setting the amount of child support the noncustodial parent must pay. If the father doesn’t pay, but has the ability to do so, the district attorney can prosecute him under criminal laws. County jails are full of fathers who don’t take their support obligations seriously. Joint CustodyParents who don’t live together have joint custody (also called shared custody) when they share the decision-making responsibilities for, and/or physical control and custody of, their children. Joint custody can exist if the parents are divorced, separated, or no longer cohabiting, or even if they never lived together. Joint custody may be: Joint Custody ArrangementsWhen parents share joint custody, they usually work out a schedule according to their work requirements, housing arrangements and the children’s needs. If the parents cannot agree on a schedule, the court will impose an arrangement. A common pattern is for children to split weeks between each parent’s house or apartment. Other joint physical custody arrangements include: There is even a joint custody arrangement where the children remain in the family home and the parents take turns moving in and out, spending their out time in separate housing of their own. This is commonly called “bird’s nest custody” or “nesting.” Pros and Cons of Joint CustodyJoint custody has the advantages of assuring the children continuing contact and involvement with both parents. And it alleviates some of the burdens of parenting for each parent. There are, of course, disadvantages: If you have a joint custody arrangement, maintain detailed and organized financial records of your expenses. Keep receipts for groceries, school and after-school activities, clothing and medical care. At some point, your ex may claim he or she has spent more money on the kids than you have, and a judge will appreciate your detailed records. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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What Happens If You Get Convicted Of A DUI? What Happens If I Declare Bankruptcy? What Are The Positive And Negative Consequences Of Divorce? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Ascent Law, LLC https://www.ascentlawfirm.com/what-are-the-first-steps-to-getting-sole-custody-when-we-werent-married/ Divorce can leave a child feeling sad, confused and uncertain about the future. If their parents seemed to get along well, the children may take the news of the divorce harder than if parents were visibly unhappy together. Most children of divorce have only known living in one household with both parents. The transition to a single-parent household can be difficult. When one parent leaves the home, it can feel like they are walking out of the child’s life rather than just their relationship with the other parent. Also, the child may have to adjust to a new lifestyle since the household loses one income. The first two years after the divorce tends to be the most difficult for children. Some children seem to get along fine, but know that your child’s feelings won’t always be apparent. Research shows most effects are small to medium and some things, like distressing thoughts, are undiagnosable. Regardless of their behavior, at this stage, your child needs understanding and support. Negative Effects of Divorce on ChildrenStatistics about the effects of divorce on children show that divorce increases risks for certain psychological issues and delinquent behaviors. Children of divorced parents are at a higher risk for the following: In adulthood, children of divorce are at a higher risk for poverty, early marriage and divorce. It’s important to note that the majority of children of divorce do not go through the most serious of the negative outcomes (e.g., dropping out of school). Emotional distress brought on by the immediate changes related to the divorce is the most common outcome. Post-divorce, custodial parents often take a hard turn into being too strict or too lax when it comes to discipline. Dealing with an overly strict parent may hurt the child’s ability to be independent. Too much freedom could embolden the child to engage in harmful behaviors. Another possibility is the custodial parent becoming less affectionate than they once were due to stress caused by the divorce and greater parenting responsibilities. Lack of affection can leave the child feeling alienated and unlovable. A parent moving outside of the household could compound these emotions. The child’s relationship with the parent who leaves the home (who’s more often the father) may become strained. It’ll take time for the child to adjust to visits, especially if they spend considerably less time with the noncustodial parent than before. Visits could be uncomfortable, and exchanges could make the child feel anxious. Positive Effects Of Divorce On ChildrenMany are quick to assume divorce is bad for children, but this isn’t always the case. It might even be the best way to go. This is especially true where one parent has been abusive toward their spouse or child. Some parents consider staying together for the kids. However, it’s better to divorce than to subject your child to constant arguments. If the relationship is volatile, divorce could spare children from a lot of emotional turmoil. Single parenting allows children to get to know their parents individually. This often helps the parent gain their child’s confidence and thus develop a closer bond. Divorce might even improve the parent–child relationship. For example, it can encourage parents who have had less active roles in their child’s lives to step up. A parent who won’t get to see the child when they get home from work every day will typically make an extra effort to have frequent visits with the child. Potential Effects of Divorce By Age GroupChildren under 2 are generally less affected by divorce, unless there’s conflict between parents as they get older. The effects of divorce on young children include trouble adjusting to a visitation schedule and fear that their parents will “divorce” them too. For school-aged children, the conflict is often harder than the actual divorce. Teenagers may feel angry about the divorce and the changes that come along with it. They often blame one parent for the divorce or resent both parents. Due to their maturity, they may be able to better understand why the divorce happened. The effects of divorce on grown children are often overlooked since adults are more likely to be independent and mature enough to handle the news. Still, grown children can experience sadness, anger and confusion just like minor children. Adult children are also more likely to have to step up to provide for their parents. For example, a parent who has to leave the marital home may need to live with their adult child. This can add stress to the already-difficult situation of marriage breakdown. Tips For Helping Your Child Adjust After DivorceWhen divorce is inevitable, there are actions you can take to help your child cope. Acknowledge your child’s feelingsYour child may show a myriad of emotions after your divorce. The best thing you can do is recognize what they’re going through. There’s nothing wrong with reassuring your child. However, you should not downplay their feelings. Try to talk with them about the change. If they’re unwilling to talk or you don’t see improvement, contact their pediatrician or doctor. They may refer your child to individual therapy or refer you all to family therapy. Also, look into support groups for children of divorce. Being around other kids who are going through the same thing may bring your child comfort. You’ll want to put on a united front as parents to show your children you’ll still be part of their lives. But you don’t have to be friends. In fact, a friendship could confuse your child as they wonder why you’re able to get along so well post-divorce but couldn’t do so during your marriage. Likely, you’ll have to play co-parenting by ear and make adjustments as you go. At a minimum, don’t talk badly about the other parent in front of your child. Don’t put the children in the middle of your conflicts. When you’re going through litigation, it can be tempting to try to get the child on your side. However, this hurts the child more long term than it could ever help your case. Restricting contact between your child and your ex, asking your child who’s their favorite parent or telling them to relay messages to the other parent could add extra stress to the already stressful transition. Be consistent with disciplineChildren of divorce are at a higher risk for delinquent behavior. Lay down rules, and enforce them. This will give the child structure, earn their respect and discourage delinquency. It’s easier for children to follow the rules that are the same within both households. Otherwise, they may question one parent’s authority. If a child has lost cell phone privileges in one home, they should lose them in the other. Even if the other parent isn’t cooperative, hold firm in your household rules. Pay attention to your child’s lifeAnother way to help your child cope is to invest in what’s going on in their life. Regularly check in on their grades, social life, interests, etc. This will help you become closer to the child and could lessen the chance of them engaging in risky behaviors. Negotiate Your Divorce, Without an AttorneyAlthough divorce is one of the most complex and emotional legal processes in family law, not all couples require in-depth court assistance to end their marriage. If you and your spouse are on the same page about what you want for your family, you may be able to negotiate a divorce settlement on your own. When you and your spouse decide to divorce, if you can communicate, try to talk about each of your ideal outcomes for child custody, visitation, child support, property division, and alimony. It’s no surprise that children fare much better after a divorce if the parents can continue to facilitate a quality relationship with the child and each other. If you find that you’re on the same page and are both willing to put your agreement in writing, you might be able to save time and money by not hiring an attorney to go to trial for your case. However, even the most agreeable couples can hit roadblocks during the settlement process, so be prepared to consider mediation and/or hire an attorney if that happens. Another thing to consider is hiring a consulting attorney, who can simply perform a review of your proposed divorce settlement before you sign it. It’s important to understand that when you agree to the terms of the divorce, and a judge signs your judgment, you will be bound by that agreement and court order. If you think you entered into a bad deal or agreed to something you didn’t understand, your only recourse will be to go back to court to try and change your final order. But undoing a divorce agreement is difficult and generally only allowed under very limited circumstances. For this reason, it’s wise to hire a divorce lawyer to review your settlement agreement before you sign it. Ascent Law Firm Attorney Can Explain Your RightsAlthough you might be hesitant to hire an attorney to get you through your divorce, you should understand that experienced, local divorce lawyers know the law, especially as it pertains to your state. Every state has different divorce requirements, so unless you’re confident in your ability to interpret statutes and correctly complete legal paperwork, you might consult with a family law attorney in your area. It’s a good idea to interview a few attorneys before you decide on one. You should ask whether the attorney is in favor of alternative dispute resolution or, mediation to resolve disputes. If yes, then your attorney will probably not advocate for a trial unless your spouse is uncooperative or unreasonable. If the attorney you interview doesn’t have experience with negotiations, settlements, or is a zealous advocate of litigation, you might want to move on with your search. Most attorneys will advocate for their clients while also attempting to resolve the case as quickly as possible. Consider Collaborative Practice for Your DivorceWhile most attorneys are willing to utilize alternative divorce solutions, like mediation, some are trying a new divorce method called “collaborative practice,” which is where the clients and lawyers agree, in advance, not to litigate in court. In collaborative practice, both sides agree to share information voluntarily and work towards a settlement. In order to use this process, your spouse will need to agree to a collaborative divorce and hire a collaborative lawyer as well. Both spouses and their attorneys will sign a contract that states if the parties can’t reach an agreement using the collaborative process, each client will hire a new attorney to handle the contested case. By eliminating the option for trial, both parties (and their attorneys) will work harder to settle, which saves both time and money. When Should You Hire an Attorney?There are certain situations where you should always hire an attorney. If there’s a history of domestic violence, child abuse, substance abuse, or sexual abuse, hiring an attorney is the best way to protect your rights. When there is a power imbalance and/or violence between partners, a fair negotiation can become impossible. If your spouse hires an attorney, you should do the same. Although you might feel like you can represent yourself in your divorce, when one side has an attorney and the other doesn’t, it often results in the unrepresented party walking away without a fair deal. Do yourself a favor, hire an attorney and level the playing field. Although no divorce is pleasant, some are outright unbearable, especially if the other party in your case is hiding assets, destroying property, wasting marital funds, or threatening you with physical or financial ruin for filing for divorce. If you find that you can’t work with your spouse, hiring a qualified attorney to represent you may be your only option. Not only will the attorney advocate for your rights throughout the divorce, but there’s also no question that you will feel some relief from the stress of your divorce knowing that you have someone in your corner. What If I Can’t Afford an Attorney?Depending on where you live, divorce can cost more than $25,000 when you hire an attorney. If you can’t afford an attorney, you can call your local legal aid office to see if you qualify for assistance. Most legal aid programs have limited resources, so you might only have the opportunity to speak with an attorney over the phone. In some cases, especially those involving domestic violence, legal aid can furnish an attorney to work with you for the entirety of your case. If you don’t qualify for legal aid, you may be able to find an attorney willing to take your case “pro bono,” which means for free. Some states, but not all, require attorneys to provide a specific number of pro bono hours per year. The best way to find a pro bono or low-cost attorney is to contact your state bar association and ask for referrals. Although not all attorneys have the resources to provide free services, some may offer lower prices or payment plans. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
The post What Are The Positive And Negative Consequences Of Divorce? first appeared on Ascent Law, LLC.
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What Is A Foreclosure Defense? What Happens If You Get Convicted of A DUI? What Happens If I Declare Bankruptcy? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Ascent Law, LLC https://www.ascentlawfirm.com/what-are-the-positive-and-negative-consequences-of-divorce/ If you have large debts that you can’t repay, are behind in your mortgage payments and in danger of foreclosure, are being harassed by bill collectors or all of the above declaring bankruptcy might be your answer. Or it might not be. Bankruptcy can, in some cases, reduce or eliminate your debts, save your home and keep those bill collectors at bay, but it also has serious consequences, including long-term damage to your credit score. That, in turn, can hamper your ability to borrow in the future, raise the rates you pay for insurance, and even make it difficult to get a job. Types of BankruptcyBankruptcy cases are handled by federal courts, and federal law defines six different types. The two most common types used by individuals are Chapter 7 and Chapter 13, named after the sections of the federal bankruptcy code where they are described. Chapter 11 bankruptcy, which is often in the headlines, is primarily for businesses. Chapter 7 bankruptcy, the type most individuals file, is also referred to as a straight bankruptcy or liquidation. A trustee appointed by the court can sell some of your property and use the proceeds to partially repay your creditors, after which your debts are considered discharged. Some types of property can be exempt from liquidation, subject to certain limits. Those include your car, your clothing, and household goods, the tools of your trade, pensions, and a portion of any equity you have in your home. You should list the property you are claiming as exempt when you file for bankruptcy. Chapter 13 bankruptcy, on the other hand, results in a court-approved plan for you to repay all or part of your debts over a period of three to five years. Some of your debts may also be discharged. Because it does not require liquidating your assets, a Chapter 13 bankruptcy can allow you to keep your home, as long as you continue to make the agreed-upon payments. Certain types of debts generally can’t be discharged through bankruptcy. Those include child support, alimony, student loans, and some tax obligations. There are a number of legally required steps involved in filing for bankruptcy. Failing to complete them can result in the dismissal of your case. Before filing for bankruptcy, individuals are required to complete a credit counseling session and obtain a certificate to file with their bankruptcy petition. The counselor should review your personal situation, offer advice on budgeting and debt management, and discuss alternatives to bankruptcy. You can find the names of government-approved credit counseling agencies in your area by calling the federal bankruptcy court closest to you or by visiting its website. Filing for bankruptcy involves submitting a bankruptcy petition and financial statements showing your income, debts, and assets. You will also be required to submit a means test form, which determines whether your income is low enough for you to qualify for Chapter 7. If it isn’t, you will have to file for Chapter 13 bankruptcy instead. You will also need to pay a filing fee, though it is sometimes waived if you can prove you can’t afford it. You can obtain the forms you need from the bankruptcy court. If you engage the services of a bankruptcy lawyer, which is usually a good idea, they should also be able to provide them. Once you have filed, the bankruptcy trustee assigned to your case will arrange for a meeting of creditors, also known as a 341 meeting for the section of the bankruptcy code where it is mandated. This is an opportunity for the people or businesses that you owe money to ask questions about your financial situation and your plans, if any, to repay them. Your case will be decided by a bankruptcy judge, based on the information you have supplied. If the court determines that you have attempted to hide assets or committed other fraud, you may not only lose your case but also face criminal prosecution. Unless your case is very complex, you generally won’t have to appear in court before the judge. After you have filed for bankruptcy but before your debts can be discharged, you must take a debtor education course which will provide advice on budgeting and money management. Again, you will need to obtain a certificate showing that you have participated. You can obtain a list of approved debtor education providers from the bankruptcy court or from the Justice Department. Assuming the court decides in your favor, your debts will be discharged, in the case of Chapter 7. In Chapter 13, a repayment plan will be approved. Having debt discharged means that the creditor can no longer attempt to collect it from you. Consequences of BankruptcyBoth types of individual bankruptcy have some negative consequences. A Chapter 7 bankruptcy will remain on your credit record for 10 years, while a Chapter 13 bankruptcy will generally remain for seven years. Note, too, that there are limits on how often you can have your debts discharged through bankruptcy. For example, if you have had debts discharged through a Chapter 7 bankruptcy, you must wait eight years before you can do so again. Unlike corporations and partnerships, individuals can file for bankruptcy without an attorney. It’s called filling the case “pro se.” But because filing for bankruptcy is complex, and must be done correctly to succeed, it’s generally unwise to attempt it without the help of an attorney experienced in bankruptcy proceedings. After Declaring Chapter 7If you are an individual considering filing for bankruptcy, Chapter 7 bankruptcy will likely be the type of bankruptcy that can give you the relief you are looking for. Automatic StayAs soon as your bankruptcy is filed with the Court the automatic stay will go into effect. The automatic stay is a part of the Bankruptcy Code that prohibits your creditors from trying to collect money from you. Once the automatic stay is in effect, your creditors can’t call or otherwise contact you, and any collection actions that they might have pending against you must stop. If you’re subject to a wage garnishment at the time your case is filed, this has to stop starting with your first payday after filing. Filing FeesUnfortunately, bankruptcy relief doesn’t come free. The Bankruptcy Court charges $338 to file for Chapter 7 bankruptcy. In addition to court filing fees, filers typically pay approximately $10 – $50 for each one of the two mandatory credit counseling courses. If your income is less than 150% of the federal poverty guidelines, you may be able to have both the court filing fee and the credit counseling course fee waived. Bankruptcy FormsWhen filing for bankruptcy relief, you will have to fill out a number of different forms to provide all required information about your debts, assets, income, and expenses to the Court. These forms are the same across all of the United States and can be found online for free. Depending on the state you’re filing in, you may have to complete certain local forms required by the Court in your district as well. Creditors’ MeetingYou will be required to attend a meeting of creditors about 21 – 40 days after your case is filed. During the meeting, the bankruptcy Trustee handling your case will ask you basic questions about your bankruptcy petition and financial situation. Treatment of AssetsOnce you have filed for Chapter 7 bankruptcy, your assets will be evaluated by the Trustee. Any unprotected assets may be sold by the Trustee to pay your creditors. Many assets are exempt from being used by the Trustee to pay your creditors. In 96 % of all Chapter 7 bankruptcy cases, no property is sold by the Trustee and no money is paid to creditors. Once you’ve filed for Chapter 7 bankruptcy, it will take approximately 3 – 4 months for your discharge to be entered. If your Trustee tells the Court that there are no funds to distribute to your creditors, the case will be closed shortly thereafter. If your case is an asset case, because the Trustee is planning to sell a non-exempt asset, the case can stay open for more than a year while the Trustee completes the administration of your case. Consequences of BankruptcyAs with any legal process, bankruptcy is a complex issue with both positive and negative consequences. Anyone considering filing for bankruptcy should consider all the possible outcomes before taking this step. Whether one is considering a Chapter 7 straight bankruptcy or a Chapter 13 repayment plan case, consulting with a qualified consumer bankruptcy attorney is paramount to ensuring that the process runs smoothly and advantageously. Before you schedule an appointment with an attorney, you can familiarize yourself with a few basic consequences for any bankruptcy case. Personal DischargeOn a positive note, declaring bankruptcy typically results in discharge. Discharge is when a bankruptcy court hands down a permanent order that forever prevents creditors from collecting on debts you previously incurred. Credit card debt is one common form of debt that can be discharged by a bankruptcy court. Courts have decided that credit card companies can afford to take the financial hit of forgiving debt the companies won’t go out of business over an individual’s debt. That individual will be much more productive if they aren’t drowning in debt. There are exceptions, such as recent tax liabilities and alimony and child support obligations. These debts are considered too important to wipe clean, but a Chapter 13 bankruptcy may help you establish more feasible payment plans. Furthermore, the discharge does not extend to real estate property. Therefore, any liens a home loan lender has on your house will remain in effect after bankruptcy. Consequently, lenders may foreclose on your home if you default on a loan. Automatic StayAnother positive aspect of filing for bankruptcy is the automatic stay. This feature is essentially a preliminary court decree. When the bankruptcy case enters the court, it immediately protects the bankruptcy filer from creditors seeking to collect on a debt. Consequently, creditors may not call you on the phone or send collection notices in the mail. In most cases, the automatic stay remains in effect until the bankruptcy court decides which debts will be wiped clean and which debts must be honored. This process is known as issuing a discharge. However, there are other instances in which an automatic stay will be lifted. An automatic stay that protects your property, for instance, might be lifted if the value of the property is less than the debt owed.4 Divorce proceedings may also complicate what the automatic stay protects. Credit ScoreA bankruptcy filing typically depresses a person’s credit score. Also, bankruptcy won’t erase the history of your past debts, even if the debt itself is discharged. Lenders will take all this as a sign that you’re a risky borrower, and you could end up with high-interest rates for loans if you even qualify for them at all. While this is a legitimate concern, one may slowly rebuild their credit after the bankruptcy. The bankruptcy will remain on your credit report for many years, but the net effect of bankruptcy on credit scores is typically positive. That’s because, while bankruptcy takes a bite out of your credit score, as does growing debt. If bankruptcy is your only way to stop debt from growing, it may be worth taking the hit to your credit score, to build it back up over time. PrivacyA negative consequence of filing for bankruptcy is that everything you file with the court—including all of your bankruptcy schedules, which contain your personal financial information, can be accessed by the public. That means friends, family, employers, and clients could find out the details about how much money you owed to who. For some individuals, this is a deal-breaker. For others, the benefits of declaring bankruptcy outweigh the privacy factor—especially because certain sensitive information is protected. For instance, only the last four digits of Social Security and taxpayer-identification numbers are public, and any minors involved will be listed by their initials. Possible Loss of PropertyThose who declare bankruptcy may lose property to the bankruptcy trustee. The point of filing for bankruptcy is to have the court step in and decide how much debt you can afford to pay off, and how much should be forgiven. If you own property with significant value such as luxury cars, you may be forced to sell that item to pay off some debt. However, if you can successfully exempt your property, the trustee will not be able to sell it. Even if you are unable to exempt some properties, it may not be economically advantageous for your trustee to sell a particular item out from under you. For example, if it costs $1,000 to auction off a car that’s worth only $850, the trustee is likely going to let you keep that vehicle. As mentioned above, this point becomes complicated when a piece of property, such as a home, has been put up as collateral. That gives the creditor greater leverage in attempting to seize the property. Once you are a bankrupt your unsecured creditors will cease to contact you. If you want this to happen then you must list all your unsecured creditors in your Statement of Affairs. This will also include debts which you have taken out with another person, that is joint debts, and even money you may owe to your family and friends. Most legal action which an unsecured creditor had taken against you must stop once you file for bankruptcy. This also applies to a garnishee from your income or bank account or any recovery action by a sheriff or bailiff. If any of your unsecured creditors continue to contact you then you should notify your trustee. They will contact the creditor. There are some debts which you must continue to pay during bankruptcy and these include: When you become a bankrupt some of your assets can be retained because they are protected property and some may be recovered by your trustee and sold. An asset is defined as anything of value you own when you become a bankrupt and anything you buy or receive before the end of your bankruptcy. When you become a bankrupt what you may keep includes: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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What Is A Temporary Restraining Order (TRO)? What Is A Foreclosure Defense? What Happens If You Get Convicted Of A DUI? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Ascent Law, LLC https://www.ascentlawfirm.com/what-happens-if-i-declare-bankruptcy/ Driving under the influence is a crime, but the idea of getting arrested for DUI for the very first time may not faze many people. After all, it’s a first-time offense, and the law is quite lenient on first-time offenders. While most states categorize first-time DUIs as a misdemeanor, the consequences, both short-term and long-term, remain serious. If ever you’re arrested for a DUI, you will need to fully understand not just the punishments that come with a DUI conviction, but it’s possible long-term impact on your life as well. Here are the things that will happen when you’re arrested for DUI for the first time.• You Will Be Booked: As with any other crime, you will be brought to the nearest police station or jail, where your mug shots and fingerprints will be taken. If you’re allowed to post bail, and someone pays for it, you can be released immediately. The legal and financial consequences of getting arrested and convicted for a DUI are bad enough, but one thing first-time DUI convicts should think about is what it might be telling them about their own health and well-being. If you find yourself at the receiving end of a first-time DUI, it doesn’t necessarily mean that you have a substance abuse problem. It’s possible that you are just a light to moderate drinker who made a bad decision to drink and drive. Nevertheless, a DUI arrest and conviction is a serious sign that you need to contemplate your alcohol consumption. It would be great if you, like most drivers arrested for a first-time DUI, make adjustments to your behavior regarding drinking and driving. However, if you continue to drink and drive and become a repeat offender despite the negative consequences, then you are waving a big, red flag. While it’s not irrefutable proof of addiction, it’s a tell-tale sign that you may have an alcohol problem on your hands, and you will likely need professional help. Should you ever get arrested on suspicion of DUI, waste no time in hiring a skilled and experienced DUI lawyer to represent you. As a specialist in laws that covers driving under the influence offenses, a DUI lawyer is the best-equipped person to help you get the best possible result for your first-time DUI case. Difference between a DUI charge and a DUI convictionThere’s a misconception that being charged with a DUI is the same as being convicted of DUI. If an officer pulls you over on the suspicion of being intoxicated and you are arrested, you have been charged with a DUI but you have not been convicted in a Court of law. If you have been charged with drunk driving you are facing serious consequences negatively impact your life. But, you can fight the charges you are facing and, with the help of an aggressive, experienced DUI defense attorney you may be able to win your case and avoid a costly DUI conviction. Here are some of the defenses your lawyer can use in court. • Field Sobriety Tests – There are many issues surrounding Field Sobriety Tests that can provide several potential defenses for your lawyer to use in court. FSTs are often misinterpreted, meaning the results aren’t an accurate depiction as to whether or not you’re intoxicated. When it comes to a field sobriety test, it is often almost impossible for you to “pass” meaning that, if you participate, you’ll more than likely be charged with a DUI. While these are some of the more basic defenses they are, by no means, the only ones. Being charged with a DUI doesn’t necessarily mean that you’re going to be convicted. However, from the moment you get pulled over, you have a limited amount of time in order to prepare for your day in court. The first thing you should to do is to hire the most experienced DUI defense attorney you can afford. A DUI charge, while not a conviction, is still a very serious issue that needs to be addressed as soon as possible. Getting stopped for drunk driving (commonly referred to as “DWI” – driving while intoxicated or “DUI” – driving under the influence) is a serious offense and can have different consequences depending upon where you live. All 50 states have “per se” laws defining it a crime to drive with a blood alcohol content (BAC) level at or above the prescribed threshold. At this time, every state has set this maximum BAC level at 0.08 percent. However, some states have enacted zero tolerance laws that lower that level for underage drivers and high BAC laws that impose harsher penalties for those caught with levels of 0.16 to 0.20. Getting Stopped for Drunk DrivingWhen you’re stopped for drunk driving (or for something else and a police officer has reason to believe you’ve been drinking), you will generally be required to take a sobriety test (blood, breath or urine) to determine your BAC level. Most states have implied consent laws which means that you must comply with a test or face fines and/or license suspension – sometimes right on the spot – for refusing to take the test. Some states have abandoned the urine test due to reliability issues. The driver usually gets his choice of the available tests. Which test should you choose? That depends. A breath testing machine may be easier to fault for accuracy than a blood test, but a breath testing machine cannot test for the presence of drugs. You must remember that a DWI can also be “under the influence of drugs.” If you refuse the test or are found to have a BAC over the state limit, chances are you’ll be taken into custody and brought to a police station where you’ll be held until someone can pick you up, or until next morning when you have sobered up. In addition, your license may be temporarily suspended and your vehicle may be impounded for a period of time after the incident. However, these penalties seldom apply to refusing to perform FST’s (field sobriety tests), which are the physical coordination tests an officer has you perform. Aside from a possible administrative hearing that reviews the circumstances surrounding your arrest to see if your license should be administratively suspended (as opposed to suspended by the Court), you must generally go to court where a jury or judge will decide your fate. In any criminal case, including DWI’s, you have the right to a jury trial, but once convicted, it is up to the judge what punishment you will receive. In many states there are mandatory punishments and consequences that deny the judge any discretion as to the punishment if your BA is of a certain level, or if you have refused to take a mandatory test. Generally, for each prior conviction of DWI within the previous 5-10 years, the punishment will become progressively severe, and these may also be mandatory minimum sentences. If you’re found guilty, most courts will: In addition, some judges and some states may require you to participate in alcohol or drug treatment programs as part of a parole program or have an ignition interlock device installed on your vehicle. You may also receive as a condition of parole (probation) that you not drink any alcoholic beverage while on parole, or not even enter a tavern. Getting Your Drivers License BackSome states allow for provisional, conditional, hardship or temporary licenses. This varies greatly by state, judge and circumstances and is often granted only with participation in an education program or by showing a family hardship. You may also have to show proof of liability insurance to get your license back. Many DUI and DWI offenders face stiffer penalties than mere fines. As with any criminal charge, a person charged with driving while intoxicated (DWI) or driving under the influence (DUI) is presumed innocent until proven guilty. If guilt is established (often through the defendant’s own plea or after a jury trial), the penalty will depend on state law, as well as on any aggravating circumstances (such as the presence of an open bottle of liquor in the car) and the defendant’s cooperation with the police. In all states, first-offense DUI or DWI is classified as a misdemeanor and punishable by up to six months in jail. That jail time may be increased under certain circumstances. For example, some states mandate more severe punishments for DUI or DUI offenders whose blood alcohol concentration (BAC) at the time of arrest was particularly high—for example, 0.15% or 0.20%, very high considering the legal limit of 0.08%. Many states also require minimum jail sentences of at least several days on a first offense. Subsequent offenses often result in jail sentences of several months to a year. For a DUI or DWI that’s been classified as a felony—either because the driver killed or injured someone or because it’s the driver’s third or fourth DUI—jail sentences of several years are not uncommon. Again, this depends on state law, the facts of the case, and the discretion of the judge at trial. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
The post What Happens If You Get Convicted Of A DUI? first appeared on Ascent Law, LLC.
4.9 stars – based on 67 reviews
What Is A Temporary Restraining Order (TRO)? What Is A Foreclosure Defense? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Ascent Law, LLC https://www.ascentlawfirm.com/what-happens-if-you-get-convicted-of-a-dui/ |
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