Divorce in Tough Economic Times
Times are tough for most people these days so it may take some extra-creative problem solving to achieve a suitable divorce settlement.
This economy makes valuing property, including small businesses, more speculative and therefore difficult to feel good about achieving a fair valuation. This situation demands that both husband and wife be reasonable in their approach to the divorce and also may require some of the creative ideas below in order that both parties feel comfortable with the settlement.
We have had successful resolution of complicated estates in four different ways.
1) Allow the parties to legally divorce but remain financially married
In this case, usually one partner will continue to manage the marital property during the legal divorce until assets sell or increase in value.
2) Provide a graduated buyout
An agreement like this might include monthly payments through a promissory note or through alimony secured by assets and not dischargeable in a bankruptcy proceeding.
3) Utilize a partition agreement
In this case the marital property is legally partitioned but the parties stay married until such time that assets appreciate or the relationship is repaired.
4) Look back
The parties agree at divorce settlement to a buy out valuation number. If the business is sold at a subsequent date for more than the divorce valuation number, the party who sold his or her interest is entitled to a percentage of the sale price depending upon the amount of time between divorce and sale.
Rated #1 Austin Family Lawyers by US News and Best Lawyers
U.S. News Media Group and Best Lawyers have released the 2010 Best Law Firms rankings, marking the inaugural publication of this annual analysis. Noelke English Maples St. Leger is pleased to be rated as a tier 1 (top tier) firm among only five family law firms in Austin.
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These overall inaugural law firm rankings are available on-line at Best Lawyers and provide a comprehensive view of the U.S. legal profession that is unprecedented both in the range of firms represented and in the range of qualitative and quantitative data used to develop the rankings.
The mission of Best Law Firms from the start has been to help guide referring lawyers and clients. The October issue of U.S. News & World Report will feature these first tier rankings. “U.S. News is the world’s leading publisher of institutional rankings based on both objective data and peer evaluations,” says Steven Naifeh, President of Best Lawyers. “We are combining this expertise with Best Lawyers’ experience of providing rankings of individual lawyers based on peer reviews for almost three decades. By combining hard data with peer reviews, and client assessments, we believe that we are providing users with the most thorough, accurate, and helpful rankings of law firms ever developed.”
Achieving a high ranking is a special distinction that signals a unique combination of excellence and breadth of expertise. At Noelke English Maples St. Leger we are honored to be recognized as such.