People hire lawyers for a myriad of different reasons. Some people need a lawyer to defend themselves in a criminal court case and others need a lawyer to help them with the legally binding aspects of a contract. One of the main reasons someone would hire a lawyer is to help them navigate a situation that will impact their finances. Whether you’re buying a piece of commercial real estate or you’re getting a divorce, you will want to work with a lawyer so that they can help ensure that your finances aren’t negatively impacted because of a legal complication. Lawyers know the ins and outs of the legal system, helping you make it through any kind of legal issue with as little trouble as possible.
However, not every lawyer is well-suited to handle every type of legal situation. This makes it extremely important that you find the right lawyer who has experience in the area of law that pertains to your situation. Let’s take a look at some financial situations that would warrant you hiring a lawyer and how you can find the right lawyer to help you through the situation.
Divorce
Going through a divorce is one of the most common situations that call for hiring a lawyer. Even in the most amicable divorces, both parties should have a lawyer by their side. This is because divorces not only involve working out how you will handle the custody of children that you have, but they also involve the legal separation of your assets as a couple, including any property you own as well as mutual bank accounts.
When you start the divorce process, you should contact a divorce lawyer as soon as possible. One of the first things your lawyer will have you do is disclose all of your assets. This is an important step, as many marriages involve one spouse handling all of the money and the other not being aware of their debts and assets as a couple. Your divorce lawyer will be able to locate your assets and liabilities and collect records so that you are aware of the complete picture of your financial situation.
In a divorce, your lawyer can also help you create a debt repayment plan. Family debt can often be more complicated to sort out in a divorce than family assets. With the help of your lawyer, you can determine if the debt should be completely attributed to your spouse or if you both need to take responsibility for it. Another financial aspect of divorce that a lawyer will assist you with is figuring out if you are entitled to spousal support or if you have to pay it. In situations in which spouses have significantly different incomes or a spouse has sacrificed their career to advance that of their partner’s, a judge may order spousal support. If one party runs a business, or you run a business together, your lawyer can also help determine how you will tackle that.
To find the right lawyer to help you through your divorce, think about how you want to approach the divorce. In your first meeting with your lawyer, they will probably take you through their strategy for your case. Make sure this strategy aligns with your desires. Some people want to play a role in the divorce process and work alongside their lawyer while others want their lawyer to take an aggressive lead so that they can stay out of the case. If you’re still friends with your ex-spouse, you need to find the right lawyer who will work collaboratively with your ex’s attorney. If you know that your spouse is going to fight you for every asset you own together, the right lawyer for you will be a more aggressive one.
Purchasing or Selling Real Estate
Buying or selling real estate is an exciting venture, but it can also be a very confusing one. While many people may know that they can work with realtors and financial institutions to help ease their journey through this process, they may not know that they can also work with a real estate attorney.
It’s well-known that a realtor can help you negotiate a real estate deal and draft a contract, but they may not have your best interest in mind as they work through the negotiation. They also typically use a form contract that may not work for every type of real estate transaction. A lawyer, on the other hand, will always have your best interests in mind in any negotiation. Otherwise, they may lose your business. Your lawyer works for you, so their best interest is fulfilling your best interest. A real estate attorney will be able to negotiate a deal and craft a contract that is uniquely tailored to your needs. With your lawyer working on the contract, you can also rest assured that it covers everything you need and is legally enforceable.
One step of buying real estate that many people don’t know is the title search process. A title search helps the buyer of a property discover any issues with the title before purchasing it. It can reveal whether the person selling the property has the legal authority to do so and if there are any encumbrances on the property, such as judgments or liens. A residential or commercial real estate attorney can help you with the title search process and walk you through any issues that may come up during it.
A real estate attorney will also ensure that you file the deed of a new property correctly the first time. Lawyers can often file more quickly and efficiently than financial institutions or real estate agents. A good real estate attorney will also help you review property inspections and other disclosures. Having their expert eyes on this step of the process can help you avoid potential problems before they become major issues.
To find the right lawyer when going through a real estate transaction, make sure that they’ve handled deals on properties like yours. If you’re purchasing a property with multiple buildings, like one that has a separate garage with garage doors that need regular servicing or one that has a carriage house that you want to rent out, you won’t want an attorney who only has experience with single-dwelling properties. Instead, you’ll want an attorney who has handled real estate transactions that involve multiple structures so that you aren’t surprised by unexpected fees or stipulations. They should also be familiar with the local laws and policies so that you can guarantee that you won’t face any complications during the process.
Bankruptcy
No one wants to have to think about declaring bankruptcy, but if you need to it is very important that you contact an experienced bankruptcy law firm in order to so do. It can be a very difficult process and you don’t want to go through it alone. By working with professional attorneys, you can rest assured that you will complete the process correctly and that you won’t worsen your financial state during it.
A major part of filing for bankruptcy is determining whether you will file for Chapter 7 or Chapter 13 bankruptcy. While the average person may not know the difference between the two, a bankruptcy lawyer will. If you work with a Chapter 7 attorney, you will be able to eliminate all of your unsecured debt. This option is typically better for people with limited incomes who cannot pay back all or part of their debts. Instead, most of your property will be sold and used to pay off your debts.
Chapter 13 bankruptcy is also known as reorganization bankruptcy. In this type, your property is not sold and you may be able to keep it if you can complete a court-mandated repayment plan. Chapter 13 bankruptcy lawyers can help negotiate these plans for their clients, but they typically require three to five years to pay off the debts. As both options have their advantages and disadvantages, you’ll want a lawyer by your side to determine which option makes sense for your situation.
By having bankruptcy lawyers work with you throughout the bankruptcy process, you’ll make sure that you won’t make any mistakes that can delay and complicated the process. While you can research some things about the process on your own, you won’t have the time or resources to research everything. Luckily, your bankruptcy attorney will be well-versed in your area’s bankruptcy laws and will be full of helpful information for you.
It’s clear that you need to have a great bankruptcy lawyer by your side in order to get through the process as smoothly as possible. As you find the right lawyer to help you file for bankruptcy, you need to consider their level of experience and track record with cases like yours. Great bankruptcy attorneys will be able to provide a resume with cases that they’ve handled in the past. Be sure that this resume includes situations like yours. This will help ensure that you find the right lawyer and are in the best hands possible as you navigate this complicated process. You can also speak with your financial advisor to see if they know any bankruptcy attorneys in your area that would be well-suited for your case.
Estate Planning
After you’re gone, you want to be sure that your family is well-cared for and that your assets are properly divided. The best way to guarantee this is to work with an estate planning attorney. This type of attorney helps people create or update estate planning documents, such as wills, trusts, powers of attorney, and health care directives. While you can handle these documents without consulting an attorney, doing so can result in incorrect documents. This will then leave your family to deal with the legal and financial mess after you’re gone and you may risk them not receiving the financial security that you wanted to pass down.
A major benefit of working with professionals on your estate planning is that you’ll ensure that your documents comply with current laws. In particular, probate and trust laws are state-specific and they can change from time-to-time. By creating these documents with an experienced lawyer and reviewing them together regularly, you’ll ensure that your plan fits within the state law’s parameters.
Another reason why you would want to work with a professional on this is that you’ll have the assurance that your documents say what you want them to say. Estate planning verbiage can be confusing and complex. If you try to create a will on your own, you may not understand or misinterpret what the online form provider is asking and end up with documents that don’t work for your desired outcome. By working with a wills attorney, you’ll know that your documents are error-free and that your family won’t be stuck with incorrect documents after you’re gone and unable to make changes. Your attorney will also ensure that your documents are official by arranging for witnesses and notary public signatures as necessary.
To find the right lawyer to help you with estate planning, start by asking your financial advisor for a referral. Advisors know how important estate planning is as part of clients’ overall financial goals, so they tend to have a few estate lawyers they can refer clients to depending on a client’s individual needs. You can also ask other attorneys you’ve worked with to buy a home or set up a business to help you find the right lawyer for estate planning. They’ll likely have contacts in different areas of law so that they can refer one another clients when necessary.
These are just a few instances that require someone to find the right lawyer to help them protect their finances. There are several others, such as working with a tax attorney to navigate tax laws or hiring a social security attorney to help you navigate applying for social security disability benefits. In general, any serious situation that impacts your finances and requires you to read through official documents and contracts calls for the help of an experienced attorney. Be sure that you find the right lawyer to help you navigate your situation and come out the other side financially healthy and sound.