Astor Weiss Kaplan & Mandel, LLPFindLaw IM Template2024-03-21T14:47:34Zhttps://www.astorweiss.com/feed/atom/WordPress/wp-content/uploads/sites/1502856/2022/05/cropped-awkm-site-icon-32x32.pngOn Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=489252024-03-02T18:47:35Z2024-03-02T18:47:35ZPersonal property
Cohabitation agreements allow individuals to protect their personal property, investments and assets acquired before and during the relationship. The agreements provide assurance and mitigate the risk of asset loss or disputes. The contracts can cover issues such as real estate, businesses, artwork and debts.
Financial rights and responsibilities
Cohabitation agreements can specify each party's financial contributions to shared expenses. These expenses may include rent, mortgage payments, utilities and other household costs.
By clearly outlining these responsibilities, cohabitants can prevent financial disputes and ensure equitable treatment. For example, the median value of a house in Philadelphia is $215,500. Couples can use their cohabitation agreements to protect their interests if one partner buys a house or if both partners buy a home together.
Cohabitation agreements can also address potential support obligations between partners. Partners can get protection from unexpected financial obligations.
Potential claims
Cohabitation agreements also help deal with any potential claims to assets by third parties. The contracts clearly document asset ownership and the nature of the relationship. In this way, they can protect assets from claims by creditors, family members or other parties.
These agreements provide peace of mind and financial security for unmarried individuals in Pennsylvania.]]>On Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=488622023-12-19T21:16:13Z2023-12-19T21:16:13ZThe concealed nature of offshore accounts
Secrecy often shrouds offshore accounts due to certain jurisdictions' strict banking privacy laws. This clandestine nature can make it challenging for one spouse to have a comprehensive understanding of the other's financial holdings. In high-asset divorces, this lack of transparency can lead to disputes over the true extent of marital assets.
Asset protection and offshore accounts
Pennsylvania has about 328,859 millionaire households. People with substantial wealth may choose to establish offshore accounts to safeguard their assets. By doing so, they might aim to shield their wealth from potential legal claims, creditors or, in the case of a divorce, the other spouse. This strategic move can complicate the asset division process, as one spouse may argue that certain offshore assets belong in the marital estate.
The challenge of tracing offshore assets
Tracing offshore assets can be tricky. It may require the expertise of financial professionals. In high-asset divorces, spouses may hire forensic accountants to navigate the web of international financial transactions. This is important for ensuring a fair and accurate distribution of assets, as failure to account for offshore holdings can result in an uneven division.
The presence of offshore accounts introduces legal intricacies to the divorce proceedings. Courts may need to consider international laws, treaties and cooperation agreements to address the division of assets properly. The jurisdiction of the offshore accounts can significantly impact the outcome, too.]]>On Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=488582023-12-07T20:37:41Z2023-12-07T20:37:41ZPhysical custody: Primary caretaker may have custody
About 20.2% of Pennsylvania residents are younger than 18 years. Many of these children have parents who do not live together.
In Pennsylvania, when there is no court order, the default principle is often in favor of the primary caretaker. This means that the parent who has been the child's primary caregiver, providing daily care, support and supervision, likely gets more physical custody than the other parent. However, if the other parent wants joint custody, the courts usually encourage this type of involvement.
Legal custody: Shared decision-making
While physical custody is about where the child lives, legal custody involves decision-making about the child's upbringing. In the absence of a court order, Pennsylvania often leans towards shared legal custody. This implies that both parents have the right to make significant decisions affecting the child's life, such as those related to education, health care and religious upbringing.
Factors the court considers
When no court order exists, the court may consider various factors to determine custody arrangements in the best interest of the child. These factors may include each parent's ability to provide a stable environment, the child's relationship with each parent and the physical and mental health of each parent. The court also considers children's preferences, especially as they grow older.
Mediation and co-parenting
Mediation provides a platform for parents to discuss and negotiate custody arrangements with the assistance of a neutral third party. Additionally, fostering a healthy co-parenting relationship is important for the well-being of the child.
Effective communication and cooperation between parents contribute to a stable and supportive environment, whether there is a court order or not. Getting a custody arrangement formalized as soon as possible is usually in everyone’s best interest.]]>On Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=488342023-10-01T02:36:25Z2023-10-01T02:36:25ZBusiness valuation
Valuing a business during a high-asset divorce can be particularly complex. Several methods commonly come into play.
Market-Based Approach: This method evaluates the business by comparing it to similar enterprises in the market. It considers factors such as revenue, profits and market trends.
Asset-Based Approach: Here, experts scrutinize the business's assets and liabilities to determine value. They consider tangible assets such as property and equipment, as well as intangible assets such as patents and trademarks.
Income Approach: This approach assesses the business's future income potential. It often involves a deep dive into financial statements, cash flow projections and risk assessments.
Using different methods (or even the same method), it is possible to come up with different valuations. That is part of the challenge of high-asset divorce.
Real estate valuation
The divorce rate in Pennsylvania is 2.4 per 1,000 people. Many of these divorcing couples own real estate.
The valuation of these properties, such as homes, commercial buildings or land holdings, poses its own set of challenges. One is appraisal in which licensed appraisers consider factors such as location, property condition, recent sales of comparable properties and market trends.
Assessing the value of property improvements, such as renovations or additions, can be tricky but are necessary. Of course, real estate values can fluctuate over time due to various factors, including changes in the local economy or housing market conditions.
Investment portfolio valuation
Valuing investments such as stocks, bonds and other financial assets is important. The most straightforward approach is to determine the current market value of the investments. However, this can be challenging for illiquid assets.
Different investment types require distinct valuation methods. For instance, valuing publicly traded stocks is relatively straightforward, while privately held investments demand a more intricate assessment. Valuing investments should also account for potential tax implications, as selling certain assets may result in capital gains or losses.
Challenges in asset valuation
Several challenges can arise during the asset valuation process in high-asset divorces. One is the possibility of hidden assets. It necessitates thorough investigation and forensic accounting to ensure that both sides account for all assets.
High-asset individuals may have diverse and intricate portfolios, making accurate valuation time-consuming and intricate. In many cases, experts such as appraisers, accountants and financial analysts must provide professional assessments.]]>On Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=487912023-08-09T20:53:53Z2023-08-09T20:53:53ZTypes of charitable trusts
U.S. News and World Report explains that charitable trusts generally come in two forms. A charitable remainder trust allows the trust grantor to first pay an income stream to trust beneficiaries. This may happen as long as the beneficiaries are alive or for a set time period. Afterward, the trust will pay out to a charity.
By contrast, a charitable lead trust pays the charity first. Following this, the trust will provide income or other benefits to the remaining beneficiaries.
Pros and cons of charitable trusts
In addition to leaving money to charity, a charitable trust could help you avoid taxation on assets you place into the trust. You can also reduce the size of your estate and minimize taxes on it.
Charitable trusts do have possible downsides. They involve costs to set up and maintain. Also, charitable trusts are usually irrevocable, so you will lose control of the money you place into the trust. If you need money from the trust later, you will not be able to access it.
Establishing a charitable trust requires some careful planning. Still, if you have a surplus of savings that you want to disperse to your favorite cause, a charitable trust can be worth it.]]>On Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=487902023-08-09T20:52:04Z2023-08-09T20:52:04ZHas it been a few years?
Pennsylvania law permits a periodic review of child support guidelines after at least four years. If your support order is four years old or older, petition for review based on duration.
Did you change jobs?
When your employment changes and creates a material difference in income, you might have grounds to petition for modification. The court considers the reason for your job change, so a willful change just to reduce your income is not likely to help your case. If your job change resulted from a layoff or termination, you may receive a revised order.
Has custody changed?
When custody changes and you gain primary physical custody, your support order should reflect that. After any custodial change, even an unofficial one, petition the court to modify both the legal custody order and your support order accordingly.
Has either parent relocated?
When one parent relocates to another state or far enough away to interfere with custody and cost of living, the court sometimes reviews child support commitments as a result. Petition for modification if a relocation disrupts your situation.
Child support modification needs reasonable grounds for the request. Before you petition the court for modification, consider if any of these situations apply.]]>On Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=487552023-06-16T20:53:15Z2023-06-16T20:53:15ZWithholding information
Experts find that many patients lie, alter details or withhold information from their doctors regarding their accidents either out of embarrassment or guilt. Any act of withholding the full truth of your accident can affect the type of treatment you receive, which may result in a hindered recovery or lesser compensation from your injury claim.
Neglecting your personal records
It is in your best interests to keep thorough records of your doctor visits, including copies of any documentation, referrals or other interactions you receive during the course of your care. Neglecting to do so may leave you short on evidence if the insurance company attempts to deny your claim.
Stopping treatment prematurely
One of the biggest mistakes you can make after suffering an accident injury is stopping treatment before your physician clears you. Doing so may give the insurance company valid cause to deny you compensation on the basis that your injury was not as severe as you claimed.
It is an unfortunate truth that the road to recovery and compensation is often a rocky one. By following the proper steps along the way, though, you can at least recover the damages you deserve.]]>On Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=487462023-05-20T19:10:53Z2023-05-20T19:10:53Zphysically distancing the child from the other parent, but a malicious co-parent might try to subtly distance the child slowly over time. It can be difficult to notice that parental kidnapping is occurring during the early stages, but you can prepare by knowing some telltale signs that parental kidnapping is about to occur and how this act can affect your child custody case overall.
What are the signs of parental kidnapping?
There are certain behaviors that may indicate that a parent is planning to violate the temporary custody order handed down during a divorce case or child custody proceedings. Be mindful of signs that the other parent is negatively influencing your child's opinion of you or withholding information pertaining to your child from you. These are acts of parental alienation that can precede a blatant attempt at parental kidnapping.
How does parental kidnapping affect a child custody case?
Some instances of parental kidnapping are obvious violations of parental rights, such as if the offending parent takes the child across state lines without consent. Other acts of distancing the child from the other parent may be more subtle and might require proof. Successfully proving that the other parent is guilty of parental kidnapping can result in permanent revocation of some or all of the offending parent's rights to the child.
When you notice that your co-parent is alienating or distancing your child from you in the midst of a divorce case, you may have grounds to take legal action in defense of your parental rights.]]>On Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=487172023-04-19T00:18:21Z2023-04-21T00:17:29ZSurgical errors
Common types of surgical errors include operating on the wrong site or the wrong side of the patient, as well as leaving surgical implements in the body after operating. Negligence in the surgery room can cause catastrophic damage to healthy organs and leave the original condition untreated.
Childbirth injuries
Medical malpractice can affect the long-term health of your child due to poor decision-making or miscommunications during delivery. Childbirth injuries can also stem from a doctor's negligence in failing to diagnose certain conditions weeks or months before the baby is due.
Medication-related injuries
A doctor's prescription can do more harm than good if they prescribe the wrong amount, or worse, the wrong medication entirely. Medication errors often correspond directly to misdiagnoses, which can cause several other health issues and injuries as well.
If you notice a worsening of symptoms in yourself or a loved one after a doctor visit, it is important to take the matter very seriously. Should it turn out to be a result of medical malpractice, you likely have a strong case for legal action and compensation.]]>On Behalf of Astor Weiss Kaplan & Mandel LLPhttps://www.astorweiss.com/?p=487162023-04-19T00:15:53Z2023-04-19T00:15:53Zdefensive driving habits will help you stay safe even in the presence of aggressive drivers.
Use the left lane for passing only
Known as the "passing lane" by safe drivers and the "fast lane" by more impatient types, the left lane is a place you should avoid if you are trying to drive defensively. Blocking the left lane at low speeds tends to invite aggressive motorists to tailgate you at a dangerously close distance.
Brake early
Many drivers tend to pay little heed to vehicle stopping distances. By braking early and gradually, you ensure that you have enough distance to come to a complete stop without colliding with the car in front of you. Likewise, avoiding a sudden stop also protects you from experiencing a rear end at the hands of an aggressive driver behind you.
Maintain awareness
Being aware of your surroundings and the unsafe behaviors of those around you is the most fundamental key to safety. Driving while distracted, on the other hand, makes it more likely that you will fail to notice another person's aggressive actions before it is too late.
Practicing safe habits lowers your chances of experiencing an accident with an aggressive driver. If you do sustain damage due to another driver's aggression, though, the fault lies with them and you have the right to pursue your due compensation.]]>