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Louisville Legal Blog

Is your prenuptial agreement vulnerable to challenges?

When a couple chooses to create a prenuptial agreement, one of its clear objectives is to simplify a potential divorce so that the spouses do not waste time and resources haggling over the specifics. However, some prenups are not entirely fair in their terms, or may have other weaknesses that may not hold up in court. If you see divorce at the door and have concerns about the terms of your prenup, you may have grounds to challenge it. Challenges to prenups generally fall into two categories.

In most cases, one spouse challenges a prenup because it is innately unfair, or because the terms in the agreement are not enforceable. If, for instance, one party signs the agreement without fully understanding what it outlines or signs it under pressure from the other party, then a court may not honor the agreement, even if it is legally sound otherwise. There are several ways that a person might enter into an agreement unfairly, so make sure you understand how the law applies to your own circumstances.

Pros and cons of owning real estate through an LLC

Investing in real estate can be a financially rewarding endeavor, but what you may not know yet is the best way to protect yourself as an owner. One of the options available to you is forming a limited liability corporation. Doing so comes with many benefits, but it also has its drawbacks. Reviewing the pros and cons of an LLC can help you determine if it is the best choice for your situation.

Pros

Zoning restrictions can complicate commercial leases

Searching for the ideal location for your next commercial venture can be both exciting and infuriating, depending on your needs and the properties available in your area. Unfortunately, commercial property is often located in areas with specific restrictions on what types of businesses may operate. These are known as zoning restrictions.

If you think that you've found the ideal spot for your business, make sure that you fully understand any zoning restrictions ahead of time. If you sign a lease before you examine and resolve these issues, you may be stuck with a lease for a property you cannot use.

Custody orders are not suggestions, they’re legally binding

If you are like most parents who share custody of a child, you probably find that your custody order is not very convenient, at least some of the time. The realities of juggling work responsibilities, parenting privileges and duties, and other demands on our time can make sticking to a custody order annoying at the very least, and often leads to one or both parents operating outside of the custody schedule.

Sometimes, it is simply not possible to abide by a custody order completely. Medical emergencies, family difficulties and work crises are not always manageable and may require you to give your child's other parent some flexibility or ask for it in return. This is normal, but it is not a pattern you should fall into regularly. If you treat a custody order causally, you may find yourself in contempt of court.

Are you ready to establish your LLC?

When a business opportunity is ready to get off the ground, it is important to make sure that it forms properly. Not only does the type of business formation you use affect the way the business runs, different types of businesses have different protections available and tax advantages or disadvantages that come with them. Many business owners choose to form a limited liability corporation, or LLC, because of the tax advantages and protections they offer when properly established.

Form your LLC only after planning ahead and executing each step correctly.

  • Choose a name for your LLC that is not already in use by another business. For some entrepreneurs in a crowded field, this is one of the most difficult steps.
  • Create and file articles of organization, including the required fees.
  • Create an operating agreement that outlines the duties and privileges of each member within the LLC
  • Secure the various licenses and permits that your specific business requires under state and federal laws. This may vary widely, depending on your field.

When does taking a child become parental kidnapping?

It is common for parents to disagree strongly about where a child should be or what they should do. When parents are married, courts generally don't get involved in these disagreements unless a particular course of action poses a threat to the safety of the child. However, when parents are divorced and must abide by a custody order, the court is much more likely to get involved.

Parental kidnapping is an extreme form of parenting time interference -- one that may result in criminal charges and even jail time if the violation is sufficiently severe. If one parent has a court-ordered right to spend time with their child at a certain day and time, and the other parent prevents them from doing so, this generally constitutes direct interference, but not necessarily kidnapping.

Bankruptcy options for small businesses

For many entrepreneurs, the thought of starting a business in Louisville is fun and exciting. Many of them do not realize how important it is to plan carefully and have a sound business plan in place. If you are the owner of a recent startup or intend to open a small business, you must plan for the possibility of bankruptcy. 

There are three types of bankruptcy for business owners to file: Chapter 7, 11 and 13. Your company’s tax structure determines which protections it can benefit from. Sole proprietors can utilize all three types of bankruptcies. Chapters 7 and 11 are most suitable for corporations and partnerships. The business world is tough and highly competitive. Many small businesses go belly up within the first few years. To circumvent many of the financial and operational challenges your venture might encounter, review the following information on small business bankruptcies

Dissolve your partnership fairly the first time

When a business partnership reaches the end of the road, it is not always easy to know how to part ways fairly with finality. Sometimes, this is because partnerships are very simple to establish legally and in some cases do not even require a written partnership agreement of any kind to exist. In other cases, partners may have disagreements about how to resolve outstanding accounts or fairly divide the partnership's leftover assets.

If you face the task of ending a partnership, you want to make sure that you perform the due diligence necessary to protect yourself from future complications. Just as in divorce, you don't want any lingering attachments between you and your partner. That way, each of you is free to make a clean break and start fresh.

Avoid commingling nonmarital assets

Once you and your spouse get married, the law takes your legal relationship very seriously, especially when it comes to property. In the absence of a prenuptial agreement, most property that either of you owns becomes marital property, which you now both own as a married couple. While you may both still buy vehicles or homes individually to take advantage of one spouse's income or credit rating, the law does not recognize this distinction as clearly as a lender might.

In fact, if you choose to commingle your assets, even property that might otherwise remain separate can become marital property. One of the most common ways this can grow complicated is when it involves an inheritance. In many instances, inheritance does not count as marital property automatically. However, if the inheritance commingles with other assets, it grows very difficult to distinguish them from each other.

Which spouse keeps the house in divorce?

Determining how to approach property division in divorce is rarely simple, especially when it comes to deciding which spouse (if either) keeps a marital home in the split. Homes count as marital property just as a savings account or any other asset that a couple might acquire while married, but it is not always easy to split the value of a home between the spouses, particularly when the family home is the largest single asset that a couple has.

There are no clearly defined rules about which spouse keeps a home in divorce, but there are some guidelines you can use to assess whether you or your spouse is most likely to keep the home.

Call 502-584-1000 to speak to a lawyer today.

  1. Charles W. Dobbins, Jr.

    Charles earned his J.D. degree from the University of Virginia in 1974

    He was graduated from Washington & Lee University in 1970 with a B.A. with Distinction

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    Mark W. Dobbins

    Mark earned his B.A. from Emory University.

    He earned his J.D. from the University of Louisville.

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    Patrick T. Schmidt

    Patrick earned his B.S. in Accounting from the University of Kentucky in 1989.

    He earned his J.D. from the University of Kentucky in 1992.

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    Terrence L. McCoy

    Terry earned a B.A. from Dartmouth College in 1964.

    He earned his J.D. from Duke University in 1967.

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    Lisa Koch Bryant

    Ms. Bryant has extensive commercial litigation and bankruptcy experience. Prior to entering private practice, Ms. Bryant served as head of litigation for the Federal Land Bank of Louisville.

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  2. Wm. Stephen Reisz

    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

    Thomas earned his J.D. degree from the

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    Sandra F. Keene

    Sandra earned her Bachelor of Health Science degree, with Honors, from the University of Louisville in 1982.

    She earned her J.D. degree from the

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    Elizabeth M. Jenkins

    Colgate University, B.A., Political Science, magna cum laude, 1983

    University of Virginia, J.D., 1992

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    Edward L. Galloway

    Ed graduated from Indiana University in 1967 with a degree in history.

    After obtaining a master’s degree in political science from the University of

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    Thomas G. Karageorge

    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

    Thomas earned his J.D. degree from the

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  3. Tacasha E. Thomas

    Tacasha attended Harvard University in Cambridge, Massachusetts during the summer of 2001, where she studied courses in law and psychology.

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    Ayala Golding

    Ayala received her J.D. in 1994 from the University of Louisville, Louis D. Brandeis School of Law, Louisville, Kentucky, where she was a member of the Brandeis Family Law Journal, and

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    Gwendolyn Chidester

    Gwen recently joined the Firm after being employed by notable Louisville companies for over 15 years in a variety of capacities including Corporate Counsel, Director of Human Resources, and Risk Manager.

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    William A. Buckaway, Jr.

    Bill earned his B.A. from Centre College in Kentucky in 1956.

    He earned his J.D. from the University of Louisville in 1961 where he was a

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    Terrell L. Black

    Terry earned a B.S. in Social Science from Campbellsville College in 1966.

    In 1969, he attended graduate school at Eastern Kentucky University focusing on

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    John A. Wilmes

    John was admitted to the Kentucky bar in 1977 and admitted to practice before the U.S. District Court, Western District of Kentucky in 1979.

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