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Month: May 2023

Untying the Knot: An Overview of the Divorce Process and Your Legal Options

May 9, 2023

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Tuesday May 9th, 2023.

Divorce can be an emotionally and financially taxing experience. Knowing your legal options available to you can make the journey less daunting. Here is an overview of the divorce process and its related legal considerations.

  1. Grounds for Divorce

Most states allow individuals to file for divorce on “no-fault” grounds, meaning you do not need to prove that either party was at fault. You also may be able to file on more specific grounds such as adultery, cruelty or abandonment.

  1. Residency Requirements

Before filing for divorce in any state, one must meet its residency requirements. These typically involve living there for an established amount of time prior to initiating proceedings.

  1. Legal Separation

In some states, you have the option to file for legal separation instead of divorce. Legal separation allows you to live apart while remaining legally married – an excellent solution if you’re uncertain whether to get divorced or need time to work through marital issues before making a final decision on either.

  1. Mediation and Collaborative Law

Mediation and collaborative law are alternative dispute resolution methods that can help couples avoid litigation. Mediation utilizes an impartial third-party mediator who facilitates settlement; collaborative law utilizes attorneys and other professionals in an attempt to reach an amicable agreement outside of court proceedings.

  1. Litigation

If negotiations, mediation, or collaborative law fail to lead to an amicable resolution between spouses, litigation may be the only solution to finding resolution. While litigation may be costly and emotionally draining, it may also be essential in order to settle issues related to child custody, spousal support payments, or asset division.

When contemplating divorce, it’s a good idea to seek advice from an experienced family law attorney. They can guide you through the legal process while protecting your rights and interests.

Wickersham & Bowers provides comprehensive family law services, such as divorce, child custody, support payments, spousal support payments and property division. Our attorneys recognize the emotional and financial strain that accompany divorce; therefore, they strive to assist their clients through this process with dignity and empathy.

Protecting Your Legacy: The Importance of Estate Planning for High Net Worth Individuals

May 9, 2023

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Tuesday May 9th, 2023.

Estate planning is vitally important for high net worth individuals looking to secure their legacy and ensure their assets will be distributed according to their wishes after they pass. Here are some benefits of estate planning:

  1. Protecting Your Family’s Financial Future

Estate planning helps safeguard your family’s financial future by outlining how your assets should be distributed among beneficiaries and can reduce tax liability for them.

  1. Control Over Your Estate

An estate plan gives you full control of your estate. Without one, the courts would distribute assets according to state laws rather than according to your wishes – creating an estate plan helps ensure that assets are distributed as desired.

  1. Protection for Your Business

Estate planning for business owners is even more essential. A detailed estate plan will protect your venture by making sure it continues operating successfully after you pass away and can include instructions regarding transfer of ownership and control to specific individuals or groups of people.

  1. Privacy

Estate planning provides privacy. Without an estate plan in place, your assets and how they’re distributed become public record. By creating one instead, your financial affairs remain private as you provide peace of mind during an already difficult period for your loved ones.

To protect your legacy through estate planning, here are some steps you can take:

  1. Create a Will

Establishing a will is the first step of estate planning. Your will should detail your preferences regarding asset distribution and caretaking responsibilities after your death.

  1. Consider a Trust

Consider setting up a trust to safeguard your assets. A trust will enable you to transfer ownership while still having control of them.

  1. Review and Update Your Estate Plan Regularly

Review and update your estate plan regularly, especially after experiencing significant life changes such as marriage, divorce or the birth of a child. Regular updates ensure that your estate plan accurately reflects your wishes while offering maximum protection to your assets.

Estate planning is essential for individuals with high net worth to secure their legacy and preserve assets after death, giving you peace of mind as well as providing peace for loved ones who depend on you.