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Author: Shep McAllister on Kinja Deals, shared by Ana Suarez to Lifehacker
How can prenups address a business?
Many entrepreneurs in Dallas, before finding love, grow a successful and profitable business. So, when these individuals do decide to get married, one step they may want to take is to execute a prenuptial agreement, known as a premarital agreement in Texas, to protect the business they spent so many months or years cultivating.
In a premarital agreement, couples can decide whether they want the business to remain a separate asset, or whether it should become marital property. This is significant, because if a couple divorces, their marital assets will be split between them during the property division process. If a couple decides to execute a prenup that will include a business, there are certain steps they may want to take.
First, it is important to ascertain what the business is worth at the date of the couple’s marriage. This not only records what the business is worth as separate property, but also serves as a starting point for determining whether any increase in value the business sees during the marriage should be deemed marital assets. Similarly, in a prenup couples can decide whether they will share in the company’s profits and losses.
Prenups can also include provisions on how they will determine what the business is worth at the time of divorce. Some couples decide each spouse will retain a certain percentage of the company should they divorce, and this too can be included in the prenup. Finally, a prenup can detail how income made by the business will be distributed — will spouses get a salary that could be considered marital in nature or will the funds be kept as part of the business?
These are all important points to keep in mind if you are executing a prenup and own a business. However, this is only a basic overview of this topic, and does not provide legal advice on prenups or property division in your specific situation. Couples who need more information about premarital agreements and property division in Texas will want to seek the professional help necessary to have their questions answered.
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Author: On behalf of Katie L. Lewis of Katie L. Lewis, P.C. Family Law
In re A.W.
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In re L.C.
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S.C. v. G.S.
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What’s Your Favorite Airline Credit Card?
The experience of flying seems to get measurably worse every year. First, they came for our free meals. Then our free checked bags. Now they expect us to pay extra if we want to sit next to our travel companions, or even bring on a carry-on.
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Author: Shep McAllister on Co-op, shared by Ana Suarez to Lifehacker
Access to Justice Challenges and Some Solutions in the Sooner State
The Access to Justice theme issue of the Oklahoma Bar Journal is out. If you are interested in Access to Justice, you will find some interesting reading here. Most features are of interest to everyone in the legal community and a few are Oklahoma specific.
Do you know of the work of your Access to Justice Commission? Almost every state has one. When the Oklahoma Access to Justice Commission was formed, Oklahoma had been ranked 50th among the states in the Justice Index prepared by the National Center for Access to Justice. In The Work of the Oklahoma Access to Justice Commission, by M. David Riggs, the first Chair of the Commission, outlined the Commission’s projects and the resulting improvement in our state’s rankings.
Using Online Dispute Resolution to Expand Access to Justice – The Online Multidoor Courthouse is an excellent treatment of a subject that is not familiar to many lawyers. The author Colin Rule is vice president for Online Dispute Resolution at Tyler Technologies. He has worked in the dispute resolution field for more than 25 years as a mediator, trainer and consultant. He previously was director of Online Dispute Resolution for eBay and PayPal. Did you know that British Columbia’s ODR system handled almost 14,000 small claims cases in its first seven months of operation, freeing up court resources for other tasks?
You will not find a more powerful example of how a relatively few lawyers and judges can make an impact on people’s lives than The Oklahoma County Courthouse Access Clinic. Sara Murphy Bondurant, volunteer director of the clinic, outlines the assistance provided in minor and adult guardianships and probates. At one point Oklahoma had more grandparents raising grandchildren than any other state, many without any financial assistance. As the school year begins, we should appreciate that because of this project, many school children will not be forced to miss extracurricular activities because no one is legally authorized and available to execute a permission slip.
My contribution to this issue included Tips on Delivering Limited Scope Legal Services. With our court rule change now providing clear guidance, this is an area where lawyers can better assist pro se litigants. As a law practice management advisor, I am convinced that for solo and small firm lawyers, particularly in rural areas, this will be a growing area of service delivery. These services may not be the highest profit center in a law practice, but they also allow the lawyer to introduce himself or herself to clients who may return for other services later. While some legal matters drag on for a long time, these files will generally be short term. And the automation tools we see emerging will often apply well in these matters. My department, the OBA Management Assistance Program provides an Oklahoma Limited Scope Legal Services Resources page with downloadable sample forms and other resources. (As always, lawyers should do their own research before relying on any sample form.)
The Crushing Reality of Why We Need Plain Language Pro Se Court Forms was authored by Elizabeth Govig, a recent University of Tulsa College of Law graduate who just completed taking the Oklahoma Bar Examination. During her time in law school she was involved with the Community Advocacy Clinic where she focused on addressing civil access to justice issues and conducted significant research on this subject. Many courts are examining whether the traditional verbiage required in many legal documents filed in court could be simplified and improved.
A Quick Guide to Oklahoma’s Certified Courtroom Interpreters Program was written by Debra Charles, who is General Counsel for the Administrative Office of the Courts and also directs the Supreme Court’s Language Access/Certified Courtroom Interpreter Program. I recall uncomfortable moments when I was in private practice and had to rely on an untrained interpreter in an interview. It often seemed like the individual said a lot more than I heard from the interpreter. This feature also provides valuable tips for attorneys working with interpreters. Oklahoma’s certified interpreters are also available for lawyers to hire as freelancers for work outside of the courtroom.
Addressing the Court Reporter Crisis in Oklahoma is a story that some may want to share with a friend or relative in Oklahoma looking for a new career. Written by Debra Charles and Shelley Phillips, a court reporter for the Payne County District Court for more than 30 years, notes the large number of court reporters nearing retirement age as one factor causing the crisis, along with neighboring states offering higher pay. But the good news is more training locations are now available in Oklahoma and recent legislation has increased the compensation for Oklahoma’s official district court reporters this year.
A lot has been written and discussed about access to justice challenges nationwide. As the broad range of topics in this bar journal issue demonstrates, there are a wide variety of challenges and a number of different areas where improvements are being made and should be made.
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Author: Jim Calloway
Sunday’s Best Deals: Instant Pot Accessories, Wayfair, Sony Headphones, and More
Wayfair’s 48-Hour Clearout, an Instant Pot accessories deal, and discounted Oakley sunglasses lead off Sunday’s best deals from around the web.
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Author: Chelsea Stone, Shep McAllister, Tercius, Ana Suarez, and Corey Foster on Kinja Deals, shared by Chelsea Stone to Lifehacker
How to Livestream the Perseid Meteor Shower on Monday
The Perseid meteor shower peaks Monday and Tuesday evening. Regarded as one of the best meteor showers of the year, its something space buffs won’t want to miss.
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Author: Emily Price
Use Google to See If That Discounted Flight is Really a Deal
Flight deals and sales have started to pop up pretty frequently these days. Just because a flight is on “sale,” however, doesn’t mean that sale price is actually a deal.
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Author: Emily Price