In a Divorce, What is an Affidavit of Financial Information and why does it Matter?
An Affidavit of Financial Information ("AFI") is a family court-approved form that is utilized in divorce cases for a number of purposes primarily where child support, spousal maintenance and/or attorney fees are at issue.
The AFI is provided under oath and is intended to inform the family court of a party's overall financial situation including both income and expenses in order to provide the family … Read More
When In Doubt, Disclose, Disclose, Disclose
So Joe, who lives and works in Chicago, has decided that he wasn't getting enough use out of his second home in Scottsdale, located on the 15th fairway of a very challenging golf course, and has, with some regret, put it up for sale. A buyer is quickly procured, and Joe's listing broker presents him with form entitled "Residential Seller's Property Disclosure Statement," commonly referred to as a "SPDS" ( … Read More
Sexual Materials and Divorce
The world of divorce can be a messy and scary place. One area that is problematic is when a couple, during happier times, engaged in filming or photographing nude or sexual acts, which were done merely to illustrate the couples love for one another. However, once the love is gone and a divorce is pending, possession and ownership of the materials can become a nasty fight.
I recently read an article in … Read More
Domestic Violence and Divorce
Thanks to the NFL these past few weeks, domestic violence has gained national attention and even received a comment from the President of the United States. However, domestic violence ("DV") is bigger than most American's realize. Most of the statistics used to describe the problem are obtained using reported acts, but there are a significant number of acts that never get reported. According to the … Read More
What is a Subordination, Non-Disturbance and Attornment Agreement, and Why Do I Need One?
While most commercial leases contain a requirement that the tenant will execute a "Subordination, Non-Disturbance and Attornment Agreement," commonly referred to a an "SNDA," a majority of tenants who have signed such leases, and most likely several of the real estate agents who have represented those tenants, would be hard pressed to explain the meaning of an SNDA, and why they are needed by both commercial … Read More
Want to Sell Stock in Your Business But Keep Control? Consider an ESOP
In a closely held corporation, a time may come when the owner wants to sell stock in the company but still maintain control. This might occur, for example, when the owner plans to retire soon or simply seeks a way to raise capital. But an owner may be hard-pressed to find an outside investor. Selling stock to other shareholders may be an option, but in many cases the best way is to sell stock to employees through … Read More
Toxic Mold can Infect Your Bottom Line
Toxic mold and asbestos have nothing in common from a biochemical viewpoint. But from a business perspective, they share one big thing. Both cause expensive legal problems for insurers, construction companies, property developers, building owners and managers, landlords, contractors and subcontractors, school districts, suppliers, investors, lenders and employers.
Understand the Surge
In the past few years, … Read More
A Primer on Choice of Business Entity
Types of Business Organizations
When organizing a new business, one of the most important decisions to be made is choosing the structure of a business. Factors influencing your decision about your business organization include:
Type of business operation
Number of employees
Tax advantages or disadvantages
Length of business … Read More
10 Tips on How to Make Your Professional Business Partners Your Risk Manager
For many business owners, the day to day focus of operating and growing your business takes precedence over everything else. Minor issues are quickly forgotten and not addressed. Sometimes this is harmless and other times, minor problems if they are ignored, fester and become major problems that can result in lawsuits or government intervention. Using a team of professionals - such as your … Read More
A Legal Audit Can Prevent Costly Legal Problems
Preventive medicine means visiting your doctor once a year or so for a checkup, even if you're not sick or injured. Preventive maintenance means taking your car to a mechanic for a tune-up every 15,000 miles, even if it seems to be running smoothly. And preventive law means doing something now instead of waiting until you get sued, fined or indicted. That something is conducting a legal audit to prevent disputes … Read More