Dividing Marital Assets

One of the most difficult decisions that you will ever need to make is whether or not to get divorced. And in the event that you do file for divorce, the process of finalizing your divorce can take years depending on where you live. And during this time period, a lot of other decisions need to be made. One of which is how your marital assets will be divided.

How to Determine What’s Your’s and What’s Your Spouses

First, it’s important to consider the date of the marriage and the date of separation. Any property or asset that was owned prior to the date of marriage will be considered that person’s property. Additionally, any property acquired after the date of separation will be that person’s property. Other separate property also includes:

  • inheritances
  • gifts from third parties
  • payments from lawsuits
  • property listed in a prenuptial agreement

The remainder of the property or assets that were acquired during the time of marriage will be divided during the divorce process. This is where a lot of divorce litigation happens because a lot of it depends on where you live. In certain states, the marital property will be split 50-50. In other states, the assets will be divided to what is considered “fair and equitable.”

Having a divorce lawyer who is experienced and knowledgeable in dividing marital assets will make sure that you get property and assets that are important to you during the divorce process. For more information on how we can help, please contact us.

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What is a Non-Compete Agreement?

According to FindLaw, a non-compete agreement is usually a clause in a contract that states that an employee cannot work for a competing company, or in a similar line of work, for a period time after leaving a company. It is used to protect the company from a former employer leaving and taking clients with them. Courts often rule against non-compete agreements because they feel that it is inherently limiting a former employee’s “right to earn a living.”

The argument that employers use is that there is an amount of goodwill that goes along with working for an established company. So, why should a former employee be allowed to build off of that goodwill?

Another argument that employers will make is that the non-compete is in place to protect confidential information. In this case, the employer must show that it took the necessary steps to keep this information a secret.

At the end of the day, the non-compete agreement must be reasonable. If an employer is trying to block a former employee from making a living, the agreement will most likely be thrown out in the court of law. The same goes for the opposite. If the former employee attempts to steal confidential information, the court will likely enforce the non-compete agreement.

Below, we have provided a video which further explains non-compete agreements:

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