Detroit Law Blog

What are the different types of buyout arrangements that exist?

On behalf of Sheehan & Associates, P.L.C. posted in Business Law on Thursday, February 13, 2020.

Many individuals who decide to go into business here in Oakland County do so with the expectation of simply making money to cover their necessities. Many entrepreneurs dream about someone wanting to buy their company. If someone has approached you to purchase your company, however, it's smart to explore the buyout options that exist before committing to any of them.

An acquisition is perhaps the most common type of buyout. This usually involves a larger company offering to buy a smaller one. The latter often becomes a subsidiary of the former when this happens.

Why does alimony exist?

On behalf of Sheehan & Associates, P.L.C. posted in family law on Friday, January 31, 2020.

If you get divorced and the court orders you to pay alimony, you may find yourself questioning their decision. The relationship is over. Why should you have to pay money -- even on a temporary basis -- to someone to whom you're no longer married?

It's a common question, and it's important to consider why alimony exists and what it is supposed to accomplish. Remember, the court is less concerned with your relationship or how you feel about it and more concerned with everyone's well-being during and after the divorce.

Is probate always necessary?

On behalf of Sheehan & Associates, P.L.C. posted in Estate Planning And Probate on Thursday, January 23, 2020.

When a person passes away, their estate is typically subject to probate. Probate is a process that is overseen by the courts and provides a way for an estate to be settled and appropriately distributed in accordance with the instructions of the will.

However, probate is not required in all circumstances. High asset individuals may strive to avoid probate by putting the vast majority of their assets into trusts during their lifetime. Conversely, estates that have a very small amount of valuable assets may also be able to pass outside of probate. The following is an overview of circumstances where probate is not necessary.

Why am I subject to wage garnishment?

On behalf of Sheehan & Associates, P.L.C. posted in Bankruptcy on Thursday, January 16, 2020.

When you have a debt that you have not paid, you will likely receive frequent communication from the creditor or a debt collector that they have hired. Many people who have no intention of paying back the debt ignore such communication. Those who have become overwhelmed with debt may not even be aware of the extent of their debts, because they have become overwhelmed by their financial struggles.

If a debt is left unpaid for a prolonged period of time, you may be subject to wage garnishment. Wage garnishment is a way for creditors to gain back what they are owed by intercepting your paycheck before you receive it. This can only be done with permission from the courts.

Breaking the bad news: Telling your spouse you want out

On behalf of Sheehan & Associates, P.L.C. posted in family law on Friday, January 10, 2020.

Once you've decided to seek a divorce, the hard part begins -- but, first, you have to get through the process of explaining your decision to your spouse. If you've been fighting a lot, maybe the news will come as a relief. If you're like a lot of couples, however, your marriage may have been casually drifting along for a while, held together mostly through inertia. The sudden change can end up being a devasting shock to your partner.

Where do you start? Here are some suggestions from the pros:

How marital property is divided in Michigan

On behalf of Sheehan & Associates, P.L.C. posted in family law on Friday, January 3, 2020.

When going through a divorce, it is important to understand the difference between marital and separate property. Separate property is not subject to division at divorce, while marital property is. Therefore, the first and perhaps most crucial part of the property division process is to correctly categorize assets.

Marital property is generally defined as all property that was acquired after the marriage was initiated, except for inheritance and gifts made to one spouse. Assets that were acquired before the marriage, and sometimes the income generated from these assets, will not be subject to the property division process and will, therefore, remain in the possession of the spouse who acquired them.

Michigan sees increase in minimum wage

On behalf of Sheehan & Associates, P.L.C. posted in Business Law on Friday, December 27, 2019.

Business owners and hourly employees in Michigan take note: Changes are coming in 2020 to your rates of pay.

What constitutes a fair minimum wage is a pretty hot dispute right now -- and there has been no increase in the federal minimum wage from the $7.25 per hour rate that was established in 2009. However, many states have recognized that the minimum wage hasn't kept pace with inflation. A better minimum wage means more economic buying power for the average person -- and that translates into good business.

Filing for Chapter 7 bankruptcy in the new year

On behalf of Sheehan & Associates, P.L.C. posted in Bankruptcy on Friday, December 20, 2019.

The new year is a time for positive change and fresh starts. It is also a time to reflect on the year just past and the bad habits that you may have been engaging in. If you have accumulated debts in the past year, the new year is a great time to start reflecting on how you can address these issues going forward.

Chapter 7 bankruptcy is a common choice for those who have quickly accumulated debts. This is because it is completed in just a few months, and in most cases, it clears all debts, allowing you to enjoy the rest of the year without the burden of heavy debts.

Can Chapter 13 bankruptcy prevent foreclosure?

On behalf of Sheehan & Associates, P.L.C. posted in Bankruptcy on Friday, December 13, 2019.

Bankruptcy can help to resolve a wide range of financial problems due to the special rules that apply in the bankruptcy courts. This is why so many people can gain permanent relief from their debts and other forms of financial struggles by filing for bankruptcy. However, the bankruptcy chapter that will be best for you will depend on your individual circumstances.

Chapter 13 bankruptcy can be beneficial for those facing a risk of foreclosure for many reasons. It is arguably better to file for Chapter 13 bankruptcy than Chapter 7 bankruptcy if you want to keep your home since Chapter 7 bankruptcy requires the liquidation of assets. The following are reasons why a Chapter 13 bankruptcy could help you to avoid foreclosure.

Most people think they should have a will, but they don't

On behalf of Sheehan & Associates, P.L.C. posted in Estate Planning And Probate on Friday, December 6, 2019.

Do you think you should have a will? Have you not gotten around to writing one yet?

If you answered yes to both of those questions, you're in good company. Researchers have determined that most people in the United States do think that estate planning is important, and they know they should have a will. At the same time, they found that the majority of Americans still do not have a will -- despite this outlook.