Valuing a Business During a Divorce

Even when both parties agree that it is time to dissolve a marriage, dividing assets in a divorce can be challenging. Valuing assets like real estate, vehicles, and retirement accounts, is fairly straightforward, as they all have a market value. When it comes to valuing a business, however, things can get tricky.
The accurate valuation of a business during a divorce is often complex and requires the counsel of experienced business lawyers.

Understanding the Valuation Process

Whether it is large or small, every business has value. Attempting to value your business yourself can be a losing proposition. Even if you do seek the services of a highly experienced divorce lawyer in PA, it is important to understand how the valuation process works.

Separate vs. Marital Assets

First, the determination of whether a business interest is separate or marital must be made. Generally, if a business was started or acquired during a marriage, it is considered marital property and should be divided equally. If one spouse owned it before marriage or it was created with separate funds, it could be considered separate property, not a marital asset. However, just because the business interest was acquired prior to the date of marriage, it does not mean that the non-owner spouse is not entitled to a portion of it. Each situation is unique, and it is vital to have a knowledgeable attorney to protect your rights and interests.

Ways to Value a Business

There are three approaches that may be used when determining the value of a business interest, including :

Asset approach: This approach calculates a value using a fairly straightforward equation: assets minus liabilities = value.  Both tangible and intangible assets are included in this approach. Tangible assets may include cash, inventory, real property, and other concrete assets. Intangible assets may include trademarks, patents, and other intellectual property, accounts receivable, and other assets. Although this approach may appear straightforward, it can actually be complex, depending on various factors, including the type of inventory and unrecorded assets and liabilities, which can create significant issues.

Market approach: Using this approach, the value of a business is compared to similar businesses that have been sold in the same geographical area, much like appraisers look at comparables in a neighborhood when determining the value of a home. However, profitability can vary greatly from one business to another and this approach can be challenging when no similar businesses have recently been sold.

Income approach: The most common type of approach that is used to determine the value of a business is the income approach. It uses specific formulas and historical information to determine projected cash flow and profits, and also takes into consideration future benefits and the rate of risk or return.

Unless the business is very small, all of these approaches require legal or financial professionals to investigate and analyze the assets, liabilities, history, finances, and myriad aspects of the business to determine its true value. Business succession planning attorneys are often skilled at this task, as they are quite familiar with the various ways that business may be accurately valued.

At Carosella & Associates, our divorce attorneys and business lawyers in West Chester work collaboratively to guide clients through the valuation process and protect their interests.

This blog was originally posted at https://carosella.com/valuing-a-business-during-a-divorce/

How to Modify a Child Support Order in PA

In Pennsylvania, both parents are required to support their children until the age of 18, sometimes even longer. However, financial circumstances change and child support orders can be modified to reflect those changes. Whether you are looking to increase or decrease a child support payment, it is best to contact an experienced attorney who can help you through the process and ensure your rights and interest are protected.

Circumstances that Warrant a Child Support Modification

Before modifying any child support order, the court will want proof of what has changed since the previous award was granted. There are some general factors that a court takes into consideration when setting a child support order, including

• How much time each parent spends with the child
• All income sources for each parent
• Both parents’ assets
• Household expenses, needs and fixed financial obligations (such as a mortgage)
• The children’s ages and any special financial needs they may have
• Other relevant factors (determined on a case-by-case basis)

When seeking a child support modification, you must present evidence that one or more of these factors has changed or a new relevant factor has come to light. Regardless of the circumstances, it is critical to seek legal counsel to ensure the modification is fair. For example, if you are filing for bankruptcy, it would be a good idea to consult a local bankruptcy lawyer who understands the ins and outs of bankruptcy law in Pennsylvania. Most full-service law firms in West Chester have attorneys who work collaboratively to develop solutions in complex cases, even if they focus on different areas of the law.

Common Grounds for Modifying a Child Support Order

• The parent who pays child support is spending more time caring for the child
• The parent receiving child support is earning more money
• The parent who pays child support is earning less money than they did previously
• The child’s educational, medical or other needs have changed since the initial order was granted
• A child is over eighteen years old and is no longer attending school
• Birth or adoption of another child

It is important to keep in mind that an award may be modified in the other parent’s favor if they present stronger arguments and evidence in response to your petition.

Seeking a Child Support Modification

Desired changes to a support order cannot be applied before you submit a petition for modification with the Domestic Relations Section (DRS) in your county. Once a completed Petition for Modification form is received, the DRS will schedule a conference and send both parties a notice indicating date, time and location to review the facts of the case and discuss the modification. Even if both parents are in agreement, they are required to submit a modification order with DRS. Parents who are incarcerated may appear by phone.

The financial repercussions of a modified child support order can be far-reaching. A divorce attorney can advise you on the most effective course of action and develop strategies that serve your interests and desired outcome.

Do you need assistance with modifying a child support order? Our family law attorneys at Carosella & Associates can help.

This blog was originally posted at https://carosella.com/how-to-modify-a-child-support-order-in-pa/

When can Grandparents Seek Custody of a Grandchild? (recent bill expanded custody rights)

Grandparents often play a vital role in children’s lives, and may step in when a parent is unable to care for their children on their own. In Pennsylvania, courts always consider the best interests of a child when determining custody. It is unfortunate but due to the opioid epidemic, more grandparents have assumed the role of caregiver for their grandchildren. In 2018, the Pennsylvania legislature passed a bill that addresses several issues surrounding child custody, including and expansion of who can file for custody of a child and clarification of the circumstances in which grandparents can seek custody of a grandchild. As with all other child custody matters, courts look to determine “the best interests of the child”.

Grandparents’ Custody Rights

The new law works to resolve the issues raised by a 2016 Pennsylvania Supreme Court ruling that limited the ability of grandparents to seek custody of their grandchildren. It also opens the door for other third parties such as friends, neighbors, or other relatives to file for legal custody. Whether you are a grandparent or another party who is seeking custody of a child, it is essential to seek the counsel experienced family law attorneys who understand how the system works.

Grandparents may file for custody of a child under the following circumstances:

• Upon the death of one or both parents
• Grandparents can seek full or partial custody or visitation if a custody action has already been initiated by either parent, unless both parents believe that contact with the grandparent is not in the best interest of the child.
• The child began their relationship with the grandparents with the consent of the parents or through a court order
• If a grandparent has been acting as a child’s parent, also known as “in loco parentis,” they can file for custody of the child. Under the new law, other third parties who have been acting in loco parentis may file as well.
• Grandparents can also seek custody if there are issues of neglect, abuse, or drug and alcohol dependency.
• If a child has lived with a grandparent for 12 months or more
• When a child’s biological parents cannot be located

If you currently have custody or are seeking custody of a child, it is also a good idea to consult wills and trusts lawyers  or estate planning attorneys for advice about how to protect the child’s interests should something happen to you.

The Court’s Role in Determining Custody

Although keeping children with their biological parents is considered ideal, if this is not possible a court will try to determine which type of arrangement will best serve the child. Courts consider the following factors before awarding visitation or custody:

• The child’s emotional and physical well-being
• The past and current relationship between the child and their grandparents
• If the child is older, the court will ask what their preference is
• The potential influence on a child’s social and intellectual growth

Legal issues surrounding custody and visitation can be complex. If you are a grandparent interested in filing for legal custody of a child, the experienced attorneys at our law firm in West Chester can help.

This blog was originally posted at https://carosella.com/when-can-grandparents-seek-custody-of-a-grandchild/

Are You Facing Criminal Charges in PA? We Can Help

Being charged with a crime can be a frightening experience that can result in serious consequences such as hefty fines, a felony record, and even prison time. Whether you are facing DUI, domestic violence or another type of charge, seeking the counsel of a local criminal defense attorney who understands the nuances of the law is essential to ensure your rights are protected.

When Should You Hire A Criminal Defense Attorney?

The short answer? Immediately. When you’ve been taken into custody, arrested or charged with a crime, the sooner you find legal representation, the better. By law, you have the right to an attorney and are not obligated to answer any questions or say anything without legal counsel present. Law enforcement officers and prosecutors employ all types of tactics that can lead you to say something that can jeopardize your chances of having charges dismissed, or you being acquitted by a judge or jury. An experienced criminal lawyer will talk with you, assess your case and advise you on the best course of action to protect your rights.

What Does A Criminal Defense Attorney Do?

Your lawyer will ask you about every aspect of your encounters with law enforcement, including whether or not you were placed under arrest, read your Miranda rights, or if you made any oral or written statements. It is important for your attorney to evaluate whether the police followed proper protocol when investigating the alleged crime, so make sure to answer all questions as honestly and openly as you can.

Your attorney will also ask you specific questions about the alleged crime. For example, if you have been falsely accused of domestic violence, a West Chester criminal lawyer may ask if there has been a history of violence involving your spouse, partner or another family member.  These types of questions and many others provide your attorney with the information they need to determine how to proceed. The “beyond a reasonable doubt” standard is more difficult to prove than you may think. As your representative, it is your defense attorney’s job to cross-examine witnesses, present alternative theories as to the facts presented, and to cast doubt on any evidence that may be used against you.

Seeking the Counsel of Knowledgeable Local Attorneys Is Vital

Your attorney will be by your side throughout the entire process, from preliminary arraignment to trial.  Based on the facts of your case, criminal lawyers who are familiar with local law enforcement, the local courts, and district attorneys typically have an idea of what to expect. Because they are familiar with the local courts and how they work, your attorneys can better develop effective defense strategies to seek dismissal, negotiate a plea agreement or successfully argue your case in court.

At Carosella & Associates, our legal team has more than 50 years of combined experience in dealing with the criminal courts in Pennsylvania. Whether you are facing felony charges or need assistance with a legal matter involving your business, our defense lawyers and business attorneys can help.

This blog was originally posted at https://carosella.com/are-you-facing-criminal-charges-in-pa-we-can-help/

5 Reasons to Hire a Real Estate Attorney

Handling a real estate transaction on your own can be a daunting task, whether you are a first-time homebuyer or a seasoned business owner selling commercial property. An experienced real estate lawyer can help make the process run more smoothly and help you effectively navigate any bumps in the road.

Why Hire a Real Estate Attorney?

1. Attorneys Provide Unbiased Advice

Unlike most real estate agents, your attorney does not have a financial stake in your real estate transaction. Your lawyer’s job is to represent your interests and help you make informed decisions about whether to buy or sell a property, not to sway you one way or the other.

2.  Real Estate Transactions Are Complex

From FSBO transactions to large projects involving multiple developers, there are many elements that must be taken into consideration in any real estate deal. Each transaction presents its own unique requirements and challenges. If you are unfamiliar with the specific language that must be used in legal documents like contracts and deeds, serious, costly errors can occur. Your attorney can also help you understand the terms of your transaction and advise you of its potential risks and benefits. Having a knowledgeable contract lawyer by your side ensures that all of your legal bases are covered and your interests are protected.

3. Legal Issues May Arise With The Property

Unexpected issues pop up in real estate deals all the time. Liens, zoning restrictions, easements and title issues can all impact the value and viability of your investment. When issues do arise, your attorney will discuss them with you and advise you on the best way to address them—including whether or not you should gracefully bow out of a real estate contract.

4. Your Lawyer Can Handle Negotiations For You

Having someone else handle the negotiations in your real estate transaction can cut down on stress and save you a lot of worry. An attorney who has extensive experience in handling real estate transactions should be a seasoned negotiator. If you are at a stalemate and negotiations are in danger of breaking down, your lawyer may very well be able to get the deal back on track, or if necessary, tell you when it is probably best to quit.

5. Your Attorney Can Take Legal Action When Necessary

Although most real estate deals close without major disputes, legal issues can arise without notice in any real estate transaction. Failure to disclose defects, fraud, boundary issues and breach of contract are just a few pitfalls that may require legal action. It is particularly important to seek the counsel of experienced business lawyers in commercial transactions in case a deal goes south. An attorney can advise you of your options and may be able to help you avoid costly litigation. However, if you do end up in court, your attorney will act as your advocate and aggressively protect your interests.

At Carosella & Associates, our Pennsylvania real estate lawyers have decades of experience in handling all types of real estate transactions and disputes. From drafting a letter of intent to closing, we are there to provide advice and assistance very step of the way.

This blog was originally posted at https://carosella.com/5-reasons-to-hire-a-real-estate-attorney/

Starting a Business? It's Not Too Early to Think About Business Succession Planning

Although many small business owners think they don’t need to worry about exiting their business until they get close to retirement, unexpected life events can happen at any time. An effective exit plan is particularly critical to the continuation of small, family-run operations to avoid conflict and other problems that may arise. Whether you are new entrepreneur or getting close to retirement, an experienced business succession planning lawyer can help you develop a well thought-out plan that will make the transition easier and more beneficial to everyone involved.

Why Plan Early?

Having a business succession plan in place can help you avoid serious headaches and allow operations to run smoothly when you exit the business, regardless of whether it’s due to unforeseen events or you have decided it is time to retire. There are several reasons why it is never too early to consult a business lawyer who can help you make a solid plan, including:

Choosing and training a successor is vital. Whether it is a family member, employee or another individual, choosing the right person to be your successor is critical to the successful continuation of your business. When family is involved, this decision can be clouded by emotional attachment. In addition to helping you create important documents that protect your interests and those of your company, a contract attorney can help you determine who would be the most practical and effective person to be the successor to your position. It is also important to properly train the person you choose, to ensure they understand the little details and the big picture of running the organization. Planning early gives you the time to do it right.

Addressing tax liability and debt. A well-crafted business succession plan employs strategies that minimize the tax liability of transfers of ownership or sale of a company. Not only that, if you have business lines of credit or bank loans, upon your death or incapacitation the bank can come calling and force repayment of the money you owe. A good business succession plan includes information on how debt will be handled in the event of your untimely exit. Certain assets or funds can be designated in the plan to repay loans if necessary.

Planning for retirement. Estate planning law firms do so much more than help clients get their estates in order. They can help you develop a business succession plan that ensures you have the funds you need for your retirement while allowing your business to continue to thrive after you’re gone.

An Experienced Attorney Can Make All the Difference

When choosing an attorney, it is important to hire someone with experience in handling all legal aspects of your business. For example, if you are going into the construction business, hiring experienced real estate lawyers who understand the ins and outs of local, state and federal law pertaining to your industry would be your best bet. At Carosella & Associates, our seasoned legal team can help you get your business off the ground and give you the tools and peace of mind you need to make a proper transition when the time comes.

This blog was originally posted at https://carosella.com/starting-a-business-its-not-too-early-to-think-about-business-succession-planning/

5 Reasons Why You Should Hire an Attorney for a Felony Charge

Being convicted of a felony charge can have a devastating impact on your life and the lives of your loved ones. Seeking the counsel of experienced criminal defense lawyers can save time, money and even your freedom in the long run. If you have been charged with a crime, these five reasons for hiring an attorney are important to keep in mind.

1. The Law is Complex

Navigating the law by yourself can be a convoluted, confusing and often frustrating process. Knowledgeable attorneys never stop learning. Whether they are lawyers for real estate or their focus is in criminal law, good attorneysspend years of practicing, learning and staying current in their understanding of the law.

2. Proper Procedure is Critical

Felony cases involve a lot of paperwork that must be filed according to strict procedures. Missing a deadline or filing a motion incorrectly can set you back months and jeopardize your chances for achieving a positive outcome in your case. An attorney who understands the ins and outs of the law is well aware of filing deadlines and how to file paperwork with clerks or the court. Following proper procedure can also mean the difference between awaiting trial at home instead of in jail.

3. A Criminal Lawyer Can Help You Avoid a Trial

The vast majority of criminal charges are settled pretrial. A criminal defense attorney may negotiate a plea bargain to get charges and penalties reduced. Your lawyer may even be able to get your case dismissed depending on the evidence that is uncovered about the circumstances of the alleged crime. Getting a felony charge reduced to a lesser charge is significant because certain misdemeanor convictions may be eligible for expungement down the road. However, a felony conviction cannot be removed from your criminal record without a pardon from the Governor.

4. Defense Attorneys Know how to Poke Holes in the Prosecution’s Argument

A person who is not familiar with criminal law may not realize that there are often legal loopholes and weak points in the prosecution’s case.  An experienced attorney can better recognize the weak point in the prosecution’s argument. Human error and the proper handling of evidence are of huge concern in a criminal trial. A good criminal defense team has the resources to comb through all evidence filed. If any inconsistencies are found, your attorney will definitely bring them up in front of a judge or jury. Your lawyer will also know how to ask the right questions when someone is on the witness stand. Seasoned attorneys are well-versed in using effective strategies to debunk or discredit a witness’s story, which may sway a judge and jury to look at your case in a different light.

5. Law Firms have Access to Resources and Connections

Chester County felony lawyers have all types of tools at their disposal, including private investigators, professionals who specialize in accident and crime scene reconstruction, industry experts and other resources that can lend credibility to your defense. The cost of hiring these professionals yourself can be astronomical, and finding them can be nearly impossible on your own. Many defense attorneys are former prosecutors and not only have a deep understanding of how the system works, but have longstanding relationships with judges, prosecutors, legal clerks and law enforcement that can help you come to a better resolution more quickly, which ultimately saves you time, money and may lead to a reduced sentence or dismissal.

Having access to professional legal advice is invaluable and can save you and your family a lot of stress, worry and confusion. Our experienced criminal defense attorneys at Carosella & Associates advise you on the best course of action and work tirelessly to protect your rights and represent your interests. If you’ve been charged with a felony involving your business practices, our business liability lawyers work closely with our criminal attorneys to develop the best defense possible.

This blog was originally posted at https://carosella.com/5-reasons-why-you-should-hire-an-attorney-for-a-felony-charge/