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What are my financing options when starting a business?

On behalf of Matthew J. Obermeier posted in Business Law on Friday, July 19, 2019.

If you have a goal to start your own business, you will know that gaining funding is one of the most challenging initial aspects. Without funding, you will lack the momentum to get your business idea off the ground, no matter how great it is.

First, it's important to recognize that not all funding is equal. You will need to analyze the long-term worth of different funding options. For example, some investment opportunities may demand that you give away a portion of your business, and others may carry high-interest rates. The following are some financing options to consider initially.

Reasons well-off couples still decide to split up

On behalf of Matthew J. Obermeier posted in Family Law on Friday, July 12, 2019.

You have probably heard people talk about financial issues and how they can lead to divorce. Most of the time, these stories refer to couples who can't pay the bills. When money gets tight, it creates a lot of stress, and this often leads people to seek a divorce.

However, don't assume that being well-off is some sort of insulator that makes it so you won't have stress or won't get divorced. In fact, some experts have even said that wealth may increase the odds that you'll split up. There are many reasons for this, including:

  • High-income couples often only have one working spouse, and this can lead to tension between them.
  • Couples with expensive lifestyles may still struggle to pay the bills, even when they earn far more than the state average.
  • Couples may still view money differently, regardless of how much they earn. One key stressor is when one person wants to save and the other wants to spend.
  • Those in high-value professions often have to work long hours or travel for work, meaning they may not see their spouse as much as someone working a normal 9-5 job.
  • If there is any uncertainty about the financial future, that too can be a stressor. Just because a couple is earning a lot does not mean there's no chance of losing that income or seeing a significant change in their financial fortunes, and the change is more drastic when they're used to a high standard of living.

What business owners should know about asset division

On behalf of Matthew J. Obermeier on Wednesday, July 10, 2019.

Divorce is never simple. There is always a lot to think about, whether it be managing emotions, supporting your family or working through all the legal ripple effects. For business owners however, separating may be even more complicated.

That’s because in some cases, both spouses may own an interest in the business. That means it may be part of the division of assets just like other marital property.

Can you stop a foreclosure once your lender initiates it?

On behalf of Matthew J. Obermeier posted in Foreclosure Prevention on Friday, July 5, 2019.

During the foreclosure process, your lender can take your home and repossess it then put it up for sale in an attempt to recover the debt that you owe them. If you've been notified by your lender that they plan to foreclose on your property, then you may assume that you can't save your home. This isn't true though. You still can negotiate with them up until it's sold.

If you're in pre-foreclosure and your lender is willing to work with you, then you may want to consider a mortgage modification. By doing this, you may be able to get them to agree to extend the terms of your mortgage loan, refinance your debt or reduce your interest rate. You'll need to be able to prove that you have recently experienced a reduction in your income since taking out your original loan to be allowed to do this.

Common issues in a high-asset divorce

On behalf of Matthew J. Obermeier posted in Family Law on Friday, June 28, 2019.

High-asset divorces can present many complexities because there is a lot at stake for both spouses. High-asset divorces are more likely to lead to conflict and complex litigation since spouses are more inclined to engage in aggressive tactics such as hiding assets.

Before you start the process of asset division in a divorce, it is important that you understand the challenges that you may face. This will help you to prepare appropriately and develop strategies to ensure success.

The City of San Antonio agrees to a land swap with a developer

On behalf of Matthew J. Obermeier posted in Commercial Real Estate on Friday, June 21, 2019.

A San Antonio developer who owned a lot adjacent to the historic East Side's Hays Street bridge will get another parcel a mile away. The city will convert his original one into a park. This is what the City of San Antonio council members decided during a public community meeting that was held on June 13.

The developer and the city had long been fighting about the strip of land. The former had wanted to construct a five-story apartment complex on the land near the bridge, but local officials had repeatedly denied his request for a permit to do so.

When to update your estate plan

On behalf of Matthew J. Obermeier posted in Estate Planning on Thursday, June 13, 2019.

Making an estate plan is a good first step, but it is just that: a first step. Don't think that you're done for good. You still need to update that plan frequently to make sure that it's ready if your family ever needs it.

A way to begin is to pick a certain number of years and commit to frequent updates. For instance, you could go over the plan every three to five years.

What happens to my inheritance during a divorce?

On behalf of Matthew J. Obermeier on Monday, June 10, 2019.

Many questions pop up during divorce proceedings. Who will receive the house? What happens to my children? What should I consider before finalizing a separation? However, most people tend to push inheritances aside.

It’s critical to consider every detail before finalizing your divorce, including an inheritance. You do not want your money to go into your former spouse’s bank account.

Predictable ways that people hide assets

On behalf of Matthew J. Obermeier posted in Family Law on Friday, June 7, 2019.

In a high-asset divorce, one of the potential issues you may face is if your spouse decides to hide assets. They do this because they don't want to split those assets with you, and they may think that you don't know enough about the family finances to even notice what you're missing. Hiding assets may be illegal, but it does happen.

Fortunately, the ways that people do this are often very predictable. A few tactics that tend to show up the most include:

  • Giving assets to close friends or family members. This is just a temporary transfer of ownership, as both people understand that they'll just "give" the assets back after the divorce is done.
  • Hiding away cash that was never recorded anywhere. Some people make repeated small cash withdrawals every time they go shopping, for instance, and start stashing that money away on the side, or they take cash as payment at work.
  • Falsifying accounting records to make it look like cash that was taken out of the accounts was never really there at all.
  • Working with someone else to change when they get paid and "manipulate the timing" of this income. For instance, if your spouse is about to close a big sale and make millions, he or she may try to put off payment until after the divorce, even though the deal is finalized already. They're just trying to reduce their income until after the divorce.

Is bankruptcy the best foreclosure defense?

On behalf of Matthew J. Obermeier posted in Foreclosure Defense on Friday, May 31, 2019.

If you are having difficulty continuing with your mortgage obligations, you may have received threats of foreclosure from your bank. It is important that you take these warnings very seriously, because if you do not take further action, you may lose your home and face other negative implications such as damage to your credit score.

Many people want to prevent foreclosure but become confused about the best way to do it. It's common for people to assume that the best way to avoid foreclosure is to file for bankruptcy. While this can be a good strategy in some situations, bankruptcy is not always the best form of foreclosure defense.