OPN LawOPN Law2026-04-16T16:47:54Zhttps://www.opnlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1503881/2024/01/cropped-site-icon_favicon-32x32.pngOn Behalf of OPN Law<![CDATA[5 reasons why small businesses should consider hiring outside legal counsel]]>https://www.opnlaw.com/?p=466842024-09-11T21:16:46Z2024-09-11T21:16:46Z1. Cost efficiency
Salaries for in-house counsel can add up to more than $200,000 per year. This can create financial challenges for small businesses with tight budgets or occasional legal needs. Instead, hiring outside counsel means you only pay for legal help when you need it. This often saves funds and lets you plan your budget around your current legal needs.
2. Support for your specific business needs
Whether handling occasional contract reviews or managing a full-scale litigation, outside lawyers can adjust their involvement based on what your business needs at the moment. For example, your business may only need occasional legal support. However, when legal issues arise, you can work more closely with an attorney with experience in business litigation as you resolve the issue.
3. Reduced risk of bias
In-house counsel might be quite close to the business, which can unintentionally skew their judgment. Outside lawyers are not part of your company's day-to-day issues and can provide unbiased advice that really fits your legal needs. They might also spot opportunities that internal lawyers might miss, helping your leaders make better decisions.
4. Proactive risk management
External legal counsel can spot potential legal problems early and advise on how to avoid them. This proactive approach can prevent costly and lengthy legal battles later.
5. Focus on core business functions
Handling legal matters can be time-consuming and distract from core business activities. By outsourcing legal issues, business owners can focus on what they do best: running their business.
While it might seem convenient to have an in-house lawyer, the benefits of hiring outside counsel may outweigh this convenience. Small business owners should think about these advantages when choosing how to handle their legal matters.]]>On Behalf of OPN Law<![CDATA[How to protect your retirement assets during divorce]]>https://www.opnlaw.com/?p=466802026-04-13T08:47:12Z2024-04-25T14:00:23Zan equitable distribution state, meaning assets acquired during the marriage are divided fairly, not necessarily equally. This applies to retirement accounts funded with contributions made during a marriage. However, there are ways to potentially shield some of these assets.
Planning for every eventuality: Prenuptial and postnuptial agreements
The ideal scenario for safeguarding retirement assets involves proactive planning before marriage. A prenuptial agreement, often seen as a sign of distrust, can be a powerful tool for financial transparency. It allows you and your partner to clearly define how premarital assets, including retirement accounts, will be handled in the event of a divorce. Postnuptial agreements serve the same purpose but are established after marriage.
Strategies for safeguarding your retirement
If your spouse is entitled to a portion of your retirement savings, a Qualified Domestic Relations Order (QDRO) becomes crucial. A QDRO is a court order that specifies how your retirement benefits will be divided with your spouse. This can offer more control than simply letting the court decide. A QDRO can specify a percentage of your future benefits to be paid to your ex-spouse or a fixed dollar amount.
Assets acquired before the marriage or through inheritance generally remain separate property. Contributions to retirement accounts using premarital funds might be considered separate property, though the value increase of those contributions during the marriage might be marital property.
Dividing retirement accounts can have tax consequences. Distributing funds through a QDRO typically avoids immediate tax burdens. However, it's important to understand how the future distribution of those funds will be taxed and factor that into your overall financial planning.
Protecting your retirement assets during a Virginia divorce requires knowledge and taking proactive steps. While navigating a divorce can be challenging, you can take control and safeguard your financial future by understanding your legal options.]]>On Behalf of OPN Law<![CDATA[How to address a family business during a divorce]]>https://www.opnlaw.com/?p=466752024-04-08T20:36:28Z2024-04-08T20:36:28ZSettling future employment arrangements
If both spouses work for the family business, that can be a source of tension during divorce negotiations. One of the first issues the spouses may have to address is the future of their employment at the company. If one spouse contributes more or depends more entirely on the business than the other, that could influence how they handle the matter. Often, it is necessary for one spouse to find employment elsewhere, but some couples can create contracts that allow them to continue working together.
Establishing the marital value of the business
The business might be partially or entirely marital property depending on how someone started or acquired the company and what investments they made during the marriage. Spouses may need to agree on a business valuation and determine what percentage of that value is marital property and what remains the separate property of one spouse. Determining the likely fair market value of the company is important, as the business could play a major role in the equitable division of the overall marital estate. Regardless of whether someone hopes to continue owning or working at a family business, they may still deserve a portion of its value when dividing marital property. The future revenue generated by the business could also affect support obligations.
If spouses take this issue to family court, then a Virginia judge will decide how to address the business during divorce proceedings. Alternatively, spouses may want to attempt mediation or collaboration as a way to control the outcome of a pending divorce and achieve certain goals. Either way, learning more about how high-value assets like businesses can affect divorce proceedings may benefit those concerned about the economic consequences of the end of a marriage.]]>On Behalf of OPN Law<![CDATA[What are the 2 types of divorce in Virginia?]]>https://www.opnlaw.com/?p=466712024-03-25T11:21:28Z2024-03-25T11:21:28ZDivorce from bed and board is like a legal separation
People who have married each other usually live with one another and share their finances. When spouses decide to maintain separate financial accounts and households, they may notify the state of their change in circumstances. A divorce from bed and board is essentially a legal separation. While it technically does not end the marital relationship between the spouses, it does limit the responsibility spouses have to each other and the liability they have for one another's behavior. Reconciliation is always a possibility after divorce from bed and board.
Divorce from the bonds of matrimony
When people talk about divorce, usually what they mean is divorce from the bonds of matrimony. This is a traditional divorce that culminates with the official end of a legally-recognized marriage. Spouses typically have to settle property division matters and negotiate away to share parental responsibilities if they have young children in the family. Otherwise, they litigate a contested divorce where a judge makes major decisions on their behalf.
Some people begin with a divorce from bed and board and then eventually pursue a divorce from the bonds of matrimony. Others realize that their relationship is not salvageable and move immediately to end the matrimonial connection between spouses. Choosing the right type of divorce can be as important as setting realistic divorce goals. Adults who understand Virginia's unique approach to divorce could have an easier time handling the divorce process.]]>