Potential for saving big bucks seeking legal advice before you think you need it
Imagine you purchased a new home and have the opportunity to help your best childhood friend who has, like many, suffered from financial difficulty as a result of the economic downturn by giving her a five year lease with option to purchase your old house. Your friend becomes a home owner, you continue to enjoy the tax benefits of home ownership in the meantime; win-win. With nothing but faith in your friend, rather than consult with an attorney and pay a few thousand dollars for a well-drafted agreement, you grab a form from the internet, fill in the blanks together, and think nothing more of it.
For the first year, your friend faithfully pays rent. Then she suddenly stops paying you and demands that you immediately transfer the house into her name. Understandably, you refuse. As it turns out, however, the form you signed is unclear about what hoops, if any, your friend was supposed to jump through in order to properly exercise her option to purchase. Now, a judge must decide who gets to keep the house.
By the time you file a lawsuit or are slapped with one yourself, the relationship between you and your closest friend has soured beyond repair, and you are left duking it out in Court for the next two to three years while paying a lawyer upwards of $25,000 to $50,000 along the way.
Preventive law is designed to help people avoid these types of costly legal pitfalls in their personal and professional lives. If you think that preventive lawyering is not for you, consider these questions:
- Have you protected your personal assets from your business debts and liabilities?
- Should you have a prenuptial agreement or are you contemplating divorce?
- Will your family, fraught with grief upon your passing, quickly divide your estate on the terms you have laid out in a trust or endure the headache of a protracted probate case?
- Have you chosen the right corporate structure?
- Does your business have all of the proper licenses to operate?
- Does your business have appropriate sexual harassment and equal employment policies in effect?
- If a customer fails to pay for services or products, can you contractually recoup the costs of collection?
This is only a small fraction of the many ways that seeking the advice of counsel before you think you need it could help you save money and the relationships you spent a lifetime building.
Every year you get a physical exam and every three thousand miles you change your oil. Why then, are you not talking with a lawyer about your legal matters, before they ever become an issue?
Your peace of mind and your pocket book may thank you.
Alexis L. Brown is a sole practitioner with deep roots in the Nevada legal community. Practicing in the areas of civil litigation, business, real estate, family law, personal injury and criminal defense, Alexis Brown Law is Your Champion for Justice.
Call or text (702) 581-1494 for your free consultation today.