Assignment 5.3

Instructions

Assignment 5.3- Click to submit assignment5.3 - Written Assignment (Due Tuesday, 11:59 p.m. CST) (50 points):This written assignment should be submitted in APA format, using 12 point font.  In addition, your paper should include a cover page and reference page.  A minimum of 2 scholarly sources must be used.  Answer the following question and post your assignment as a .doc file attachment to the link provided under Assignment 5.3.Steve and Kirk are married and living in Omaha, Nebraska. Both men are horsemen and have successful businesses engaged in the training and sale of champion quarterhorses. They own the businesses together in partnership and their home is also owned jointly (tenancy in common) and currently valued at $550,000. Total value of their joint assets, including the businesses, is $2.75 million. Steve is approaching 60 years old and Kirk is 42. Steve has just learned that he has developed prostate cancer and, while treatable, his life expectancy is shortened considerably. Both men come to you because they have heard that there might be a financial benefit to their estate planning if they were to divorce and vest ownership of all of the assets in Kirk before Steve passes away. Consider that question as you begin to develop a thoughtful estate plan for this couple and detail for them the financial consequences of a decision to divorce.Required ReadingChapter 31, Beatty & Samuleson, Introduction to Business Law (4th Edition, Cengage Learning Press) 2012.

Answer

Assignment 5.3IntroductionA divorce, whether planned or not, has typically financial implications of both partners. For some, it might mean having more money than they had while coming into the relationship. However, for others, it means losing a considerable proportion of the amount of money which they had. However, there are particular instances that might make both parties benefit, especially where they consider taking actions which might be in line with the existing legal and business provisions (Smyth, 2017). Either way, it is essential for partners to have a full understanding of the legal perspectives which face them, especially in cases where they happen to have a joint estate. Such a move will be most essential in guiding them appropriately on how to approach the estate. Such a mo...
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