No one ever wants to think about how legal issues will affect their finances. Unfortunately, legal trouble is a harsh reality for many, so it’s important to be prepared. Below are some of the most common reasons why you may need to pay for legal services.
1. You’ve Been Sued
If someone sues you, whether it’s for a personal injury or another type of claim, you’ll need to hire a lawyer to represent you in court. Even if you believe you have a strong case, going up against an experienced attorney is no easy feat. If you don’t have a lawyer, the court will appoint one for you, but if they are inexperienced this could end up costing you more in the long run.
Instead, have a list of trusted attorneys at your disposal or research beforehand if you’ve been informed of a potential lawsuit. Having an attorney on standby can protect your finances, assets, and even your freedom.
2. You’re Being Investigated by the Police
If the police are investigating you for a crime, it’s important to have a lawyer on your side. Even if you haven’t been formally charged with a crime, a criminal defense lawyer can help protect you and prevent jail time. For instance, in Texas, people are considered legally intoxicated when their BAC reaches 0.08%. However, if their driving is affected by drugs or alcohol, they could also be breaking the law. A lawyer can help you navigate the criminal justice system and ensure that your rights are protected every step of the way, as well as protect your finances by ensuring minimal fines.
3. You’re Getting a Divorce
Divorce affects many aspects of your life. For instance, children will spend 277 days out of the year with the custodial parent in divorce cases. From finances to custody, there are a lot of moving parts in a divorce. You and your spouse will need to come to an agreement on who gets what, including property, savings, and debt. You’ll also need to agree on child custody and support arrangements. If you can’t come to an agreement, you may have to go to court.
While some couples are able to reach an amicable divorce settlement without the help of a lawyer, most people need at least some legal assistance. A lawyer can help protect your interests and make sure that the final divorce decree is fair.
4. You’ve Been Injured in an Accident
If you’ve been injured in an accident that wasn’t your fault, you may be entitled to compensation. Whether it’s a car accident, slip and fall, or another type of accident, you may need to hire a personal injury lawyer to help you get the compensation you deserve.
Most personal injury lawyers work on a contingency basis, which means they don’t get paid unless you win your case. Even if you have insurance, an experienced attorney can help you get a higher settlement than you would have on your own.
5. You Want to Start a Business
If you’re starting a business, there are a lot of legal considerations to take into account. For instance, you’ll need to choose the right business structure and obtain the necessary licenses and permits. You’ll also need to draft contracts for employees, vendors, and customers.
While it’s possible to do all of this on your own, a lawyer can help streamline the process and ensure your finances are going to where they need. In addition, a lawyer can also help you settle business matters if you lose more capital.
Although it’s often the last resort, filing for bankruptcy can be the first step toward rebuilding your finances and helping you start a new business in the future. Lawyers will help you understand your options and can negotiate with creditors on your behalf.
Getting legal help is better than going at it alone, especially when the stakes are high. If you’re facing any legal issues, don’t hesitate to reach out to a lawyer for help.