First blog post

This is your very first post. Click the Edit link to modify or delete it, or start a new post. If you like, use this post to tell readers why you started this blog and what you plan to do with it.

post

Advertisements

Family Law and Divorce

Family Law and Divorce

It’s no secret that a divorce can have a major impact on your life and your finances. To achieve the best possible settlement, it’s important to financially prepare in advance. The following steps will help you get ready for your financial future.

Collect your financial records: You will want to go into your divorce with accurate and up-to-date information about yours and your spouse’s financial status. Secure records of all open bank accounts, retirement funds, mortgages, loans and credit cards that you and your spouse have on file. Then, store the files somewhere safe at a trusted parent or friend’s house.
Secure a post office box: Having a post office mailbox allows you to receive personal and divorce-related mail at a safe location. By being the only person with access to your new mailbox, you can securely accept confidential documents from your attorneys as well as banking and credit card statements.

Begin saving in a private account: One of the most important parts of financially preparing for your divorce is to save as much as possible. Be sure you are placing your savings in a personal account that your spouse does not have access to.
Check your credit score: Pulling your credit score and report will enable you to have a clear picture of your financial standing. Take early action to improve your score as much as possible. During this time, it is also wise to start building credit by opening a card that is solely in your name.

Make a list of your property: Take a moment to create a list of all property you and your spouse share, and all property you owned before getting married. In Utah, property owned by one individual before a marriage takes place is typically restored to that person after a divorce.

Family Law Issues

Family law addresses the business of relationships—of the sometimes-hard endings needed to win new beginnings. Even as laws change and the economy falters, issues such as child custody and divorce, and relocation continue to affect real people like you every day.
We work daily to get good deals for clients and aggressively fight in court when necessary. Our top priority is addressing the unique concerns each client brings through our door.
Right now, we are seeing more cases caused by bad finances, including these issues: Modifications: When jobs are lost, financial support falters as well. Scarce financial times result in more cases involving upward or downward modification of child and spousal support.

Divorce: Fewer divorces are filed during hard economic times, but our firm has not seen a swing in the rate of cases handled. Relocation: With dim job prospects, custodial parents are looking further afield for work. Relocation can result in tough child custody battles that require equally tough advocacy from your attorneys. Financial matters: Careful legal and financial analysis is important for helping our clients move forward.
Custody: Child custody and visitation are perennial issues requiring aggressive legal help.

Family law cases can be tough. When you need a divorce or custody lawyer, look for experience and a willingness to fight to the end to get the new beginning you deserve.

Free Consultation with a Family Lawyer

If you have a question about family lawyer or if you need help with custody, please call Ascent Law at (801) 676-5506. We will help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Source: https://www.ascentlawfirm.com/family-law-and-divorce/

IRS Installment Agreements

IRS Installment Agreement

The Internal Revenue Service (IRS) allows taxpayers to pay off tax debt through an installment agreement because not everyone will need an IRS Tax Lawyer to help them. Call if you do, but keep in mind that interest and penalties will apply and that the IRS encourages taxpayers to pay taxes immediately. Interest and penalties can equal 8% to 10% per year. Yeah. That’s right.

If paying the entire tax debt all at once is not possible, an installment agreement is an alternative allowed by the IRS. The IRS has four different types of installment agreements: guaranteed, streamlined, partial payment, and non-streamlined.

What is an Installment Agreement?

To qualify for an installment agreement with the IRS, the taxpayer must meet the following conditions:
Owe less than $50,000, (not including interest and penalties);
In the previous five years the taxpayer has filed tax returns, paid taxes owed, and has not entered into an installment agreement;
The taxpayer is unable to pay the tax liability when due or within 120 days;
The tax liability will be paid off within three years; and
The taxpayer must pay at least the minimum monthly payment (tax liability, interest, and penalties divided by 30).
Under this payment plan, the IRS will not file a federal tax lien against the taxpayer.

Streamlined Installment Agreement

In most cases, a taxpayer that qualifies for a guaranteed agreement will also qualify for the streamlined installment agreement. A streamlined installment agreement has the following requirements:
The tax liability, interest, and penalties do not exceed $50,000;
The balance can be paid off within 72 months; and
The proposed payment is equal to or greater than the “minimum acceptable payment” (the minimum acceptable payment is the greater of $25 or the minimum payment amount reached by dividing the tax liability, interest, and penalties by 50)


The taxpayer must pay a fee to set up the installment agreement or a reduced fee for a direct debit installment agreement. To restructure or reinstate a previous installment agreement, the IRS charges a different fee. Like a guaranteed installment agreement, the IRS does not file a federal tax lien.
Partial Payment Installment Agreement
A partial payment agreement allows the IRS to enter into agreements with taxpayers for the partial payment of a tax liability. To qualify for this arrangement, the taxpayer must complete a financial statement using Form 433-F to report income and living expenses. The IRS will review and verify the information. If the taxpayer has assets that can be sold to pay some of the tax debt, the IRS will require the taxpayer to provide additional information.
If approved, the taxpayer will be required to participate in a financial review every two years. This review may result in the increase in installment payments or the termination of the agreement.
Non-Streamlined Installment Agreement
If a taxpayer owes $50,000 or more and can make monthly payments to the IRS, a non-streamlined agreement is an option. The IRS will not automatically approve this agreement; instead, the taxpayer must negotiate with the IRS. The taxpayer must file Form 433-F, Collection Information Statement. This form collects information about income, debts, living expenses, assets, accounts, and allows the taxpayer to propose an installment payment amount.

It will usually take a few months for the IRS to review a proposed payment plan. The IRS may refuse a proposed agreement if it considers some of the taxpayer’s living expenses unnecessary, if untruthful information was provided, or if the taxpayer failed to complete a prior installment arrangement.
If a taxpayer is unable to pay a tax liability through a non-streamlined agreement, consider filing an Offer in Compromise.

Ways to Make Payments

Taxpayers can make installment payments using the following methods:
Payroll deduction
Direct debit
Check or money order
Electronic Federal Tax Payment System (EFTPS)
Credit card
Online Payment Agreement (OPA)
When Will the IRS Revoke an Installment Agreement
The IRS can revoke an installment arrangement under the following circumstances:
The taxpayer misses a payment;
The taxpayer does not file a tax return or pay taxes after the agreement is entered into;
The taxpayer provided inaccurate information on Form 433-F; or
The taxpayer is paying under a partial payment installment agreement and a review indicates a change in their financial position.

Free Consultation with a Utah Tax Attorney

If you are here, you probably have a tax law issue you need help with, call Ascent Law for your free tax law consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Source: https://www.ascentlawfirm.com/irs-installment-agreements/

Landlord Tenant Disputes

Landlord Tenant Disputes

Disputes between landlords and tenants can take many forms — from upkeep and repair issues to non-payment of rent and potential eviction. In addition to looking to the terms of any rental agreement in place, being informed of your rights as either a tenant or a landlord can help save money and avoid frustration. When navigating a dispute with your landlord or your tenant, care should be taken to ensure that both sides attempt to uphold their side of the agreement while protecting their interests to the fullest extent allowed by law.

Eviction and Unlawful Detainer Lawsuits

Eviction is the process of terminating a lease agreement, typically for a specific cause, thereby removing the tenant from the rental unit. Common disputes that lead to eviction include failure to pay rent on time, keeping pets against the rules of the rental agreement, and engaging in criminal activity on the rental property. Laws are in place to make sure any eviction follows due process, which protects both tenants and landlords.
Evicting a tenant is not as simple as telling them to leave. There is a specific process in place to ensure the tenant has his or her say, and to give the tenant time to find a new place to live. The first step is to give the tenant formal notice of an eviction, explaining the fault (such as missed rent payments) that needs to be corrected. If the tenant fails to respond in a reasonable amount of time, the landlord may then file for a formal court eviction proceeding; this is typically referred to as a “forcible entry and detainer” or “unlawful detainer” action.

Avoiding Disputes with Your Landlord

The best way to solve landlord tenant disputes is to avoid them altogether. There may be disagreements or misunderstandings, but these are best handled outside of court most of the time. For instance, tenants should study their lease agreement carefully and also get a basic understanding of their rights and responsibilities as tenants. If a problem arises, it’s best to talk to the other party right away and be completely honest. Keeping hard copies of all notes and correspondence related to the problem also is a good idea.

How to Resolve a Landlord Tenant Dispute Outside of Court

Of course, not all disputes are easily resolved by simply talking with your landlord. If you can avoid going to court, that is usually the best and least expensive option. One option is to use a third-party mediator to help draft an agreement between the two parties, which is not binding but can help facilitate communication. You can find a low-cost mediation program for handling landlord tenant disputes through both private companies and bar associations.

The last resort for resolving disputes after direct communication and mediation have failed is to file a claim with your local small claims court. While they cannot hear every type of case, most landlord tenant disputes involving a sum of money below a certain amount (usually a few thousand dollars) can be handled in small claims. For instance, matters commonly resolved in small claims court include disputes over unpaid rent or un-returned security deposits. While you generally don’t need legal representation for small claims court, but in Utah you can use attorneys if you think you need one.

Free Consultation with a Landlord Lawyer

When you need an attorney for a landlord tenant disputes, call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Source: https://www.ascentlawfirm.com/landlord-tenant-disputes/

FINRA Arbitration

FINRA Arbitration

In many industries, victims of fraud and misconduct have the option of filing a lawsuit and seeking a just resolution from a judge and jury. For many investors and securities industry employees, however, the available legal options are far more limited. For them, FINRA arbitration is mandatory.

The New York Times’ recent coverage of arbitration between Barclays Capital and a former Barclays employee perfectly demonstrates why FINRA arbitration can be so challenging for individuals going up against massive securities firms.

William Thomas Pair worked for Barclays Capital for several years, having been recruited from his previous position at UBS. To convince Pair to join Barclays, the firm offered him a $1 million forgivable loan, which would be paid off after several years of employment. At one point, Pair’s loan was renegotiated to pertain to Barclays Bank, a British company, which means it should not have been subject to mandatory FINRA arbitration. Several months before that 7-year mark, Barclays fired Pair and assigned his outstanding $600,000 loan balance back to U.S.-based Barclays Capital. Barclays then filed for FINRA arbitration against Pair, who chose to represent himself. Barclays, on the other hand, was represented by highly paid outside legal counsel.

The arbitrators chose to throw out the former broker’s key witness for unclear reasons. Pair lost, and no sufficient explanation was given for why Barclays had passed the outstanding balance back from its British owner to the U.S. subsidiary. As a result, Pair was ordered to pay back not only the $600,000, but also $20,000 in unpaid interest and $360,000 for Barclays’ attorney fees. Pair’s story is, unfortunately, not an unusual outcome in FINRA arbitration. In fact, in 2013, securities customers were awarded some portion of their claimed damages in only 42% of arbitrations.

How FINRA Arbitration Works

The challenges involved in FINRA arbitration are complex and fairly institutionalized, but navigating them is possible. As an independent non-profit, FINRA exists to create and enforce securities regulations for the protection of investors and the overall health of the securities industry.
The challenges for victims of securities industry misconduct center around two major concerns.

First, when you pay for the brokerage services of a securities firm, in most cases you sign away your right to a trial. This is also the case for employees of banks and brokerages who wish to resolve legal disputes with their employers.

Securities firms have powerful outside counsel at their beck and call, which means that standing up against them in arbitration—and prevailing— is a tall and often expensive order. As the Barclays case demonstrated, losing in arbitration can result in a former employee or investor being liable for the firm’s legal costs.

Second, arbitration panels are often far from neutral. Though they are required to remain impartial, the reality is that arbitrators are paid based on how many arbitrations they handle, and if they become known for giving Claimants favorable awards, the banks and brokerages will not use them. There have been past instances demonstrating some arbitrators’ potential conflicts-of-interest.

This is How FINRA Arbitrators are Chosen

Arbitrators are charged with the weighty responsibility of deciding whether those who file claims deserve an award. FINRA maintains a roster of over 6,000 arbitrators.

In order to become certified, arbitrators must complete approximately 10 hours of coursework and an entrance exam. According to research conducted in 2009, the proportion of arbitrators affiliated with the financial services industry, in contrast to those who are not, is approximately 1 in 3.

This is reasonable in the sense that those with a securities background have first-hand knowledge of the nuances of the industry. It is concerning in the sense that some arbitrators may have strong ties to powerful securities firms, which could potentially color their decisions.
FINRA has reviewed this issue in response to concerns that it may cause bias, and has passed restrictions on who is eligible to serve as a public arbitrator. Still, the structure of the system as it stands may make individuals involved in FINRA arbitration feel that they are powerless against a biased system.

What Can You Do if You Are Not Paid the Full Amount of Your Contract?

Unfortunately, an all too common issue for contractors is what to do if they are not paid the full amount they are owed for their work—even when the contract was properly and fully performed. On the surface, reneging on promises would appear to be bad business, not only from a conscientious standpoint, but also because burning bridges can make it difficult to conduct future business.

There’s a simple reason, however, why businesspeople might not pay contractors in full: they can get away with it, since it will cost the contractors more to sue than it will to just take the loss. This strategy relies on the premise that the contractor will need to pay an attorney hundreds of dollars an hour to attempt to recover the money owed, which can quickly make litigation untenable for the average businessperson.

Litigants Can Exploit Contract Law

U.S. law generally requires each party to a lawsuit to pay its own attorney fees. While this rule can encourage more equal access to justice, it can also lead to a situation where a well-funded defendant drags out a case and drives up the legal fees to the point where taking a loss is the better choice for the plaintiff.

For example, if a contractor enters into an agreement to perform painting work at an apartment complex for $250,000 and, upon satisfactorily completing the work, the apartment complex owner refuses to pay, the contractor can file a breach of contract lawsuit to recover the unpaid money.

But if the contractor’s legal fees hit $25,000 – $50,000—which is on the very low end of the cost of prosecuting a business lawsuit—the profit margin on the contract will effectively be wiped out. The lawsuit essentially becomes a no-win situation. As a result, many contractors give up their legal fight, settle their cases for less than they are worth, go bankrupt, or even go out of business.

Knowing this, defendants can offer contractors a lower amount than what is owed and force them to drop the case. This is an example of how hourly attorneys’ fees create a “Justice Gap” for small business owners that cannot afford the high cost of business litigation.

FINRA Arbitration Lawyer Free Consultation

When you need a lawyer for FINRA Arbitration, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Source: https://www.ascentlawfirm.com/finra-arbitration/

Tax Extension Law

Tax Extension Law

If you can’t meet the deadline to file your tax return, you can get an automatic four-month tax extension of time to file from the IRS. The extension will give you extra time to get the paperwork in to the IRS, but it does not extend the time you have to pay any tax due.

You must make an accurate estimate of any tax due when you request an extension. You will owe interest on any amounts not paid by the April deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date. You may send a payment for the expected balance due, but this is not required to obtain the extension.

If you cannot file your tax return by the due date, you may be able to get an automatic 6-month extension of time to file. For example, if your return is due on April 15, you will have until October 15 to file.
You can get the automatic extension by:

1. Using IRS e-file (electronic filing), or
2. Filing a paper form

E-filing Options. There are two ways you can use e-file to get an extension of time to file. Complete Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, to use as a worksheet. If you think you may owe tax when you file your return, use Part II of the form to estimate your balance due. If you e-file Form 4868 to the IRS, do not also send a paper Form 4868. You can use a tax software package with your personal computer or a tax professional to file Form 4868 electronically. You will need to provide certain information from your tax return from the previous tax year.

E-file and Pay by Credit Card. You can get a tax extension by paying part or all of your estimate of tax due by using a credit card. You can do this by phone or over the Internet. You do not file Form 4868.

Filing a paper form (Form 4868). You can get an extension of time to file by filing a paper Form 4868. Mail it to the address shown in the form instructions. If you want to make a payment with the form, make your check or money order payable to the “United States Treasury.” Write your SSN, daytime phone number, and “2005 Form 4868” on your check or money order.

You must request the automatic tax extension by the due date for your return. You can file your return any time before the 6-month extension period ends.

Enter any payment you made related to the extension of time to file on Form 1040, line 69. If you file Form 1040EZ or Form 1040A, include that payment in your total payments on Form 1040EZ, line 9, or Form 1040A, line 43. Also enter “Form 4868” and the amount paid in the space to the left of line 9 or line 43.

To get the automatic extension, file Form 4868, Application for Extension of Time to File U.S. Individual Income Tax Return, with the IRS by the April 15 deadline, or make an extension-related electronic payment. You can file your extension request by phone or by computer, or mail the paper Form 4868 to the IRS.

You can file Form 4868 by phone anytime through April 15 (or the following business day, if on a weekend or holiday). The special toll-free phone number is 1-888-796-1074. Use Form 4868 as a worksheet to prepare for the call and have a copy of your previous year’s federal income tax return available.

The system will give you a confirmation number to verify that the extension request has been accepted. Put this confirmation number on your copy of Form 4868 and keep it for your records. Do not send the form to the IRS.
You can also e-file an extension request using tax preparation software on your own computer or by going to an authorized e-file tax professional. The IRS will acknowledge receipt of the extension request if you file by computer.

If you ask for a tax extension by phone or computer, you can also choose to pay any expected balance due by authorizing an electronic funds withdrawal from a checking or savings account. You will need the appropriate bank routing and account numbers. You must also provide the adjusted gross income amount from your previous year’s federal income tax return to verify your identity.

You can also get an extension by making an extension-related credit card payment by phone or through the Internet. Contact one of the service providers below. The processor will charge you a convenience fee for the credit card payment. See the instructions for Form 4868 for more information on how to make an extension-related electronic payment.
If your return is completed but you are unable to pay the tax due, do not request a tax extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due.
Special rules apply to U.S. citizens, resident aliens and members of the armed forces whose home and main place of business or post of duty are outside of the United States. For more information about these provisions, see Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, and Publication 3, Armed Forces’ Tax Guide.

Free Consultation with a Utah Tax Attorney

If you are here, you probably have a tax law issue you need help with, call Ascent Law for your free tax law consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Source: https://www.ascentlawfirm.com/tax-extension-law/

Domestic Partnership Law

Domestic Partnership Law

While domestic partners face similar issues
as legally married couples – whether same-sex or not — they often do not have
the same legal protections when things do not work out. Domestic partnership
dissolution is equivalent to a divorce, and ending your domestic
partnership returns you and your partner to the status you were before you were
partnered. Domestic partner benefits and obligations under the law
therefore cease when the domestic partnership ends.

Moreover, since not all states recognize
domestic partnerships, it may be challenging to end a domestic partnership that
involves property, debt, and children. Even so, partners wishing to end a
relationship that involves jointly-owned property and other matters may seek the
advice of a family law attorney who is experienced with civil union or domestic
partnership dissolution.

Domestic Partnership Laws

Domestic partnership laws give registered
partners most of the rights and obligations of married couples under the law,
including the right to end their domestic partnership. While domestic
partnership laws vary by state — ranging from states that outline the precise
method, time, and manner of domestic partnership dissolution to states that do
not have domestic partnership laws on the books — the process of ending a
domestic partnership is generally laid out in the initial domestic partnership
agreement that was filed with the state.

In many cases, however, courts are often left
to decide financial, property, and family matters concerning the partnership,
especially in cases where a domestic partnership agreement outlining what may
happen in the event of dissolution was not established or where the domestic
partnership was never legalized.

Even so, states will generally recognize
domestic partnership agreements that were created in their own state, but may
not recognize or enforce domestic partnerships from other states. Some states,
including Washington, automatically converted domestic partnerships to
marriages upon the legalization of same-sex marriage (prior to the U.S. Supreme
Court’s Obergefell decision).

Property Division

Generally, property that was acquired before
registration of the domestic partnership or acquired as a gift or inheritance
(whether before or during the domestic partnership) is considered
“separate property” and not subject to division when a domestic
partnership ends.

Otherwise, a court may distribute property
that was acquired during the partnership in one of the following ways, taking
into account the nature and extent of the property and the duration of the
domestic partnership, for example:

  • Distribute property unevenly (based on the equity interest to
    each partner)
  • Distribute property evenly (50/50)
  • Partition the property as it the parties were joint tenants

Maintenance

Maintenance is a payment that one party makes
to the other to provide financial support after a domestic partnership ends.
While maintenance is not automatically awarded, the courts will look at several
factors when determining whether to award maintenance payments, including:

  • Length of the domestic partnership
  • Financial situation of the parties, and the other party’s
    ability to pay
  • Time it will take for the party asking for maintenance to get
    education or training
  • Standard of living during the domestic partnership
  • Age and health of the party asking for maintenance

For example, a court may be more likely to
award maintenance to a partner who was unemployed for a while because he or she
stayed home to care for children. On the other hand, the court may still award
maintenance to that party if it will keep the party in the same standard of
living that was usual during the domestic partnership.

In essence, the court determines maintenance
requests on a case by case basis and looks beyond that which will only provide
the bare necessities.

Parenting Arrangements and Child Support

In partnerships that involve biological or
adopted children, a court will look at several factors when
determining child custody, child support, and child visitation, including:

  • Which parent the children will live with the majority of the
    time (or each parent half of the time)
  • How much time the children will spend with the other parent
    (“visitation”)
  • Who will make decisions about the children’s schooling, medical
    care and other issues
  • How the parents will resolve disagreements about the children
    in the future.

Partners may also choose to establish their
own parenting plan in which to show the court before final
determination.

Procedure for Terminating a Domestic
Partnership

Generally, a domestic partnership terminates
automatically when any one of the following occurs:

  • One partner gives notice to the other partner that he or she is
    terminating the partnership
  • One of the domestic partners dies
  • One of the domestic partners marries
  • The domestic partners no longer share a common residence

Parties who wish to terminate their domestic
partnership may therefore do it in two ways — by either filing a termination
with the Secretary of State or county clerk’s office (subject to state
eligibility requirements) or by petitioning the court – depending on the
circumstances of the domestic partnership. For example, partners who mutually
agree to dissolve the partnership and have little or no debt, obligations, or
child that were born or adopted to the union, may file for termination the
easier more economical way through the clerk’s office.

Conclusion

Ending a domestic partnership can be
complicated, especially if it involves children, real estate, and large amounts
of community property and debt. To ensure the best possible outcome for you and
your family, speak with an experienced family law attorney in your area who has
handled domestic partnership cases.

Free Initial Consultation with a Domestic Partnership Lawyer

When you need legal help regarding a domestic partnership, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Source: https://www.ascentlawfirm.com/domestic-partnership-law/

Timeshare Law

Timeshare Law

A timeshare is a unit (typically a condominium- or apartment-style structure) that is shared by multiple parties who each use it at different times of the year. Timeshares are very popular in vacation destinations, allowing part ownership of a property that is only used by each party for a few weeks or so each year. The ownership of timeshares depends on a number of factors, including any applicable state regulations of such arrangements. This section provides basic information about purchasing and owning a stake in a timeshare, particularly the legal implications involved.

There two main types of timeshare arrangements: deeded and non-deeded. For a deeded timeshare, the owner purchases an ownership interest in a piece of real estate that corresponds to a particular week (or weeks) of the year. Unless an exchange is made, that owner’s interest in the unit is limited to the designated week each calendar year. These arrangements often are referred to as Fixed Time or a Fixed Unit.

A non-deeded timeshare typically involves the purchase of a club membership, license, or lease that allows the owner to use the property for a certain amount of time each year. The contract usually states the number of years for which the membership or lease is valid. These also are referred to as Floating Time arrangements. A Seasonal Floating arrangement is similar, but reservations for time are limited to a particular season.

Before buying into a timeshare arrangement, make sure you’ve had time to thoroughly research your options and take stock of whether it makes sense for you. One common way to sell timeshares is to offer “free” vacations where the guests are all potential customers; but it’s a good idea to wait until you get home before deciding. You should consider the following factors before you decide to buy:

Practical Factors in General – How long will you be interested in vacationing at this particular location? Would you prefer a variety of vacation destinations?

Investment Potential – While a second or vacation home is much more expensive than a timeshare, timeshares usually sell at a loss
Total Costs – Besides the cost of the timeshare itself, you may have additional mortgage costs, closing costs, broker fees, finance charges, and more

Document Review – As with buying a home outright, buying into a timeshare involves the signing of a binding contract, so ask an attorney to review the documentation if you are unsure about its provisions

Properties Abroad – Memberships and timeshare ownerships are subject to the jurisdiction of the country in which they’re located, without the protections of U.S. contract law

You also may want to see a review of the developer’s (or management company’s) background and current maintenance budget. Contact local real estate agents or the Better Business Bureau for more information.

Timeshares are regulated to some degree in most states, often with specific protections for buyers and limited rights to cancel the purchase. Call us to discuss specific Utah law on Timeshares.

Timeshare Lawyer Free Consultation

When you need legal help with Timeshare Law, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Source: https://www.ascentlawfirm.com/timeshare-law/