Every parent wants to have custody of their child. However, losing your child's custody does not automatically slam the door against your involvement in their life. It is a common misconception that makes many parents panic unnecessarily. Even if you lose the custody of your child, you still enjoy numerous rights under your jurisdiction's custody and visitation laws. You must work closely with a local lawyer to fully comprehend your rights, as the laws differ by state. For instance, Delaware does not use “full custody,” despite being the typical terminology among residents. Instead, the state uses “joint legal custody” or “sole legal custody.” The state uses these terms for decision-making.
For example, if you have sole legal custody, you make all the decisions concerning the child. However, it is challenging and rare for the court to award sole legal custody. Most people get joint legal custody. Where the kid lives, or physical custody, is another component of a child custody order. A parent will get the primary residence rights, while the other will have caregiver and visitation rights. Sometimes, the court awards shared residence, which permits the child to spend equal time with each parent.
“Engaging a lawyer as soon as possible is advisable to avoid missing vital deadlines in your legal battle.” says attorney Matt Towson.
You retain parental rights even after losing your sole legal custody battle to the other parent. In other words, your child is entitled to death benefits if anything happens to you. Even if you die without a will, your child can inherit via the intestate process.
As the noncustodial parent, you also have the right to some information on the custody decision. For example, you can get details about your child's healthcare and education upon request. Religious issues rarely pop up.
Hence, even if you cannot decide the school your child attends or the healthcare facility they use, you can still demand their report cards and medical details.
You can also still attend your child's events, like sports games, concerts, or school holiday parades. However, there may be other considerations when attending these events. The court usually gives one parent sole legal custody because the other parent has issues.
If your estranged partner denies you custody rights, you should file a contempt petition immediately. The petition simultaneously informs the court of the other parent's non-compliance with an existing child custody order and demands further court action.
Alternatively, you can file a request to adjust a current court order. There was a reported case of a teenager who refused to visit her mother because the mother’s new spouse unsettled her. The mother thought her estranged partner instigated her daughter’s refusal to visit her, so she filed a contempt petition. However, the father countered the petition by filing to adjust the custody arrangement because the teenager did not want to visit her mother again.
Fortunately, all custody orders are adjustable because the court prioritizes the child's best interests at all times. Kids' preferences change as they age, and the court must respect their wishes. They may wish to change their school, healthcare arrangements, interests, and relationship patterns.
While engaging a family law attorney in a custody case is optional, it can make all the difference in your case. It is also essential to state that the court appreciates those with lawyers, even in seemingly simple cases. It makes the case organized, straightforward, and orderly.
An exceptional local family law attorney can expertly handle every document and court filing for the kid's welfare. If necessary, they can also communicate with your ex's lawyer to see if they can convince your ex to comply with a court order.
Losing custody doesn’t mean you lose your rights as a parent. You still have the right to important information about your child and to attend their events. If the other parent denies your rights, you can take legal steps to fix the situation. Having a good lawyer can help you understand the process and make sure your rights are protected.
Navigating the landscapes of business, racing, and law involves expanding boundaries and taking calculated risks, yet each offers unique challenges and rewards. Through strategic planning and a keen understanding of the rules, individuals and companies can push past traditional limits and achieve remarkable outcomes. In this intricate dance between risk and reward, strategy becomes the key differentiator for success.
Each field demands a precise approach tailored to its unique demands—business requires market analysis, racing thrives on performance optimization, and law depends on comprehensive legal knowledge. Understanding these varied landscapes provides opportunities for innovation and progress, allowing for the identification of strategic advantages. Embracing calculated risks can lead to transformative gains in each of these areas.
The pursuit of excellence in these domains hinges on the ability to adapt and evolve. Recognizing the interplay between risk and reward is essential, as is crafting strategies that maximize potential while mitigating unforeseen challenges. Whether in the boardroom, on the racetrack, or in the courtroom, success stems from a deliberate balance of boldness and caution.
In both business and racing, risk-taking can lead to significant rewards. Understanding the nuances of risk management and the psychology behind risk-taking is crucial.
In business, strategic risk management involves identifying, assessing, and prioritizing risks. Companies use tools like SWOT analysis to understand potential threats and opportunities during decision-making processes. They often establish risk management committees to monitor challenges.
Racers employ different but equally crucial strategies. They focus on vehicle performance and environmental factors to mitigate risks. Teams analyze track conditions and weather forecasts to adjust race strategies accordingly. Risk assessments can lead to dynamic decisions during crucial moments in a race.
Both fields require adaptive planning and swift response to unexpected changes.
Risk-taking psychology examines why individuals pursue high-stakes actions. Business leaders often exhibit traits such as innovation and decisiveness. They recognize that calculated risks can foster growth and competitive advantage.
In racing, drivers must balance the thrill of competition with safety considerations. Their decisions are influenced by experience, track conditions, and competitor actions. Factors like pressure, adrenaline, and intuition play key roles in decision-making processes.
A successful approach involves awareness of personal risk tolerance levels. Both industries benefit from training programs that enhance decision-making under pressure, helping individuals embrace risks while maintaining control.
Navigating success across various domains requires an understanding of different strategies. Whether in business or racing, leveraging innovative techniques and competitive edges can pave the way to achieving goals effectively.
In the fast-paced world of business, innovation is key. Companies thrive by embracing unique strategies that set them apart. These can include adopting disruptive technologies that challenge traditional models or fostering a culture of creativity within teams. Organizations often benefit from using data analytics to predict market trends and consumer behavior, informing strategic decisions and minimizing risks.
Agile methodologies, which prioritize flexibility and iterative progress, are particularly effective in rapidly changing markets. Additionally, strategic partnerships and alliances can extend resource capabilities and open new avenues for growth. Businesses that prioritize sustainability and social responsibility may also find a competitive edge, as consumers increasingly favor ethical practices.
In racing, achieving competitive superiority is closely tied to meticulous strategy and technical innovation. Teams must optimize vehicle performance through advanced engineering techniques, ensuring speed and reliability under different conditions. The use of cutting-edge technology, such as telemetry and data analytics, allows teams to make real-time decisions that enhance performance on the track.
Driver skill is critical, and continuous training sessions and simulations help racers perfect their craft. Teams also experiment with tire strategies and pit stop timings to gain precious seconds. Sponsorships and collaborations can provide essential resources and support, further enhancing a team's competitive stature.
Ultimately, success in racing hinges on integrating these strategies to deliver consistent, top-tier performances.
Understanding legal frameworks in business and racing ensures clarity and protection for all parties. Intellectual property safeguards inventions and ideas, legal complexities in motorsports protect participants, and Armada Law offers valuable expertise navigating these areas.
Intellectual property (IP) is crucial in business, allowing firms to protect their innovations and creative works. Patents secure inventions, preventing unauthorized use, while trademarks safeguard brand identity. Copyrights protect original works, giving creators exclusive rights.
Managing IP efficiently can give businesses a competitive edge. This involves not just obtaining rights, but also enforcing them through legal action if necessary. IP laws vary globally, so understanding international regulations is vital for businesses operating across borders. Armada Law assists organizations by providing guidance on securing and enforcing IP rights effectively, mitigating potential legal risks.
Motorsports involve numerous legal considerations, from safety regulations to liability issues. Compliance with safety standards is mandatory, covering everything from vehicle specifications to safety gear. Contracts between teams, drivers, and sponsors must be clear, detailing expectations and responsibilities.
Insurance is another key area, protecting against accidents and damages. Regulations can differ between countries and racing bodies, requiring teams to stay informed to avoid legal problems. Violations can lead to fines or disqualification. Armada Law offers expertise in navigating these rules, ensuring compliance, and resolving disputes efficiently.
Armada Law specializes in providing legal guidance across business and racing industries. Their expertise encompasses IP protection, ensuring businesses secure their innovations effectively. They assist in drafting and negotiating contracts, advising on legal strategies to fortify business operations.
In motorsports, Armada Law provides services that ensure teams adhere to regulations, avoid penalties, and manage risks effectively. Whether dealing with complex compliance issues or seeking to protect assets, their tailored legal strategies help clients maximize opportunities and minimize risks. By understanding sector-specific legal intricacies, Armada Law supports both innovation and growth.
Rear-end collisions are among the most common types of vehicle accidents in Florida, often leading to a range of injuries and damages. When a driver's vehicle is struck from behind, they may be entitled to financial compensation for the losses sustained. The state's laws dictate the process of claiming damages and establishing the liabilities of the parties involved. Drivers, insurance companies, and legal professionals work within this framework to determine the extent of compensation due.
Insurance coverage in Florida operates under a no-fault system, meaning that drivers first turn to their own insurance policies to cover minor injuries and damages regardless of who caused the accident. It is crucial for individuals involved in rear-end collisions to understand their rights and the applicable legal procedures to secure the financial recovery they deserve.
Rear-end collisions in Florida are among the most common types of vehicle accidents. They can occur due to a variety of reasons and often result in damage to property and injury to those involved. A comprehensive understanding requires knowledge about the causes, assignment of liability, and the peculiarities of Florida's insurance system.
Rear-end collisions in Florida are often the result of drivers following too closely, failing to pay attention, or reacting too slowly to stopped or slowed traffic. Additionally, poor weather conditions and abrupt stops can contribute to these accidents. In most cases, the driver who strikes another vehicle from behind is considered at fault due to negligence or an inability to maintain a safe distance.
Determining liability typically involves assessing which party was negligent. Whatever the scenario, Miami Rear End Accident Lawyers frequently underscore that evidence, such as traffic camera footage or witness statements, is vital to establish fault in a rear-end accident.
Florida operates under a no-fault insurance system. This arrangement means that after a rear-end accident, each party files a claim with their own insurance provider, regardless of who was at fault. Personal Injury Protection (PIP) is a mandatory coverage every Florida driver must carry, which helps cover medical expenses, lost wages, and other damages up to a certain limit.
In Florida, individuals involved in rear-end collisions have specific legal avenues to seek financial compensation for their damages. These include filing an insurance claim and if necessary, pursuing a personal injury lawsuit. Moreover, Miami Rear End Accident Lawyers play a pivotal role in navigating the complexities of the legal system to secure fair compensation for their clients.
In the aftermath of a rear-end accident, the first step typically involves filing an insurance claim. In Florida, drivers are first required to file a claim with their own insurance provider due to the state's no-fault insurance system.
If the compensation offer from the insurance company is inadequate or if the victim sustained serious injuries, pursuing a personal injury lawsuit might be the next step. Florida law permits individuals to file a lawsuit against the at-fault driver to recover additional damages such as medical expenses, lost wages, and pain and suffering. Litigation is complex, and the following steps are critical:
1. Investigation: Compile all evidence supporting the claim of negligence.
2. Filing: Officially submit the lawsuit in a court with proper jurisdiction.
3. Discovery: Both parties exchange relevant information and evidence.
4. Trial: Present the case in court, if a settlement isn't reached beforehand.
Miami Rear End Accident Lawyers are essential for legal proceedings following a rear-end collision in Florida. They provide invaluable expertise and advocacy to navigate the legal system effectively. Their experience and knowledge of local laws regarding rear-end accidents in Miami are crucial for favourable outcomes.
Whether they lived a long, happy, and productive life or were taken away suddenly, the pain of loss is equal. However, when we lose a loved one due to the neglect of someone else, it adds another layer of unfathomable emotions.
Filing a wrongful death lawsuit won’t change what happened, but it does have some benefits. It could bring much-needed emotional closure and help loved ones to move forward. It could also ensure that those who were financially dependent on the deceased have one less worry. Those in the Sunshine State should contact a Miami wrongful death lawyer to learn about what rights they have as a victim.
The Florida State Wrongful Death Act is complex and a wrongful death lawsuit should only be filed by a competent attorney. Without the help of a personal injury attorney, filing a wrongful death lawsuit would prove to be far too difficult for the average layperson.
Florida law states that a wrongful death occurs if a person or an entity causes someone’s death due to a wrongful act or negligence. Although this has a wide range of interpretations, there are certain circumstances where it’s applicable. Most wrongful deaths occur in the following ways:
● A negligent incident such as a car accident
● Medical malpractice
● Defective products
● Intentionally or unintentionally during the committing of a crime
If the deceased person had a legal will, the person who was named their executor would be the one to file a wrongful death lawsuit. This would be either for themselves or on behalf of the deceased’s family. In Florida, there are 3 requirements as to who can be the deceased personal representative. The requirements are:
● Be at least 18 years of age
● Be of sound mind
● Not have a felony conviction
If the deceased individual didn’t have a will with an executor named, another person can act as their representative and file the lawsuit. This person is typically:
● The spouse or legal partner of the deceased
● A child of the deceased, either a minor or adult
● A parent of the deceased
First, you’ll need to hire a lawyer who has experience with wrongful death lawsuits. A case of this nature should never be filed without proper legal counsel. Although each case is unique, here’s a loose outline of what to expect:
● Filing the lawsuit - Once you’ve selected a lawyer and given them all of the evidence required to prove neglect, they will file the lawsuit with the court. The defendant or defendants will be officially notified of the lawsuit.
● The Discovery phase - During this phase, both sets of legal teams (plaintiff and defendant) will meet on several occasions to exchange information. This phase can be time-consuming and can include depositions with witnesses and others who can provide an expert opinion.
● Pre-trial settlement or pre-trial motions - Many wrongful death lawsuits never go to trial. Sometimes during the discovery phase, mediators or arbitrators are brought in to help avoid a costly and lengthy trial. If a settlement is made, the case ends there. If not, it will go to trial.
● Trial and verdict - If your case does go to trial, you’ll have the option of choosing between a jury trial or one where the judge alone makes the decision. If your case is successful, you’ll either be awarded a settlement or the defendant will appeal the case.
A judge or a jury trial is always a risky matter because even if it goes well and you win the case, the defendant has the right to appeal. This will result in a new trial and could add months or longer to the lawsuit. Fortunately, a large number of wrongful death cases are settled during the discovery phase.
Saying goodbye to a loved one is never pleasant. It’s even worse when their death was caused by neglect, either intentional or not. Working with a Florida personal injury attorney can help you to gain some closure and also to be compensated for any damages.
A wrongful death lawsuit can be a complicated and complex maze to weave. Patience is key, but under the guidance of your lawyer, it could be time well spent. Never attempt to file a lawsuit of this nature alone. Let the experts guide you and allow them to do what they do best.
Finance Monthly hears from Richard Kershaw, partner at Hunters Law LLP, on how changes in markets can impact divorce settlements and whether there may be a chance to reopen them after they have been finalised.
Over the past twelve months, as COVID-19 has raged around the globe, the FTSE 100 index has seen significant volatility, hitting a high of 7156 and a low of 4993. With asset values in a state of flux, a divorce settlement reached shortly before the outbreak of the pandemic may now look significantly unbalanced if the assets retained by one party were heavily invested in a sector badly hit by the crisis. How does the family court deal with this?
The family court places a high value on the finality of divorce settlements to enable both parties to move on, and encourages taking a long-term view. It does, however, allow for the re-opening of settlements in very limited circumstances. There have been attempts to bring market volatility within that framework, with the latest effort, FRB v DCA (No 3) [2020] EWHC 3696 (Fam), relying on the financial consequences of COVID-19.
The couple were both from extremely wealthy families, and the divorce proceedings had been highly acrimonious, focusing on the wife’s concealment of the child’s paternity and the husband’s attempts to minimise his assets. A judgment of 28 February 2020 made an award of £64 million to the wife. At a hearing on 27 March 2020, four days after the UK’s first national lockdown started, the husband stated his preference to settle the award in cash rather than by transferring some of his investments, and volunteered to make the first payment by 30 September 2020.
Just before the first payment was due, the husband applied to re-open the settlement on the basis that his assets were held in countries, or underpinned by businesses, hard hit by the pandemic (his assets included interests in the international hotel sector, commercial property and care homes). His application failed for a number of reasons, including his failure to provide detailed evidence on the alleged decline in value of his interests - the court noted that his interests were diverse and some may have benefitted from the financial consequences of the pandemic. It was also significant that, after the pandemic had already hit, the husband had declined the option of satisfying the award in shares rather than cash, which would have shared the financial risk between the parties, and had instead volunteered the payment schedule.
The family court places a high value on the finality of divorce settlements to enable both parties to move on, and encourages taking a long-term view.
Crucially, the court said it is “essential” to take a “long term” view, as most commentators consider that the world economy will recover within the next couple of years to pre-COVID-19 levels. Therefore, orders will not be re-opened simply due to significant fluctuations in value; market fluctuations are to be expected and go both ways. This reflects the approach taken by the court in the wake of the 2008 financial crash. For example, in Myerson v Myerson (No 2) [2009] EWCA Civ 282, the court refused to reopen a divorce settlement even where the husband’s business interests had declined in value to such an extent that the settlement would give the wife more than 100% of the assets.
Following this judgment, anyone hoping to re-open their divorce settlement due to the financial impact of COVID-19 will need to think very carefully before making an application. Even substantial fluctuations in asset values are unlikely to persuade the court that the settlement should be re-opened. A claim where a general economic recovery would not assist in the particular case - for example where a business has gone bust due to the pandemic - might have a better chance of success, but the claim would still be speculative.
What, then, can be done? For those currently negotiating divorce settlements, careful consideration should be given to the level of risk attached to each asset when dividing the family’s resources. One party may be willing to take on more risk in return for a higher proportion of the overall assets, or the parties may prefer to share both the assets and the risk equally. However, a settlement that does not take risk into account has higher prospects of unfairness.
For those whose settlements have already been finalised, there may be areas of flexibility worth exploring to relieve immediate financial pressure. In respect of the capital settlement, if there are sums still to be paid then it is possible to apply to the court for (or, if possible, negotiate) a delay in payment to ease cashflow concerns. If the settlement required the sale of assets, or the extraction of cash from a business within a certain timeframe, but the current financial climate would make this a poor time for the transaction, then an application to defer it may assist. The court will need to be satisfied that there is a genuine financial need for the delay rather than simply a preference for it.
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Ongoing maintenance for a former spouse or for children is always subject to variation, both up or down, and if the pandemic has significantly decreased the payer’s ability to meet the agreed payments then a prompt application to vary should be made. If the reduction is likely to be temporary the recipient may be open to agreeing a short-term decrease in payments, especially as many people have found their spending levels reduced during lockdown. As ever, any application will need to be supported by detailed evidence.
Managing divorce settlements can be challenging at the best of times, and economic turmoil adds to the challenges. Whilst the court is unlikely to reopen past settlements, in many cases options do exist for mitigating the impact of the crisis.
Today, you can use video conferencing software and project management tools to facilitate coordination and communication in a team that’s spread across multiple locations. Consequently, a global workforce is gradually becoming the norm for companies, irrespective of their size and niche.
This isn’t surprising considering the awesome benefits that global recruitment and remote work offer. To begin with, it introduces cultural diversity and multiple perspectives in your team. This can go a long way to encourage innovative thinking and creative problem-solving among your employees.
It’s crucial when you want to break into new markets and expand your business internationally. Also, when your employees work remotely from the comfort of their homes, it can increase their productivity and efficiency. Recruiting employees in certain countries can even be more economical than hiring from your home country.
Having said that, building a global workforce comes with its own set of obstacles. From managing multiple time zones to ensuring complete transparency - you need to overcome various hurdles.
However, the biggest challenge of recruiting employees across the globe is managing payroll. From compliance issues to payment delays - you’re likely going to face various problems while paying international employees.
In this article, we’ll discuss some of the most common challenges you’ll have to overcome to pay employees overseas. But let’s first take a closer look at the different employment models you can use to build a global workforce.
Typically, if you’re looking to recruit international employees, you’ll likely use one of the following employment models:
This is a common choice for small and mid-sized businesses. Instead of recruiting full-time employees, you hire freelancers on a contractual basis. It saves you the trouble of providing any benefits, bonuses, and other incentives. When hiring contractors though it’s important that they are contractors to avoid the risk of misclassification.
From compliance issues to payment delays - you’re likely going to face various problems while paying international employees.
In this model, you recruit part-time or full-time employees from a foreign country and make them a part of your global payroll. This requires you to keep a tab on the taxes and labor laws in their host country. You will also have to establish a legal entity in the host country before you can directly recruit international employees. This is known as the global payroll model, to distinguish it from the contractor and global PEO models even though all 3 global workforce models require paying and a ‘payroll’ to your overseas hires.
The global PEO or professional employer organisation model allows a company to use a professional services company to hire and become the employer of record for the employee in the overseas country. The global PEO is responsible for handling all employee-related responsibilities, including payroll processing, tax management, benefits management, etc. Recruiting through a global PEO simplifies the overseas talent acquisition and onboarding process enabling you to hire overseas without having to first open a local entity.
Unless you have partnered with a global PEO who will undertake the payroll and ensure that your employees’ salaries are in accordance with local payroll taxes, you’ll have to manage payroll for your international employees. Even if you have recruited freelancers, you will still need to ensure that they’re paid the right amount at the right time.
Here are a few common challenges you’ll encounter when paying employees overseas:
Every company has its own set of labour laws and tax legislation. Even if you’re establishing a legal entity in a foreign country, you’ll need an expert to guide you through the local laws.
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If you fail to adhere to these regulations, your company might be liable for financial penalties. That’s why compliance is the most common problem you’ll experience when paying international employees. This can become particularly challenging when you need to keep a track of multiple laws across various jurisdictions.
Hiring independent contractors doesn’t exempt you from the purview of compliance. This is because if you exclusively work with a freelancer for a long period, it could potentially make them look like full-time employees in the eyes of the local jurisdiction.
If you’re working with many contractual employees across the globe, they’re likely going to follow diverse payroll calendars. Monitoring these calendars and making manual payments in a timely manner can be excruciatingly difficult.
Also, when you’re paying employees in different countries, you need to account for various processing delays. While in some countries, the bank processing time is only a few hours, others can take days or weeks to complete a transaction.
You need to factor in these delays in your payroll calendar to ensure that your employees get paid on time, irrespective of where they’re located.
Wiring money to different countries isn’t the same as making a bank transfer in your home country. You need to consider various factors, including the currency exchange rate and processing fees.
Manually tracking these details on a regular basis is going to be challenging. Also, depending on the number of overseas employees, you might end up spending a lot of money on processing fees.
Wiring money to different countries isn’t the same as making a bank transfer in your home country.
If you’ve had any experience in hiring and paying overseas employees, you’re likely be already familiar with the concepts explained here. For those taking their first steps in hiring abroad, this post should give you an idea about some of the complexities involved.
What steps is your company taking to simplify the process of paying overseas employees? Share your tips in the comments section below.
Insurance companies want to make as much profit as possible, so they may not always obey all the rules. What you may not know is that insurance companies are required to do certain things when you file a claim. When they do not, they may be in violation of the law.
Insurance companies sometimes delay the start of an investigation into a claim with the hope that you will simply give up on it. Most state laws have deadlines for when an insurance company must accept or deny a claim. These deadlines may range from 15 to 60 days. If your insurance company delays investigation beyond those dates, they may have violated the law.
Your insurance company is required to act in good faith and provide you with a fair deal. They must investigate any claim you file, even if it is simply sending an adjustor to review your damage. If you submit a claim after your car is damaged while parked on a street and your insurance company denies the claim without sending out an adjustor or refuses to look at estimates you have collected, they are not acting in good faith.
If your insurance company fails to provide you with important information, they may be in violation of the law. This could include:
Your insurance company is required to act in good faith and provide you with a fair deal.
Although insurance companies try to offer low settlements in order to increase their own profits, they are not allowed, under the law, to purposely offer far less than they know your claim is worth. If you have provided estimates for damage repairs and your policy has adequate coverage to pay those claims, the insurance company may not offer you less than the lowest estimate you received.
The insurance company can also not refuse to pay a valid claim that is a covered event on your policy. For example, if you have no-fault insurance coverage and are struck by an uninsured driver, your insurance company must cover the damages and any injuries.
There have been instances when insurance companies purposely misrepresent the law or the language of a policy in order to avoid paying a claim. Insurance agents have a duty to be truthful in their statements, and making false statements may be a violation of the law. In court, you must prove that the statements made were intentionally false in order to mislead you.
Any insurance company that makes threatening statements to a policy holder may be prosecuted under the law. If an insurance agent tells you that if you file a claim, they will file legal action against you, it is important that you contact your state insurance board as well as an attorney right away.
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Did your insurance company break the law when they processed—or failed to process—your claim? If you believe your insurance company has violated the law, it is important that you reach out to an insurance attorney to learn what rights you may have. The only way to keep these companies operating the way they should is to hold them accountable when they are on the wrong side of the law.
The cost hospitals put into fighting liability claims, as well as possibly unnecessary testing to preemptively protect doctors from being sued, undercuts the funding that they can use on patient care. The cost of medical liability to the healthcare system is hard to pin down exactly, but it is estimated to be anywhere from $50 billion to over $150 billion annually.
Those may sound like big numbers (because they are), but concerning healthcare spending as a whole, they represent a fairly small percentage of the budget. Liability costs make up the smallest of the four main expenditures of the healthcare system, which are:
Many studies of the cost of medical malpractice insurance are performed by groups with strong biases. The figures they present are often shaded by their desire to make the numbers fit with the picture that they are trying to paint. This is part of what accounts for the wide discrepancy in the estimated costs.
The two main sides with a vested interest in the cost of medical liability in the healthcare system are doctors and hospitals vs lawyers and patients. Clearly, no matter which side you are on in the dispute, any system that has patients and doctors pitted against each other is a system that needs fixing.
Doctors and hospitals argue that the high cost of liability protection both limits the money they have available for patient care and puts their patients through unnecessary medical testing. The risk that doctors face of being sued at some point in their careers is very high. Nearly half of physicians over the age of 55 have faced a lawsuit at some point in their careers.
The cost hospitals put into fighting liability claims, as well as possibly unnecessary testing to preemptively protect doctors from being sued, undercuts the funding that they can use on patient care.
Doctors argue that to protect themselves from being sued by a patient, they are forced to run extra tests that they don't deem necessary to diagnose a condition just so that they can say they did them should a patient claim negligence. They argue that patients bear the brunt of the cost, as they are left to face a higher bill for tests they don't need.
Hospitals argue that the cost of fighting malpractice lawsuits has a significant impact on their budgets and leaves them with less money for equipment and staff. This hinders their ability to provide their patients with the best medical care possible.
On the other side, you have lawyers and patients who sue doctors and hospitals when they feel that they have not received the best possible care due to the negligence or incompetence of a physician.
Lawyers and patients argue that the tests that many doctors claim to be unnecessary are, in fact, quite often responsible for preventing misdiagnosis. They believe that hospitals and doctors should be held accountable for any mistakes they might make in the care of their patients. Some of the common causes of medical malpractice cases include:
Patients who were harmed and families affected by birth injury may speak to a lawyer about claiming compensation. Lawyers say they should. Doctors do not agree.
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There is no simple solution to the problem of medical malpractice costs in the healthcare industry. The fact is some doctors are negligent, and some lawyers pursue frivolous lawsuits. As long as the two things occur, there is going to be a problem with unnecessary costs.
Doctors and hospitals tend to argue that the solution is to put a cap on damages from a malpractice lawsuit. Studies have shown that even with a cap, doctors still tend to run extra tests to protect themselves.
A possible partial solution to the problem would be to remove doctors from the legal part of the equation altogether. Patients who feel they are the victim of doctor error can sue the hospital directly and not the doctor. Doctors are at risk only through some form of disciplinary system by the hospital or medical board in which they face suspension of their license and termination of employment should they be determined to be at fault, but not by direct financial loss.
This would potentially reduce doctors performing truly unnecessary testing, as they would not feel the direct impact of a lawsuit and far fewer doctors would be affected by lawsuits overall. However, this is still far from a perfect solution.
Wait a minute — before you delve deep into the coverage options at your disposal, there are a few things that you need to keep in mind. Here’s your checklist for buying personal liability insurance; rather, here are a few things you must ask yourself before purchasing an insurance plan.
Oftentimes, your insurance does not cover liabilities taking place anywhere but locally. While the average insurance provider will not be concerned with travelling, we know the importance of it. Travelling is an addictive yet life-changing interest to possess. Not just that, logically most people travel in some form or fashion, and staying insured during such times seems like the smarter thing to do.
For this, you need to check whether your insurance provider covers liabilities that take place off-premise. In other words, check whether your liability coverage is spanned across more than just local areas. Planning your finances is an arduous task, especially if you like to travel, and liability coverages here are a lot trickier. Try not to acquire insurances that do not cover such damages, even if they come with more benefits. Unless you are someone who likes to be burdened by the weight of the four walls surrounding you, global coverage is quintessential.
Try not to take this in the literal sense of the term. We are in no way asking you to get personal liability coverage just because one fine day you would want to go putt-putt. Think of it this way—you decide to practice throwing a ball in your backyard with your child. You happen to hit someone else on the street, or damage someone’s property (such as a phone) by accident. Not only does that prove that you are a bad thrower, but also makes you responsible for damages incurred.
This is a very real use-case of personal liability insurance. Ensure that your provider has sports-related liabilities covered at your residence, for such cases are pretty ubiquitous, and dare we say, expensive to repair. While you can learn how to throw ball better and more accurately next time, you need to ensure that the liabilities from that front are taken care of. On that note, such personal liability coverages are pretty extensive in the kind of damages they cover. Ensure that you pick a policy that covers multitude of damages, and of course, learn how to throw better.
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Granted that pets are not just a great companion but a must in some cases, but it only takes a moment for things to go wrong. While your pet is the most amiable companion around you, it only takes one bad day for a third party to face the brunt of your pet’s primal instincts.
Here too, personal liability coverages and questioning stances about them is mandatory. Ask your insurance provider whether these damages are covered too. On that note, it is pretty sensible to get liability coverage spanning such scenarios, considering how common pets are at households. Damages caused by pets to a third party is surely not under your direct control, but it does not hurt to cover such specific liability cases, does it?
Ah, the irreparable damage. The kind of damage that you get sued for. Damages carved out of unforeseen circumstances have very little control from your end, as is the case with lawsuits that come out of it. If your coverages don’t suffice the needs of the damaged party, chances are, you might need a good lawyer. Wait — liability insurances might cover that too?
It is important for you to look for coverages that will manage your lawsuit too. In this world plagued with capitalism, lawyers aren’t getting any cheaper. This is where your personal liability coverage should come in handy. Ask your provider whether liability coverages cover legal costs, for it might be useful, irrespective of whether you are found responsible for the said damages.
As with most other policies, getting to know the ins and outs should be of utmost importance to you. Try to put some extensive research into looking for the kind of insurance that is right for you. As with most other things in life, personal liability coverages should be subscribed according to your specific lifestyle. Once you cover the basics of liability insurance, ensure that you cover other specific scenarios. After all, indecision is fatal, but so is uncertainty.
You need to protect yourself and your children, if you have any, during this process. A critical part of this is making sure your finances are protected as well.
The last thing you want to do is make a mistake that can cost you your home, savings, or retirement. Until your divorce is finalised, follow these three tips to keep your money safe. If you don’t, you may find paying for the next stage of your life to be a struggle.
Now is not the time to reach into your joint checking account to splurge on a vacation, no matter how badly you need it. It’s okay to use your joint account for the usual expenses, but keep in mind every financial move you make is going to be under scrutiny. If a judge gets the impression you are trying to take more than your share, it could come back to haunt you later.
One big expense you’ll have that is out of the ordinary is a divorce lawyer. Your soon-to-be ex will have one, too. If your divorce is amicable, you may be able to come to an agreement about how much is fair for you to each take out of your accounts to use for this purpose.
If you are at each other’s throats and you can’t agree on anything, filing for a legal separation may be the best option. This would force you to come to an agreement about how you are allowed to use your money until your divorce is finalised.
It’s okay to use your joint account for the usual expenses, but keep in mind every financial move you make is going to be under scrutiny.
You and your ex need to evaluate and clarify your assets to make sure you know what they are and how much they are worth. This could include any of these types of property and investments:
Once you’ve identified all of your assets, you’ll need to identify what belongs to you, what belongs to your ex, and what belongs to both of you. If you can’t agree how to divide the assets that belong to you both, this may be decided during mediation or negotiations in court.
You may be considering skipping hiring an attorney because you are still on reasonably friendly terms and you believe you can handle negotiations yourselves. Divorce laws are complicated, and they differ from state to state, so it pays to follow the advice of specialist attorneys.
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An attorney can also make the divorce proceedings quicker and take some of the stress and burden off of you. You can let them handle the paperwork, negotiations, and anything else that is taking up so much of your time that you have no energy left for self-care.
A financial advisor is also critical during this time, especially if you aren’t very financially savvy or you have valuable assets. If your spouse has been handling most of the bills, you may not understand enough about your expenses to be sure you walk away with enough to start over.
Even if you and your ex agree on most things and you agree this is for the best, divorce can still be an emotional time. Having impartial professionals on your side who can speak in your best interest can make this process much easier for you both.
Do you have an equal passion for both justice and crunching numbers? You undoubtedly know what economics is and you’ve likely heard of forensics, but do you have any idea what forensic economics is? Who knows, maybe this is the career path you were meant to take. Let’s find out.
According to the National Association of Forensic Economics (NAFE), forensic economics is classified as the application of economic theories and methods to legal matters. It’s a scientific discipline and those who work in the field are almost always master’s degree or PhD holders.
Someone who works in forensic economics is called a forensic economist. Economics and accounting are completely different as are forensic economists and forensic accountants. Though the roles are similar in nature, there are a number of factors that differentiate one from the other. Two of the biggest differences are the scope of work and the salaries associated with each.
While of course it can differ from industry to industry, a forensic economist is generally tasked with conducting research, preparing reports and formulating plans that are aimed at specifically addressing economic problems relating to monetary or fiscal policies.
Forensic economists are well versed in services such as economic damage calculation and litigation consultation. They are often called upon to act as expert witnesses in a court of law. Their common areas of practice include:
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Now, onto the good stuff. How much do forensic economists earn? Considering the scope of their work and the academic credentials behind their names, it should come as no surprise that forensic economists earn a pretty penny. The average salary of a forensic economist in the US is around $124,430, which is approximately $60 per hour, with an average bonus of $4,405 per year.
The entry-level salary for those with one to three years of experience is $86,457 while those with eight years of experience or more behind their name can earn up to $154, 814. Again, much like the scope of work, the salary of a forensic economist largely depends on the industry in which they work and the company or organisation that employs them.
A forensic economist can work anywhere from smaller organisations or cottage businesses to one of the Big Four firms. This is also one job that accommodates remote working—unless your presence is required in court of course—so it’s a career path that caters to working mothers and those that prefer working solo.
Forensic economists are remarkable people who can take numbers on a piece of paper and paint a picture of a hard-done-by single parent who struggles to make ends meet. They’re people who can review pre-incident records and come up with accurate figures that represent a business’s loss of earnings. They fight for the little guy and big guys alike, so whoever hires them benefits from their expertise and they leave a positive legacy.
Dubai and Abu Dhabi in the United Arab Emirates (UAE) could soon join London, New York and Hong Kong in the world’s top 10 global financial centre rankings, thanks to new government laws affecting expatriates.
This is the bold message from Nigel Green, the founder and CEO of deVere Group. The observation comes as the UAE cabinet on Sunday approved new legislation that allows expatriates to remain in the country long after they retire.
Mr Green affirms: “Dubai and Abu Dhabi are perennially popular destinations for ambitious expatriates looking to embark upon or further their careers because of the incredible possibilities offered in terms of finance, trade and commerce, plus the famous ‘can do’ attitude and the low tax environment in these destinations.
“But they will become even more attractive locations for overseas talent thanks to the government passing these new laws that allow expats to stay on in the UAE long after they retire.”
He continues: “With Dubai and Abu Dhabi becoming ever-more appealing relocation destinations, recruiting more top talent here will inevitably become easier for companies that are based in these emirates.
“In addition, I believe that it will help drive further driving confidence in the UAE as a place for overseas firms to do business and invest.”
Mr Green goes on say: “Dubai is already recognised as one of the most powerful financial centres in the world. But this new legislation will not only galvanise this position, but significantly strengthen it.
“This confirms my view that over the next decade, we can expect it to become one of the world’s top ten international financial hubs to rival and more aggressively compete with stalwarts such as London, New York and Hong Kong.
“Dubai and Abu Dhabi are helped in this regard by having an independent regulator, an independent judicial system, a global financial exchange, a stable, pro-business government, a high proposition of high net worth individuals, a dynamic business community, world-class infrastructure and telecommunications, English as its defacto business language, and their enviable geographical location and time zone.”
The deVere CEO concludes: “We fully welcome this progressive policy shift by the UAE government. It will encourage even more people to come, stay and invest for the long-term in the country, which will further boost its sustainable economic growth.”
Earlier this year, Dubai was revealed as the number one city for graduates seeking a career in financial services, whilst London didn’t make the top ten, in an annual deVere Group survey.
Of the findings at the time, Mr Green noted: “This survey highlights that the next generation of financial services professionals are open to look beyond the traditional and more established global financial hubs.
“It underscores how cities like Dubai, Barcelona and Cape Town are increasingly important international financial centres.
“The fact that Barcelona this year is second-placed and London – currently the world’s most important global financial hub – does not make the top ten is interesting.
“Could it be that the respondents believe mainland Europe’s international financial centres offer more opportunities than post-Brexit London?”
(Source: deVere Group)
