WHAT IS ASSET PROTECTION?

Family heritage and goods that may enter family disputes may be in danger in different scenarios of our lives, but there are ways to protect it. Nowadays it is more popular to go on courts in search of solutions to interpersonal problems. We live in a society where every day the differences between neighbours or relatives seem less likely to be solved. If you are looking for proper asset protection to ensure your family will be stable in the future, contact us.

There is not only one single way to ensure asset protection and preservation of your goods, there are several different strategies that can be used to successfully cover this issue. A talented team of professionals will look for the most suitable one that cuts out extra expenses and allows you to find a definite solution to your problems.

Divorces and separations may compromise your assets and liabilities, so it is important to study the options you have to protect your belongings before and during your marriage.

Many people in view of the protection of the home, protect their money by investing in improvements and repairs in their homes. A common case is married couples investing all they have before being sued, they invest money in some improvements in their home and when they sued them, and the court issued the judgment, the plaintiff was not able to collect against the defendants. Care must be taken when doing this, since a judge may grant permission to a plaintiff to collect the money invested in the home under the doctrine of fraudulent transfer.

There are several exceptions regarding home and assets protection. Exceptions include federal tax debts, mortgage debts on the home, liens filed for noncompliance for any construction work at home and municipal taxes on the property. In other words, if you owe money to the federal or municipal government for not paying taxes, said government agencies could seize your real property, even if it is your home.

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FREQUENTLY ASKED INFORMATION REGARDING ASSET PROTECTION

  • Can I use a Financial Agreement to protect my assets?

    It will depend on your case, for some people it is the most suitable option, however it is important to evaluate if that is your case. A Financial Agreement may be suitable for someone who:

    • Wants to protect those assets you had before the relationship.
    • Is looking to protect an inheritance or future inheritance.
    • Owns a business and wants to keep the business intact.
    • Has a much higher income than their ex-spouse.
    • Has received money from their parents or assets that they want to protect.

    However, there are many other situations where a Financial Agreement can be a suitable choice. Contact VIC Family Lawyers for more information and we will clear any doubts you have relating to your issue.

  • What can I do to protect my assets if I’m already married?

    You can always enter into a Financial Agreement, so you can do it regardless of how long you have been married and it is even possible to enter a Financial Agreement after a marriage ends.

  • Where can I get a Financial Agreement?

    A Financial Agreement can be downloaded online, however, if you want the Financial Agreement to be made according to your specific needs you should contact us today to schedule your visit and here at VIC Family Lawyers we will help you achieve the outcome you expect. There are also pre-nuptial type Agreements.
    Keep in mind that Financial Agreements are very important, and they can provide sustainability to your financial status and protect you from any unexpected events.

CAN I PROTECT MY ASSETS WITH INSURANCE?

If you own several assets, you must look for insurance. If you own a car you must buy good insurance against motor vehicle accidents. If you are a professional, you must have reliable professional negligence insurance in case it is due to a professional error. Your real estate, cars, boats or heavy equipment must be well insured in case you are sued by any person or company for debts incurred or for damages.

It is also important to think about your beloved ones and considering acquiring life insurance that allows them to enjoy economic benefits while they establish themselves, specially if you have young children. Most life insurance cannot be seized by the creditor of a debt. Most states have passed laws that prohibit the execution of a sentence against life insurance and the beneficiary of it.

CAN I PROTECT MY ASSETS THROUGH RETIREMENT PLANS?

Retirement plans known as IRAs are also exempt from judicial enforcement by a plaintiff. These plans are protected by the Federal laws. When a person invests money in a retirement plan like the ones mentioned above, plaintiffs generally cannot collect from these plans which are untouchable and protected by state and federal laws.
Always consult with an experienced lawyer in the property protection branch before investing to protect your money. There are other methods and forms of protection. For experienced lawyers that will protect your interests and rights, do not hesitate to contact VIC Family Lawyers.

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HOW TO GET STARTED

  • CALL US (03) 9481 6464
  • TALK to us ABOUT YOUR ISSUE
  • DISCUSS YOUR OPTIONS

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At VIC Family Lawyres, We offer high quality advice and representation services in all areas of family law including separation and divorce, property settlements, parenting arrangements, child support and pre-nuptial agreements.