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 australia 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 australia 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 australia family lawyers.