Asset Protection Strategy Attorney in Orange County
Divorce often involves the division of property which is a source of heated arguments during the divorce proceedings. Marital assets involve tedious discussions regarding the value of the item and the manner in which the item will be divided between spouses, which can take months to sort out, especially in larger estates. If you are going through a divorce and have questions regarding your asset protection and the division of property, do not hesitate to contact an experienced Orange County asset protection strategy lawyer. Our law offices provide well-versed asset protection attorneys that offer valuable legal advice to help navigate you through this legal process.
Asset Protection in California
California is a community property state, meaning that each spouse is entitled to keep title to all property they entered into prior to the marriage (known as separate property), but all property acquired during the marriage is considered community property. There are limited exceptions to this rule, and therefore not all property acquired during the marriage will be considered jointly owned, but it is important to make a careful inventory of all property which may be at issue during a divorce.
The early stages of a divorce often involve heated arguments and an attempt to close proceedings as quickly as possible. However, you should be using this initial stage in divorce to ensure you are aware of all assets which are at stake during the divorce. Former spouses can attempt to become quite stealthy during a divorce and may attempt to hide and protect assets which would ordinarily be considered community property. An Orange County asset protection strategy attorney can assist you in creating a financial report of all community assets which will often include real estate, bank accounts, stocks, business interests, and brokerage accounts. An experienced Orange County divorce attorney can additionally freeze these accounts during divorce proceedings so that neither you nor your spouse may remove assets. Once assets are moved, it can be extremely difficult to retrieve them and calculate an exact value. For example, savvy business spouses often attempt to remove assets to offshore accounts that are difficult to trace and often difficult to lay a claim to.
It is therefore extremely important that you contact a asset protection strategies lawyer in Southern California as soon as possible to protect any assets you have an interest in. You may begin to take a careful inventory of all assets prior to a divorce filing so that you are better prepared to protect any assets as soon as the divorce is filed. The sooner you approach a certified family law specialist about any assets, the better your chances are to recover your share of the assets and protect them from “disappearing.”
How to Protect Your Assets
Whether you are worried about a divorce or other potential claims to your real estate, such as creditors, tax claims or lawsuits, a strong asset protection strategy can put you at ease. Protecting your assets with proven strategies can give you peace of mind even in the thick of a legal battle – including a California divorce case. Knowing your real estate and other high-value assets are safely in a trust or behind another legal shield can give you more confidence in the face of aggressive creditors and attorneys. Several asset protection options may be available to you.
- Buying insurance can protect your assets from threats such as personal injury lawsuits. If you own an apartment building, for example, it could expose you to liability for tenants’ accidents and injuries. Purchasing insurance can protect you by allowing your insurance company to pay a settlement or judgment, rather than having to pay out of your pocket.
- Asset protection trust. An asset protection trust is one of the most popular routes for individuals in high-risk occupations and wealthy people who know they are targets for liability due to their net worth. These trusts store assets – including real estate, stocks, bonds, cash, personal possessions and vehicles – safely in domestic or international accounts, with you acting as the settlor and beneficiary. You can also use an asset protection trust instead of a prenuptial agreement to protect your assets from divorce.
- Limited Liability Company (LLC). Using an LLC could limit your liability by reducing your exposure to personal injury claims and creditors. It is a device that divides your business into multiple limited liability companies. This reduces your exposure to lawsuits by protecting parts of your business during a lawsuit. If someone fell in your store, for example, but you leased your trucks and other equipment from another company, this equipment would be safe from liability during a lawsuit.
- Separate assets. Keeping your assets separate can be a key strategy if divorce is a concern. The California courts do not touch separate property during a divorce. Mixing your bank accounts, real estate investments and other assets with your spouse immediately makes them jointly owned and at risk of division during a divorce. If this worries you, keep your assets in a separate account with help from a lawyer.
Many lawful asset protection strategies are available to you as an owner in Orange County. The best strategy for you depends on the type of asset and the risks that worry you most. Consulting an attorney can give you the information you need to choose the right asset protection strategy for you. Safeguarding your assets from the beginning is the best way to ensure total protection from potential threats.
How Can a Lawyer Help With My Real Estate Protection Strategy?
Asset protection is a tricky field involving many state and federal laws. If you do one thing wrong, the protection strategy you set up may collapse under scrutiny. If your asset protection trust does not meet taxation and business laws, for example, it may not be valid in the eyes of the law. Hiring an attorney enables you to protect your assets using airtight methods that will withstand inspection. Your attorney can help you follow all relevant laws while establishing a trust or another form of protection.
A lawyer with extensive experience protecting the assets of Californians will know which protection plan is right for you, how to deal with proceedings such as divorce or liability claims, how to set up a new protection plan, how to strengthen existing plans, and how to help you sleep better at night as the owner of high-value assets. From handling the confusing paperwork involved in asset protection to guiding you to the correct strategy, the right lawyer can navigate the legal system while you focus on other things, such as running your business.
Free Legal Consultation Orange County Asset Protection Strategy Attorneys
If you are in the process of dividing up the marital estate, contact the asset protection attorneys of Boyd Law. Our legal team of attorneys have years of experience in developing asset protection strategies and protecting our clients’ financial interests. A divorce involves so many emotional aspects – let our asset protection strategy attorneys in Orange County handle the nitty gritty underside of divorce while navigating your case through the legal system. Contact our Orange County office today for your initial free consultation.