subject: Asset Protection - When You Might Need Help [print this page] If you run a business, have a solid base of personal wealth, or are facing a situation where your belongings could be in danger of being legally seized, you may need asset protection. This service is provided by lawyers in the field of helping their clients protect what is theirs when faced with devastating circumstances. Unfortunately, many clients reach out for help after it is already too late. Once the courts are aware of what you own and what is liable for a judgment, it is too late to start taking measures to protect it. You have to start early and be proactive about keeping your belongings from becoming a target. Here are some of the instances under which you could find your belongings in danger.
Company Lawsuits
If you own a company of any kind, you could be hit with a variety of lawsuits. Rare is the business owner who can make it through a whole career without winding up in court at least once. If you stay on the right side of the law, you will likely have nothing to worry about. But even those who take every measure to fly straight can make mistakes. Trademark infringement, negligence suits, and sexual harassment (which could be further down the chain but still place your entire company as the target of litigation) are but a few examples. In any of these suits, you could need asset protection to ensure you don't lose everything to a complaint.
Divorce
You don't have to run a company for asset protection to become important, however. Consider divorce. Many marriages split every day in this country with both parties willing to move on amicably with agreeable settlements. Unfortunately, there are also many that wind up being dragged through the court system, embittering both parties and sending one party teetering on the edge of bankruptcy. You are already losing your spouse. Should you also lose everything that you have worked so hard to achieve and own?
Car Accidents
Business owners are also not the only individuals who are in danger of facing serious litigation. If you are in a crash where you have been judged liable, your need for asset protection is great. Multimillion-dollar judgments have been handed down by juries in situations where one driver was found negligent. You don't even have to be involved! If your teenager is involved in a wreck, you could face the consequences yourself. Don't wait until the judgment comes down to start protecting your future. Talk to a lawyer about making sure you are guarding your money and belongings.
