If you don’t have your assets properly protected, you’re leaving yourself open to having them taken from you. Being sued in either a personal or professional capacity, or having a family law judgment awarded against you, can devastate you financially. But by getting the right advice and putting in place the right structures you can dramatically reduce the risks of potential creditors takingyour assets from you.
One method of asset protection is ensuring you have adequate insurance with the right public liability and professional indemnity for your business. Another is to ensure that your assets are beyond reach of any plaintiffs. This means divesting yourself of your assets or, better still, never owning the assets. Alternatively, you could own the asset but have another person have a prior right to them.