Tag Archives: asset protection

Three Reasons to Have an Asset Protection Lawyer

lawyer signing a paperwork

lawyer signing a paperworkWhether it’s about mitigating debts or preparing for your passing, asset protection is a critical consideration for anyone. To do it correctly, it helps to have an asset protection lawyer from Barski Law Firm PLC. Here are three reasons why you need one:

1. Legality

Navigating the myriad of laws that govern credit, debt, and even succession can be very challenging. If you don’t have a lawyer watching out for your interests, it can be effortless to get mired in complications that cost you more money. A competent lawyer will be able to figure out the best solutions to any problem that you might have. This will allow you to attain the resolution that you want with minimal fuss.

2. Networks

Another advantage brought by great lawyers is the people they know whom can best help with your current situation. These are people whom you might not even think that you need at all. With a network of people supporting you and your cause, it can be much easier to find a great solution to your problems and pave the way for a much brighter future. It helps to have a lawyer who knows the right people for the job when they are needed.

3. Support

Less noticed is the value of having the support of someone thoroughly committed to your needs and who’s willing to ensure that your assets are well protected. It’s partly a psychological benefit because this can affect how you feel about the future. It’s also a practical benefit as well, especially in the case of succession, since you need someone reliable to ensure that the right people get what you set apart for them in your passing.

For these three reasons, having a great asset protection lawyer is a smart investment for the future.

Why Hiring an Asset Protection Lawyer is Important for a Divorce

Lawyer explaining separation of assetsDivorce can place a great deal of stress that most people tend to forget the importance dealing with debt, whether or not it originated from you. However, there is a need to hire an asset protection lawyer or attorney to take care of your finances, especially if you are nearing retirement.

Otherwise called a gray divorce, elderly couples that plan to dissolve their marriage may put their retirement funds at risk.

Community Property States

The place where you live will be a major factor to determine how you and your spouse would settle debt payments. The community property states in the U.S. comprise Arizona, Idaho, California, Nevada, Louisiana, Washington, New Mexico, Texas, and Wisconsin.

The law in these states generally dictates that all accumulated debt during a couple’s marriage will fall under the responsibility of both parties, whether or not you were unaware of it. Couples who live elsewhere in the United States, which are called common law states, have to pay debt according to the beneficiary.

For instance, if your spouse has credit card debt solely under her name, then you no longer have to worry about it.

Legal Loopholes

Even if you live in a common law state, that does not mean lenders would simply avoid chasing after you for your spouse’s financial obligations. A divorce decree would not stop creditors from contacting you for missed or late payments.

In cases of collateral debt, the spouse who keeps the asset would normally have to pay for any outstanding balances. This becomes complicated when both parties signed up for the loan such as a mortgage since it would involve removing you or your spouse’s name from the contract.

Conclusion

Life during and after divorce can be a stressful experience, but you can try to make it easier by trying to keep your assets under your name. Consult an asset protection attorney to know how you can still start over after a failed marriage.