How to Protect Your Assets
Your assets are the valuable belongings you have worked hard for and would typically include the money in your checking and savings account, the properties you own, vehicles that belong to you, and other items of value that are yours. Because you may have many assets that are important to you, knowing how to protect those assets is a must. You can take certain steps to ensure that your assets are fully protected.
Keep Assets in Your Name
Although it may seem obvious to keep assets in your own name, some people will add the name of their husband or wife to some of these assets. Even if things are going well and you expect to stay in the relationship or marriage for the rest of your life, things have the potential to go wrong in the future and you simply cannot predict whether you will stay together forever. If your marriage ends in a divorce, your former partner could end up having easy access to many of the assets that you worked so hard to get in the first place.
Get a Prenuptial Agreement Before Getting Married
If you are planning to get married, you should have a prenuptial agreement created and signed by your partner before you exchange vows. The prenuptial agreement will protect you and your assets because it is a contract to which your partner is agreeing. You would need a lawyer to help you create the prenuptial agreement that may include details about the assets that you would like to keep in the event of a divorce. You may hear about celebrities getting prenups to protect their earnings and other assets, but prenuptial agreements are not just for the stars. You can get one to protect your assets, too.
Purchase Umbrella Insurance
You should already have homeowner’s insurance and automobile insurance to protect your home and vehicle if something were to happen, such as a car collision, fire, or even a robbery. However, when your goal is to protect your assets, it helps to have as much insurance as possible because you never know if you will be held responsible for a serious accident that causes major injuries to other people. If someone files a lawsuit against you, they could potentially gain access to some of your assets. If you decide to invest in umbrella insurance, the policy would provide much more coverage than your traditional auto insurance and homeowner’s insurance would cover. If someone filed a lawsuit against you, the umbrella insurance would provide the coverage to prevent you from paying out of pocket and potentially losing some of the assets that you have worked hard to get.
Hire a Lawyer
When you would like to protect your assets because you have worked hard for everything you have and you would not want someone else to have that chance of taking your belongings, you need to keep assets in your name, get a prenuptial agreement when getting married, and even invest in umbrella insurance. It is necessary to hire a lawyer to help you with protecting your assets. If you would like to get more information on how to keep your assets in good hands, Giro Law can help. Give us a call at 201-690-1642, fill out the form on our website, or chat with us on our website to schedule a consultation.