How do you protect your assets from divorce, lawsuits, etc.?
How do you protect your assets from divorce, government confiscation, lawsuits, garnishments, or seizure?
Best way: own nothing. The government (in all its forms) cannot seize from you that which you do not own.
Downside: when you own nothing, you control nothing. If your wife, for example, owns the car you drive and the house in which you live, there’s no guarantee she and the car and the house will always be around for you.
You may have heard about creating an irrevocable trust or family partnership as a means of protecting your assets from creditors, and depending upon your situation and the laws of the jurisdiction that governs you and your assets, that may be a viable option. To know that, however, you would need to inquire with an attorney who knows and understands the laws of your jurisdiction.
Utah Family Law, LC | divorceutah.com | 801-466-9277
Tags: confiscation of property, divorce, garnishment, government confiscation, lawsuit, privacy, right to privacy, seizure