If all goes well in your life, you earn the money that you work for, and then you keep it however you want to. However, in reality, there may be times that you have to do more to protect your money.
There are instances in estate litigation when you have to protect your assets. During a divorce, you may have to take extra steps to make sure that you keep the money that is yours. If your business goes bankrupt, you have to make sure that it doesn’t bleed money out of your personal account. And if you’re ever the victim of fraud or identity theft, you may have to figure out how to either get your money back or protect your money from being stolen from someone presenting themselves as you.
When it comes to property and estate values, litigation can get a little strange. Depending on who owns what property when officially, there can be some protection issues if money or property is being handed down to family members, or potentially if there is a lien on a property, or even if tax laws change. Contacting an estate litigation attorney is a good idea if you have any questions if there is ever any trouble with your finances concerning your estate.
During a Divorce
Splitting money during a divorce can get ugly. One spouse may make more money than the other. One spouse may have been worth more at the time of the marriage than the other. Especially if there are no prenuptial agreements in place, when lawyers get around to figuring out who deserves how much money at present, and then who has to pay spousal support carrying forward, there may be a matter where one person needs to figure out how to protect their assets.
From Business Bankruptcy
If your business goes bankrupt, creditors may want to get money from your personal account. In this case, you need to do everything that you can to protect the money that is separate from your business dealings. Depending on how you initially incorporated your business, this can be easier or harder, so the fine print of those details is crucial for your understanding of how to keep the money that belongs to you.
Fraud or Identity Theft
In the event of fraud or identity theft, someone may have already gotten your money! At that point, you have to talk to your bank or other financial institutions and figure out how to get that money back and how to prevent that fraudster from getting a hold of any more in the future. Identity theft is becoming more common as more information about people is available, so you need to check your accounts daily to make sure nothing unusual shows up.