Protect Assets Strategy

so they do not have to have battles over property and custody of children in the event of a divorce ?

most people don’t have any assets before they get married. The average age for marriage in this country is still only 25. How much did you have when you were 25 years old? I was living in my parent’s garage.

so they do not have to have battles over property and custody of children in the event of a divorce ?

most people don’t have any assets before they get married. The average age for marriage in this country is still only 25. How much did you have when you were 25 years old? I was living in my parent’s garage.

What does personal/ business bankruptcy protect you from as far as whats under your name, personal assets, and what they can and cannot touch, seize, garnish, lawsuits, and or anything of that nature?
What does personal/business bankruptcy protect you from as far as whats under your name and assets in the State of Virginia? No debt just need to get out of lease due to lack of business.

Depends on the State.
In Texas, the creditors can take everything except your house and 1 car.
In Indiana, the creditors can take everything that they are able to sell, which is pretty much everything.

So as you can see, bankruptcy doesn’t "protect" anything. BK is for people who are 50,000 or more in debt, and have no assets to pay their debts.

Where BK becomes useful is when a business fails, you can usually walk away from bank loans that are for the business only, and keep you personal stuff. So long as the business was kept in a legal separate entity such as LLC. Sole proprietor is not a separate entity as you would use your SSN for the business instead of obtaining a TIN for an LLC.

Since annuities provide a periodic income, they do not offer protection from creditors. The creditors cannot take your annuity, but they can take your income if they have a judgement against you.

A stupid hypothetical question:

If I own House A before the marriage and then buy House B with my own money during the marriage (as my income is vastly superior to hers). Does the prenup protect:

A) House A only
B) House A and B

Basically, I don’t want a skanky ass hoe taking something that is rightfully mine as she doesn’t make that much money.
Are there different prenup agreements.

Yes, there are different agreements, whether it’s pre or post marriage. You can pretty much put anything you want in one as long as you will both agree to it. If the time comes, seek legal advice. Laws vary state to state and drawing one up can be very technical.

It is possible to put future assets after marriage in the agreement but to call them "yours no matter what" there can not be even a hint of proof that your spouse contributed financially to its purchase. So when you buy your house, the loan is in your name only, you make the payment from your own account-not a joint account even if you are the major contributor to it. Same with bank accounts, if you transfer money from a joint account to one in your name only, legally the spouse could make a claim against your personal account. However, you can transfer money from a personal account to a joint account and only the joint account is consider a marital asset.

only time you need to worry about assets…. if that you already fear the marriage will fail….. and if you have that fear…. why did you get married?

My ex has been borrowing money from our home equity line of credit without my knowledge. I’m afraid that my ex may take more. What steps should I take to stop this nonsense!?

I’m not sure what you all have in the US but I recommend you see a lawyer to stop it from happening before its too late.

Good luck.

Meaning, you want to have ME pay for your nursing home care, through medicare, and keep your money to spend it on other things?

Well, you get what you pay for, and let me tell you, medicare nursing homes are NASTY. I’ve had three grandparents in them – one for 10 years – and, UG, I do not want to live like that. But maybe you do.

Anyway, you need to talk to an ESTATE PLANNER to figure out how you can collect welfare from me and all the other working taxpayers, while you do other things with your money.

Put them in a Federal Credit Union!

I am going to school and have no income but my hubby does and we share a banking account …. we are going thru tuff time and are using a debt settlement program so we can get ourselves outta debt…Allthough we are using this a potential of suing from the creditor may occur and I was told to protect my assets..I was hoping to use my 12 year old daughter as a means of keeping up a checking account and it would also help her in the future with her credit and I hope she will never make the same mistakes her parents did..Nice answers would be welcomed..Thanks

You can open a checking account with a minor. The operative word there is "with" . You must be joint as the responsible party (for legal reasons as it is not possible to sue a minor).

The only avenue around this in an actual account is to have a Custodian account which is sometimes referred to as a "TUTMA" (Transfer Uniform to Minor Account) or "UTMA" (same thing). This account requires that the money deposited and debited be "for" the minor.

Further, you may want to seek free legal counseling in your area. I have heard complaints that even if a person won a law suit, it takes so inredibly long to get money from the losing party that it’s sometimes not worth it to sue. Find out what the process is and how the money would be paid out. This way you can assess if your worry over being sued is premature or not.

Remember, you can also stop creditors from harassing you for payment. You sometimes can ask them on the phone but the most common (and effective) way of handling this is to send letters to the appropriate locations requresting that they cease and desist their phonecalls. Send these letters by certified mail and keep record of the receipts they send back after having gotten them.

Sometimes debt just runs away from you and the consequences aren’t realized until you’re in a world of trouble. While credit counseling can help you manage somewhat it is in your best interest to educate yourself as much as you can. Don’t get suckered into "too good to be true" offers simply because they seem to be a way out. Visit with a name brand company with a history of helping clients through debt problems. In the end, if you can do it yourself without going through debt consolidation, that is ideal. In the future, if you are still in the process of paying off debt consolidation, many lenders will refuse to do business with you because of that.

Good luck, I hope you are able to see the light at the end of the tunnel soon!