When Your Assets are at Risk: 5 Situations to Watch Out For

Lawyer and a womanYou’ve spent the past few years building a solid financial portfolio and holding a high-ranking position in a big, established company. That’s the great news. Now the not-so-welcome news is that, in today’s increasingly litigious society, the aroma of financial well-being could be like the scent of blood in the water for legal sharks who are eager to bring you under through any small-claim litigation or malpractice suit they can find.

And this is why you need an asset protection attorney. A good way to protect your assets, property, and financial well-being is to explore asset protection law and the many ways it can help protect your assets from creditors, lawsuits, and other situations that can quickly drain or take away what you’ve worked so hard for. These are some situations when you need to keep a firm hold on your assets:


One danger to your assets is the possibility of a divorce. The concern here is that a former spouse has detailed inside knowledge of your financial details and might seek a rather substantial alimony. Possibly the best defense against these is a solid prenuptial agreement. If you don’t have one, consult a lawyer about how you can best protect your assets.

Auto Accidents

You don’t have to be directly involved in an automobile accident for this scenario to pose a threat to your assets. Having your offspring involved in an auto accident may make you liable.


Falling behind on mortgage payments may put you in danger of having the bank come after your property via foreclosure. What’s even scarier is commercial foreclosure, where your multiple assets might be seized. Money Crashers talks about the dangers and implications of current tax law and the possible ways to protect your assets in the event of a foreclosure, so better be in the know.

Employee actions

As an employer, you may be legally and financially liable for wrongdoings or missteps your employees may make. In short, if your employee does something wrong, you as the employer might be the one who gets sued.

When discussing employee actions, you also need to mention vicarious liability. This is like the umbrella category in which responsibility for employee actions falls. Vicarious liability also covers actions taken by business partners. Simply put, if an employee or partner messes up, you might be held responsible.

Social Host Liability

This idea applies when you throw a party, hold a get-together, or host any kind of social event. If the party gets out of hand, you as the host is responsible for any mishap guests may engage in. If your social gathering served liquor, you as the host is held responsible for any misadventure guests engage in out of intoxication — even after they’ve left the party!

Be aware that we live in a litigious society, and if you’ve done well for yourself, there are those who might want a bite out of your pie. A lawsuit might rear its ugly head at any time. As always, forewarned is forearmed.


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