Various strategies and methods can be employed to legitimately protect assets of business people and their families. The best time to implement such strategies is when the “higher risk” businessperson is doing well from the business and there is no suggestion of financial difficulties. Then, if business later takes a downward turn, the business person can be confident that the assets they have worked hard to acquire won’t be at risk from the potential collapse of the business.
It is important to understand any legal consequences from any loans taken against your house for a business. Spouses and partners can be impacted by another’s financial decisions. Spouses that don’t have an interest or involvement in the business of their partner may be entitled to retain most if not all the equity in their home. We can provide you the right advice in your situation so you know where you stand.
