Guiding the protection of your business assets.
Asset protection offers peace of mind and a stable financial base for planning your retirement. It’s also a vital part of your estate planning strategy.
The reality is that your personal, professional and business life involves a great deal of risk. While you shouldn’t shy away from risk, it’s important your assets are protected if something doesn’t go to plan.
We can help you take steps to insulate your assets from a wide range of risks – from insolvency or relationship breakdown, to legal action. If unexpected circumstances arise, it’s important to ensure your personal assets are protected for yourself and your family. You don’t have to lose everything you’ve worked so hard for.
What asset protection can you protect from?
We implement asset protection for a wide range of needs and circumstances. For example, we can optimise protection of assets from:
- Financial difficulties or the insolvency of your business
- Creditors or divorce
- Breakdowns between business partners, shareholders, joint venturers or unitholders
- The bankruptcy or divorce of your children when you pass your assets on to your children following your death
- Legal actions brought against your business by employees, clients, consumers, or members of the public
What strategies can be used for asset protection?
Our solicitors are experienced in using a wide range of legal processes, documents and strategies to optimise asset protection, including:
- Business structuring and restructuring involves matching your business needs with a structure that optimises asset protection. If your business outgrows your structure, you may need to restructure.
- Internal arrangements include agreements between shareholders, unitholders, joint venturers or partners. These agreements specify what will happen in particular circumstances, such as a party leaving the business or becoming incapacitated. They also outline the rights of the parties regarding contributions to business liabilities and the rights of each party if the business is wound up.
- Binding Financial Agreements outline the division of property and superannuation between the parties and spousal maintenance in the event of marriage or de facto relationship breakdown. These agreements must comply with the requirements outlined in the Family Law Act 1975 (Cth).
- Blended family wills are far more complicated than standard wills. Wills for blended families often need to provide for the surviving spouse in the second marriage, children of the first marriage, children of the second marriage, and stepchildren.
- Superannuation is usually a protected asset in bankruptcy. However, there are some exceptions. Superannuation can be split by agreement, or by the court, in the circumstance of a relationship breakdown.
How can we help you protect your assets?
We can advise on the best legal mechanisms to protect your assets and can draft and implement the necessary legal documents to put your asset protection strategy into effect.
For example, we can set up the appropriate business structures, draft the necessary documentation or agreements, lodge payment of any fees or duties and ensure these arrangements are legally binding and effective. We can also review you present arrangements or agreements and advise you of underlying risks or more effective alternatives.
Asset protection is most effective when strategies are implemented before signs of trouble begin to surface. We can assist you in matching asset protection strategies to your goals, needs and risk profile.
- Discretionary Trusts and Asset Protection – Common Questions
- 5 Things to Consider When Choosing a Business Structure
- Structuring Professional Practices – CPD Seminar