Survey: 4 out of 5 businesses worry about asset protection in divorce
Las Vegas business owners are understandably concerned that someone might one day walk onto their property, stage an accident and file a lawsuit in an attempt to collect damages. We have all heard of these kinds of lawsuits and can understand why businesses would purchase protective insurance to guard against ruinous losses.
But business owners also worry about losing assets in a different type of legal action: their own divorce proceedings.
Forbes reports that a survey of 513 business owners found that approximately four out of five entrepreneurs worry about both unjust lawsuits and one-sided divorce rulings. They are stressed when thinking that these things might happen, and if they do occur, the stress mounts exponentially.
It isn’t puzzling that business owners worry. What’s puzzling is that despite all the stress and concern, most business owners don’t take asset protection steps. According to Forbes, only 15 percent of them sit down with an experienced attorney to create an asset protection plan, and 60 percent complained that no one had ever laid out their asset protection options to them.
That might well be so, but when a business or other substantial asset is at stake in a divorce, it is not too late for a business owner or business owner’s spouse to act to protect their interests. A family law firm experienced in resolving questions of how to divide significant assets — whether in business, real estate, pensions, trusts or other holdings — can help safeguard wealth and your future.
Our Marital Property Division page has more information about how the Kainen Law Group can serve you.