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Author Archives: Richard Houghton
Are asset protection plans unethical or illegal?
No. The law provides that residents of California, as well as residents of other states, can hold property titled in many different forms. The law also allows spouses to transfer property between themselves, so long as they follow certain well … Continue reading
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What is a legal separation?
The term legal separation is misleading. In California, married couples are deemed separated when they are no longer planning on remaining a married couple, and at least one party has communicated this intention to the other party. It does not … Continue reading
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How long does it take to get a divorce in California
If the parties are in agreement, a judgement can be submitted to the court as quickly as the papers can be prepared. For most attorney’s or parties, this means at least a few days. How long it takes for the … Continue reading
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If I am not living with my spouse can I date or will it affect my divorce settlement
From a legal standpoint, parties can date after separation, or even before separation for that matter, and it will not affect your family law case in most instances. If there are children involved, getting new parties involved in the children’s … Continue reading
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Is there a waiting period for Prenuptial Agreements?
In order to be enforceable, a prospective spouse must be given at least 7 days to review a Prenuptial Agreement before signing. This is to give the prospective spouse time to seek legal advice and to review the agreement. Of … Continue reading
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Will hiding my assets protect them from creditors?
No. Once a creditor has a judgment against you, you will be forced by the court to disclose the location of your assets under penalty of perjury. To not disclose the location of your assets, or to not tell the … Continue reading
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If a lawsuit has already been file against me is it too late to do anything to protect my assets from seizure?
No. If you already have a claim filed against you, and you have assets to satisfy the claim, to do nothing is to almost certainly assure that you will be required to pay the claim. If you seek expert advice … Continue reading
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Does holding my assets, like my business, in a corporation protect my assets from creditors?
Generally No. A corporation only protects your personally held assets from claims against your corporation, but not against you. In addition, most creditors who loan money or supply services to a corporation will get personal quarantees from the business principles … Continue reading
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Are there other ways than Transmutation Agreements and Post Nuptial Agreements to protect my assets from creditors?
Yes. One vehicle is by forming an LLP (Limited Liability Partnership) to hold your assets. Although it is quite technical, there are many advantages to holding title to your assets in an LLP as opposed to a corporation. It is … Continue reading
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Do I need expert help to create agreements to protect my assets?
Yes. Under California law, marital agreements are subject to the same “Fraudulent Transfer” statutes as other agreements, and a carefull evaluation of your assets and liabilities is necessay to draft an agreement that will, if necessary, stand up in court.