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 and devise a well conceived plan, you may be successful in protecting your assets, and certainly will improve your negotiating position. The worst that can happen is that your plan will not work, and you will have incurred the legal and accounting fees in setting up the plan.