How to Protect Assets

The first step in protecting your assets is to not have any. Avoid owning anything in your name. Put all of your assets in your spouse's or parents' name. Some of the assets that can be taken to cover your child support debt are bank accounts, through bank levies; tax refunds, through tax intercepts; real estate, through installment creditor liens; and retirement and investment accounts, through creditor lien and disbursement orders. You can also discuss options such as establishing a trust to benefit your children or a corporation with competent legal professionals. It is not recommended to attempt establishing these without legal advice.

Your should also take precautions to protect your new spouse's assets. The only effective way to protect your new spouse's assets is through a prenuptial agreement that clearly states all assets and income are to remain separate. As previously mentioned, all accounts should be kept separate and money should not be co-mingled. You can establish one joint account for paying living expenses. The balance of this account should be kept low and each of you should contribute approximately 50% of the money deposited into the account. This is another area where competent legal advice is recommended. The laws regarding prenuptial agreements vary from state to state which makes it important to discuss these issues with an attorney in your area.