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Top 5 Tips to Protect your Assets
You worked hard to accumulate the things you have and you should work just as
hard to protect them. Here are five important things you can do to protect your
Virginia assets today:
1. Make sure that your business is operating as a corporation or an LLC. Having
a Virginia corporation or Virginia LLC will help keep your business assets (and potential
liabilities!) separate from your personal assets and make it more difficult for
business creditors to try to attach.
2. Have sufficient insurance. The major types of insurance are liability,
property, automobile, business interruption and employment practices insurance.
Liability insurance will protect your assets in cases where someone is injured,
sustains property damage, or sues your business. Property insurance protects
your business property, both real and personal, against loss from fire, theft,
or other similar hazards.
3. If you're married, own as much real estate and personal property as possible
as "tenants by the entirety." Tenancy by the entirety is a form of ownership
unique to married couples in which property is considered to be owned by the
married couple as a couple rather than by either person individually. As a
result, in Virginia, creditors of only one person can't attach property held as
tenants by the entirety.
4. If you have more than one business, or in some cases more than one location
for your business, you should consider having a separate corporation or LLC set
up for each business or location. Doing so will isolate the potential
liabilities of each business or location from the others. The assets of one may
not be available for the liabilities of the other.
5. Consider leaving one spouse out of the corporation and off the company's
debts. Since many lenders and landlords will request personal guarantees of the
corporate officers and owners of a new or young business, it is often
advantageous for only one spouse to be legally liable on these guarantees. If
you have taken advantage of the tenancy by the entirety form of ownership
mentioned above then a default by just one spouse may very well save your house
Asset protection strategies are best implemented when the financial seas are
calm. Are you concerned about asset protection? Call us today at 804-290-7990 to
discuss more ways to shield your assets effectively.
Law Office of
Bernard C. Dietz, PC
Send an email to or call us today to see how we can help you
"Bernie Dietz has been my business advisor since 1999. I don't
negotiate or even consider a deal without his advice and guidance. He
writes all my contracts. Bernie keeps me away from bad deals, and he
helps shape every deal so it's profitable... [more]
Nick Corcodilos AskTheHeadhunter.com"
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