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Daytona Beach Legal Blog

Top 2 ways to keep assets away from your creditors when you die


In most instances, when we die, our estate goes through what’s known as the probate process. The probate process involves many steps. First, our assets and debts are established. Then, taxes and other debts are paid to our creditors. After that, our assets are distributed to our heirs or designated beneficiaries.

Understanding property division in a divorce

Whether through a family inheritance, a startup business entity that has grown substantially through the years or a profitable rental property empire - some couples who end up filing for divorce have significant assets to divide.

In the state of Florida, marital property is part of the marital estate and subject to equitable distribution. Alternately, absent any written agreement, non-marital or separate property stays with the original owner and does not get divided.

However, property division in a divorce gets tricky when nonmarital assets are comingled with marital property.

Plan for the end of your business right from the start.

The beginning of a business venture is an exciting time for everyone involved. Partners meet to discuss the initial strategies. Discussions focus on products and services, operating procedures, marketing, cost-benefit analyses and other issues essential to getting a business off the ground.

However, one issue that many startups fail to consider is the end-game. With all the more immediate concerns, it is easy to postpone or ignore the strategies for breakups, liquidation and other long-ranging concerns that seem such a long way down the road. But being prepared is the best way to insure success.

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