Florida’s asset protection laws are some of the most liberal and debtor-friendly laws in the country. These laws apply to permanent residents of our state and to those who own real estate in Florida.
Understanding these laws is essential if you are starting the process of estate planning. Lehn Law, PA can help you to understand how to protect your assets in every situation.
The Florida Constitution, as well as a number of statutes, allow for the protection of assets from creditors. Additional protections include those under “common law” or legal tradition in the state of Florida.
Homestead exemption is the “holy grail” of asset protections in Florida. This is an exemption that protects property jointly owned by a husband or wife from creditors of either spouse.
For example, if your spouse’s business fails and your name is not on the creditor’s documents, and the home is in both of your names, creditors cannot take your home to pay off the debts.
If you are in a legal crisis it is essential that you discuss asset protection with an experienced Florida attorney, especially if you own a business. A seasoned asset protection attorney can help you ensure that it is difficult or impossible for creditors to levy your assets in order to settle debts.