competition in focus magazine The first thing to do is to have your asset protection strategy in place before you get involved in a lawsuit. I know, how do you know if and/or when you are going to be involved in a lawsuit? You don't. But,you don't want to wait until you are being sued. If you are involved in a lawsuit and a judgment is placed against you, don't try to "sell" everything to your spouse or cousin or business partner for something like $1.arihant magazine If you start to arrange your assets to avoid them being taken after the fact of a court judgment, then that is like "closing the barn door after the horses have escaped". It is too late. That would be deemed illegal and is known as a "fraudulent transfer". The court will recognize the transfer for what it is, an asset protection trick to try to keep your assets out of the hands of your creditors. The "sale" would be reversed by the court and the assets would have to be given to the creditor anyway focus magazine.
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