Reply: 1.1.1.1.1.1.2.2.1.1
From: Michael G
Hi all,
What are we discussing here?
Asset Protection:
as·set (st)
n.
A useful or valuable quality, person, or thing; an advantage or resource: proved herself an asset to the company.
A valuable item that is owned.
pro·tec·tion (pr-tkshn)
n.
The act of protecting.
The condition of being protected.
One that protects.
To me, its all about insurance. We insure our car, house, contents, even our income. So why not our assets.
Let me put an interesting definition on the idea of "assets". What if we were to define our friend's 5 properties as his "income stream"?
Don't we have income-protection insurance so if we are incapacitated, and are no longer able to work, we can still recieve a form of income?
What if we view the cost of maintaining an asset protection structure as a "premium" for our "income protection structure".
In fact I don't care who get's what assets that were created DURING the relationship, in fact the other party could take the lot for I care, but why be penalised to start from SCRATCH? Where's the fairness in that?
Things don't always work out, but should our friend here be punished if they make a mistake for falling in love with the wrong person?
We're not just talking money here?, Our friend has sacrificed TIME and life's opportunities to getting where he is now.
Let's imagine a worst case scenario. Our friend spends 5 years of his life saving money and doing research to buy these homes. He made choices not to go out or have holidays, so that he could build up a future.
Where on the other hand let's say his wife to be, a high income earner has spent the last five years spending her generous income travelling the world and salary sacrificing on nice sports cars, and buying nice clothes.
Then that day comes, they meet and fall in love. They move in and have a child. She's quits work and our friend here continues to build up assets.
Then a few years later things go sour. They decide to break up. Of course all those "things" his wife had bought (clothes, cars, holidays) are now worth nothing and will need money to live because she got the child.
During the relationship, our friend built up some assets between them, which would support her and the child comfortably, in they were middle income earners. But his wife has always been acustom to the good life. She enjoyed herself before her marriage and it will be a cold day in hell when she has to let that go.
She eye's our friends properties that he had before they met and they should do nicely. If she sells them there will be enough cash for her to live nicely at least for a couple of years while she gets back on her feet.
What about our friend?. Well tough, he starts from scratch, and while we're at it, did I mention that his now paying support, so that means he'll have less to work with oh and while we're at it, he's older too, not too many years left to start over and have some time left later to enjoy his labour.
Just one last point. I've noticed a few posts are talking about, "love" "commitments", etc. Ok, that's all well and good while in the relationship. But we're not talking about the time during the relationship. We're discussing after that. But we're all talking about love here right? Where's the love then?
in·sur·ance (n-shrns)
n.
Coverage by a contract binding a party to indemnify another against specified loss in return for premiums paid.
Michael G