Parkin Son

Archive for April, 2009

Fraudulent conveyances are against the law. In your haste to protect your assets, you may inadvertently breach penal statutes. You may precipitously engage in what managerial gurus call the “ready, fire, aim” approach in asset protection. Always seek the advice of a legal professional before you make your moves. Make sure that you comply with applicable Philippine laws prohibiting fraudulent transfers of property and the setting up of dummy companies, particularly involving community property. Note that without the proper grounds and without Court approval, any agreement between the spouses separating their properties during marriage is invalid. It is essential for the couple to think ahead and complete a prenuptial agreement that separates their property or to provide legal devices that will protect their assets from attacks. This agreement must then be registered at the appropriate civil registry and the property registry to affect third persons. Or if the couple failed to make a prenuptial agreement, the spouses may have to go to court during the marriage to dissolve the community property or to obtain a judicial separation of property before any redeployment or restructuring could be made effective. The grounds for these remedies are narrow and limited. The proper legal basis must be shown before these remedies may succeed. Robert Mintz and James Rubens in Lawsuit Proof (1995) revealed some aggressive strategies that are employed by many asset protection planners in foreign jurisdictions, to wit: