4 Reasons to Conduct an Asset Search
Asset searches are an important tool for attorneys in many different areas of law. Whether it is personal injury, probate administration, business due diligence, divorce or other legal matters. Attorneys often conduct an asset search to assist their clients in obtaining the best possible outcome in determining the assets and liabilities of a subject. In this article, we will explore four (4) of the most common reasons attorneys, or their clients, obtain asset searches.
1. Personal Injury
In personal injury cases, asset searches are often used to determine the financial assets and liabilities of the defendant. By conducting an asset search, attorneys can discover if the defendant has any assets that could be used to compensate their client for damages suffered as a result of the defendant’s negligence. For example, if a defendant owns real estate or motor vehicle or other assets, the attorney may be able to reach and apply those assets and secure a lien to ensure that their client is made whole, in addition to any insurance that may be available.
2. Estate Administration
Asset searches are also used in the probating of an estate to help probate attorneys, personal representatives, or relatives identify the assets and liabilities of a decedent. Asset searches can also be used to identify any hidden or unknown assets that should be included in an individual’s estate for distribution purposes. The asset search also identifies any entities that are associated with the decedent, such as businesses, trusts, partnerships and limited liability companies.
3. Business Due Diligence
Asset searches are often used to evaluate potential business partners, key employees or vendors. By conducting an asset search, attorneys or management can determine whether a potential partner or vendor has the financial resources to fulfill their obligations and to determine the liabilities of the subject, including, but not limited to, federal and state tax liens, bankruptcies, lawsuits and criminal records. Asset searches can also be used to investigate potential fraud or other illegal activities that may be taking place within a business.
4. Family Law & Other Legal Matters
Asset searches are also used in a variety of other legal matters, including family law, divorce support cases and collections. An asset search can help identify non-disclosed assets that may need to be included in a court financial statement. The information obtained from an asset search can also be extremely effective when conducting discovery against the other side. If you need assistance in conducting an asset search or have questions about how an asset search can help with your legal matter, you can access our “free guide” to conducting an asset search, by clicking on this link or by calling us at 1(800)290-1012 ext. 111 or by visiting our site at www.assetsearchesplus.com .