It’s hard work building up assets, so what are some good ways to protect yours from relationship breakdowns or business failures?

How pointless would a new business/relationship be if those starting the baby up weren’t wearing rose-coloured glasses?

Doomed. As much chance of survival as the first slab of beer on a boys’ weekend.

However, pure optimism won’t save everything. And given most ventures, personal and business, fall over, Gen Xers need to be realistic about where they’re at financially. And more so than others, Xers can be split in half.

Younger Xers (in their 30s) generally don’t have much to lose. They’re just starting to earn some good dough. But as for assets … there’s not much there to worry about.

Xers in their 40s, however, have been earning good coin for a while. They probably have reasonable equity in their homes and perhaps an investment portfolio. In your 40s, your super finally starts to look like it would feed more than a hamster for a few years.

So, if you don’t have too much to lose, don’t get too hung up on how to split three parts of sod all.

For those whose personal asset bases are substantial, protection becomes crucial.

Company/trust structures are arguably the best way to protect assets in a young, growing business. This is a complex area, but can be crucial in saving personal assets if/when businesses fail.

For relationships starting on a substantially unequal financial footing, binding financial agreements can help protect the interests of the person bringing the bigger purse in. They’re sometimes unpleasant to negotiate, but give both parties an understanding of where things stand.

But until there’s something worth fighting over, give it a chance to blossom!

Bruce Brammall is the author of Debt Man Walking (www.brucebrammallfinancial.com.au) and principal adviser with Bruce Brammall Financial.