How best to protect assets from a personal injury claim?

UPDATED: Jan 3, 2014

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How best to protect assets from a personal injury claim?

A couple of years ago, my future wife rear-ended a car at a stoplight which bumped into a police officer’s car with minor damage to both vehicles. Now, many years later, the officer is filing a personal injury claim. He has already received 38K and apparently still needs surgery, which would take his expenses well over my wife’s personal injury insurance limit of 50K. Her insurance company is getting their lawyers involved and said that it is very unlikely that we would be sued unless they thought we had enough assets to cover the medical expenses. We have a little over 10K saved in a joint account. Would it be wise to transfer that to my personal savings account that I had before we got married to protect our savings?

Asked on January 3, 2014 under Personal Injury, North Carolina


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Based upon what you have written, I would place the savings of you and your spouse in your own name pending the resolution of the personal injury matter where you were not married to your wife when the mishap happened. Your wife should ciiperate with her insurance carrier in getting the matter resolved through insurance money settlement.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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