If you get into an accident and you are at fault, what assetscan another party sue you for?
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If you get into an accident and you are at fault, what assetscan another party sue you for?
Can another party sue you and get your 401K and Roth?
Asked on July 30, 2010 under Accident Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Usually, states make pension or retirement funds exempt from execution in the event of a lawsuit--i.e. someone who sues you and wins can't touch the funds in it. You should consult with a local attorney to confirm whether, in your state, your specific retirement funds are exempt; there is a good chance they are. Note one caveat: once you withdraw money, it's typically not exempt, so if you take a distribution and put it into your bank account, once it's in your account, it is possibly subject to be garnished.
In terms of other assets: bank or other investment (e.g. brokerage) accounts can be reached by creditors; they can also potentially put a lien on real property or seek to execute on personal property.
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