Car accident with bodily injury to others
Question Details: My husband had an accident and was hit by a motorcycle. Fault has not been determined yet, but I am gathering information in case he is declared at fault. The driver of the motorcycle is in critical condition and the medical expenses already far exceed our $25,000 bodily injury coverage, there is also a passenger and we don't know about this situation yet. My question is, can they take our house even if it is both in my husband and my name knowing I was not involved in the accident at all? We owe about $110,000 on the house mortgage and have $10,000 of home equity to the maximum. Thank you
Should the injured driver decide to file a personal injury suit, the first thing you would do is notify your insurance company so that they can vigorously defend you. An attorney would be provided for you at no additional cost as part of your policy. They would be in the best position to advise you. But, generally speaking, the first source of funds that the injured driver would seek to recover is from your auto insurance policy. Then any umbrella coverage. And finally after that, any personal assets. But that is a long way down the road. Some might consider retitling the house but there are potential pitfalls to doing so.
Hello. I am a Maryland barred attorney -- the above attorney gave a good suggestion to notify your insurance carrier of any claim. However, to directly answer your question about the house, in this state you definitely WANT the house to be in both spouses names. Titling it differently can actually leave you more exposed to liability.
Furthermore, a quick transfer to avoid a judgment claim can expose you to claims of trying to defraud creditors, although a spousal transfer is less likely to be attacked. Maryland has several different ways people can own property jointly. Check your deed - if it is held tenants by the entirities as husband and wife, this will offer some liability insulation from the claims filed against only one of you. If you have any questions about this, you may want to ask a Maryland attorney to review your deed.
