How best to protect assets from a personal injury claim?

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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

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 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.


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