If you get into an accident and you are at fault, what assetscan another party sue you for?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 10 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.


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 AttorneyPages.com 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption