In a lawsuit for personal injury what is considered to be assets.
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In a lawsuit for personal injury what is considered to be assets.
Last January my husband side swiped
a car. No citation was issued. The suit
went to our insurance company. The
Lady has recently retained another
lawyer who wants a list of our assets
And has said he would not accept the
insurance limitation. We need to know
whether or not to give a list of our
assets
Asked on January 12, 2017 under Personal Injury, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
IF the other lawyer requests them during the lawsuit, using the legal processes or mechanisms of "discovery" (e.g. written questions, also known as "interrogatories"; a written request for documents; a subpoena; a request made at a deposition) you have to comply. But if it's not using actual legal mechanisms, you can ignore the request.
An asset is anything of, or which may have, monetary value and is at least somewhat readily monetizable (convertible to money, such as by selling) such as real estate, vehicles, jewlery, valuable electronics, antiques or art, bank or brokerage accounts, a whole life insurance policy with cash value. Your clothing (other than designer and expensive dresses, furs, and the like), run of the mill furniture, inexpensive electronics, normal home tools or tool kits, etc. would not be assets for this purpose. Intellectual property (if you own any patents, copyright, trademarks), accounts receivable (if anyone else owes you money), and any businesses you won are also assets.
And for any assets which you do have, when you provide this information, be sure to also provide information about any liens or mortgages one them, which may effectively reduce or eliminate their value, like financing on a car, amounts owed on installment plan purchases, or a mortgage.
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