In a lawsuit for personal injury what is considered to be assets.

UPDATED: Sep 30, 2022

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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

Asked on January 12, 2017 under Personal Injury, California


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 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.

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 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.

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