Urghh, an accident again, even after so much precaution! Huh, sometimes it all happens out of luck or when we are just in a hurry to go somewhere, but once an unfortunate incident happens, we can’t unring a bell. However, when things are all going against you and you are caught at fault accident Florida, you first must protect your assets. To protect your assets in these unfortunate cases, it’s essential to take measures beforehand, like changing the ownership of assets in your name, which can only be done before an accident. But it’s okay if it was not done before; you can still safeguard your assets after a car accident through the following steps:
- Evaluate Damages and Policy Limits: You should first analyze all the damages and their extent to see if they align with insurance policy limits.
- Separate Vulnerable Assets: Understand which assets have the potential to take any legal action and seperate them.
- Make an Asset Protection Plan: Structure a plan to protect your asses that is also according to the laws.
- Go for a financial affidavit florida: If needed, go for a financial affidavit that can help you protect your assets through a civil judgment.
How Florida Laws Help in Protecting the Assets
- Constitutional protection introduces the most affecting laws, such as homestead protection.
- Florida asset protection statutes play a considerable role in supporting creditors through tools that help protect the assets.
- The appellate judges form common law for cases that also work as precedents for future similar cases and carry out better ways to protect the assets.
What Assets Are Protected in Florida?
You can easily protect your assets after a car accident, provided through Florida law if you are a permanent resident or own a property. These assets can be protected from creditors in Florida.
- Homestead property, with some acreage limitations.
- Head of household wages.
- Life insurance cash value.
- Retirement Accounts. (an IRA or 401k)
- Tenants by entireties property if the judgment is against one spouse in a marriage.
- Disability income.
- $1,000 of value in a vehicle.
- $1,000 of personal property (or $4,000 if you do not own a home).
- Prepaid college plans.
- Generic exemptions include health aid, medical savings accounts, and unemployment benefits.
- Social security under federal laws.
- Protection of beneficiaries’ interest and inheritance from their creditors through estate planning trusts.
Insurance and Car Accident Liability:
Car accident liability can be lethal for asset protection. However, adequate liability insurance and an umbrella policy can be helpful to protect your assets after a car accident if settlements happen within the insurance limits. However, if insurance is inadequate, preplanned asset protection is required to avoid personal judgment collection.
It is not easy to stay sane and take wise steps when life throws a curveball at you in the shape of a car accident. The fear of losing all your hard-earned assets is hard to swallow; therefore, it’s crucial to stay vigilant while taking any step. For your service, the professional and experienced car accident attorney at Maus Law can be your backbone while making your hardship serene and making a substantial file of all the critical information to get the best possible claim.