Legal Question in Credit and Debt Law in California
Can I protect my assets by signing them over to my husband?
My son was involved in a car accident, he is under my insurance and the car was in my name alone, not my spouses. Can my husbands assets be used to pay the judgement if there is one? What about my future inheritance. If I signed over my house and car to my spouse and liquidated my meager savings, before a lawsuit was even broached, can I protect my assets or can my husband's assets be used for the possible future judgement against me??? I'd really appreciate an answer. Thank you.
1 Answer from Attorneys
Re: Can I protect my assets by signing them over to my husband?
It's called a fraudulent transfer for you to move your assets in anticipation of a lawsuit or debt. Why not just let the insurance company pay. That's what they are there for. If it exceeds the amount of insurance and there is a lawsuit, make your son pay it off.
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