Everyone has the right to defend themselves to the best of their ability. This right is also extended to the average person’s finances and assets under the protection of laws, lawyers and insurance clauses, and it has become necessary to learn more about the ins and outs of asset protection because this is a scam-ridden society. Here are four powerful ways to prevent and fight for one’s personal finances.
Every Car Title Should be in the Driver’s Name Exclusively
This is the simplest thing anyone can do to protect and preserve their personal finances in the event of a car accident. If there is a child in the family and they turn 18, then whatever the plans are revolving around a car should include selling or gifting the vehicle to make sure it is only in their name.
Spouses are no different. Each spouse should have their own name on their own car, and if there is only one car, then only the owner should be driving. For example, if a husband is driving his wife’s car and strikes a pedestrian, then the plaintiff can come after the assets of the husband driver, the assets of the female vehicle owner and any assets held by both the husband and the wife. So, there should be only one driver for each car to help prevent or minimize financial ruin.
Strongly Consider Umbrella Liability Coverage
An umbrella liability insurance policy is like having insurance for a regular insurance policy. This type of policy may sound pointless, and it appears to many like another premium no one would ever need when told about it, but the policy has saved a lot of people. The way it works is that if an accident occurs but the policy is insufficient to cover the financial damages suffered by the victim, then the umbrella liability coverage covers any remaining financial damages. This umbrella acts more like a shield and prevents plaintiffs from personally suing and ruining someone, and the plaintiff will still be fully compensated.
Tactically Title All Major Assets
Many states have laws on asset titling, which are more ways of protecting money and personal property, so this will require a little research, but about half of the states offer a legal type of joint ownership to married couples, which include married gay couples now, known as “tenants by the entirety.” This type of asset and financial protection is very powerful and detailed according to this Cornell Law University entry, especially when grouped with the previous two measures listed above.
Married couples with this asset protection both own the full 100 percent of the asset. If rule number one listed above is followed and an accident occurs in an appropriately titled car, then the plaintiff will not be able to touch any asset jointly owned 100 percent by both spouses. The only assets a plaintiff could seek to recover from would be single-controlled assets. If a married couple are tightly knit, then all it takes is a visit to the financial institutions and request to title accounts in this manner.
Immediately Retain Legal Representation Appropriate for the Situation
The three previous things discussed are what people should be doing in case an accident happens. They are a form of financial protection body armor, but hiring a civil defense attorney is the first thing someone should do in the actual event of an accident to protect their financial livelihood.
Defending oneself is mandatory, and it is wise to hire a Denver personal injury law firm or one in your specific locale because protecting one’s finances after being at fault in an accident requires an expert with experience in meticulous planning and strategic execution. Hire a lawyer as soon as possible following an accident, especially if you suspect the other driver or insurance companies are trying to game the system against you.
The first three headings are incredibly powerful techniques when it comes to financial protection during an accident, especially if they are all used in tandem, and the last method of retaining counsel is so critical because it seems like everything turns into a lawsuit. Stay safe driving on the road to protect your life and everything you have worked for.
Author information: Anica Oaks is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she’s used to putting things to a vote. Also, cartwheels are her specialty. You can connect with Anica here.