Legally remove my name from assets to protect them.

[herb777777]

What is the name of your state? Florida
I was involved in an automobile accident with one other car about six months ago. I was determined to be at fault for not yielding the right-of-way. No passengers in either car, both parties walked away with no apparent injuries. Shortly after the accident I was notified by my insurance company that a bodily injury claim was presented, however to date no suite papers have been sent to me and the claim has not been finalized. Can I legally remove my name and entitlement from shared assets to protect them from the possibility of a large claim that would exceed my insurance coverage if no suit has yet been filed?

 

[racer72]

Nope, that's called fraud.

 

[herb777777]

There are no credit ties to me with respect to the shared assets. Prior to the accident I could freely divest myself from such assets without any problem. Wouldn't the intent to defraud have to be established? Or does merely removing my name and entitlement, in and of itself constitute intent to defraud? Thanks for the previous reply!

 

[testedmonkey]

Regardless

Regardless of what's legal, what you're suggesting is unethical. You were at-fault in an accident that possibly caused bodily injury, and you want to hide your assets so you don't have to take responsibility. That's shady. That's like selling everything you own to a friend for $1 so your wife can't get anything in the divorce. It may sound like the "shrewd" thing to do, but that doesn't make it right.

Since you're worried about your insurance limits being tapped out, can I assume you're only carrying minimal liability insurance?

 

[BlondiePB]

You're assests will be checked for changes prior and after the date of the accident. Changing your shared assests to avoid losing them is committing fraud.