My son had an accident and as a result I may be sued. I own two homes one I live in and one my parents live in both with mortgages. What is the legal definition of an asset in the state of Florida?
2 Answers from Attorneys
Do you have insurance? If so, they should protect your interests and all your assets are protected. Your home is an asset. You live in it so it is likely homestead and therefore protected from forced sale to pay debt. Your parents home if owned by you is an asset and it is subject to satisfaction of your debts.
The legal definition of an asset is the same as the simple definition which is pretty much anything of value. If you have insurance, your insurance company probably has a duty to defend you regarding any suit. Most of the time the insurance company can settle the case within policy limits (meaning no personal liability for you). In Florida one residence is protected by homestead, the second home may not be protected. You should discuss these matters with any attorney who represents you as it is much more complicated than this simple description.