My divorced mother died at a young age and left my brother and I her half of our parents house. We bought a condo with the money and although in reality its 50/50 on paper its 100% mine. I got married recently, (so my 50% is also now split 50/50 in theory but not on paper)
I had an auto accident another party is claiming injury, I, not my insurance company, am being sued. Limits on my insurance were state minimums 15/30K for injury.
Trial is in 5 weeks. Am I at risk of losing 100% of my home? (despite only really owning 25% of it)
I understand the injured party could tap into his/her own policy for "under-insured/no insurance"
The question I most want answered is this one:
What exactly do I stand to lose here?
And would it be a good idea to try and put to paper that actual % ownership of the condo to prevent me losing my wife's and brothers investment also?
How do I do that?
1 Answer from Attorneys
You need to submit the complaint to your insurance company. In personal injury actions, the party involved in the accident is always the party sued. The insurance company provides representation and pays the money if the plaintiff ultimately prevails. I recommend that you forward this to your carrier as soon as possible.