Home > Research Legal Advice > Medical Malpractice > Recently married small business owner (attorney)
Asked 4 months ago - New York, NY
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I have malpractice insurance but just want to know worst case scenario, is there any exposure for my wife and how can I eliminate/minimize it? I'm not being sued nor do I plan on being but just would like more info, on how to protect spouse's assets, if possible.
Also, she is a doctor, is there anyway to protect both our assets in the event she were ever sued?
Obviously, you are individually exposed in any claim where the verdict is in excess of your policy limits. In that scenario, once the verdict is entered and matures into a judgment, it becomes a lien on your property until such time as it is discharged in some way (ie. Settlement, Bankruptcy or otherwise). Once a judgment, efforts can be made to execute on available assets. If the assets are jointly held such as a house, the property cannot be sold out from under you but, if you sell it the lien must be paid.
This is the short answer which does not take into account your unique circumstances.
THE LAUB FIRM P.C.
Alfred Laub
914-980-8030
Besides increasing your malpractice limits you can strucutre your individual practices in a corporate format whether LLC or LLP or PC. Also, real estate that you own can be kept in a separate corporate structure. Speak with an experienced business lawyer to assist you.
Also, consider wills and estate planning.
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