{"id":15098,"date":"2019-09-06T17:30:27","date_gmt":"2019-09-06T17:30:27","guid":{"rendered":"https:\/\/louisvillehomesblog.com\/?p=15098"},"modified":"2023-08-07T20:54:11","modified_gmt":"2023-08-07T20:54:11","slug":"6-ways-to-protect-your-home-from-a-lawsuit","status":"publish","type":"post","link":"https:\/\/trepryor.com\/blog\/6-ways-to-protect-your-home-from-a-lawsuit\/","title":{"rendered":"6 Ways to Protect Your Home from a Lawsuit"},"content":{"rendered":"\n

Our home is one of the most valuable assets that we own. After all, if you\u2019ve lived in a house for more than ten years and made it look the way you always wanted to, a lawsuit is the last thing you want to happen. In this article, we will outline six ways to protect your home from a lawsuit.<\/p>\n\n\n\n

\"Photo
You may not have a home this magnificent but you still want to protect the home you have!<\/figcaption><\/figure>\n\n\n\n\n\n\n\n

Fortunately, there are things that you can do to protect your home<\/strong> from a lawsuit. Besides looking for litigation lawyers<\/a> capable of protecting your interest and your assets, you can rely on other practices to make sure that you won\u2019t lose your home.<\/p>\n\n\n\n

1. Homestead Exemption<\/h2>\n\n\n\n

Most states come with a statutory exemption<\/strong> that protects a certain amount of a person\u2019s home value from bankruptcy or from a creditor. Basically, if a creditor comes at you with a lawsuit and forces you to sell your home, they will only get the residue that remains after the selling costs, your homestead exemption<\/a> amount, and the mortgage.<\/p>\n\n\n\n

2. Tenancy by the Entirety<\/h2>\n\n\n\n

Depending on the state you live in, you may be able to title your home\u2013personal residence\u2013as Tenants by the Entirety<\/em>. This practice protects your home and your assets in a unique<\/em> way.<\/p>\n\n\n\n

Essentially, Tenants by the Entirety <\/em>come into play when one of the spouses is sued. This makes the property impossible to bifurcate or attach to a lawsuit. In short, if the husband is caught in a severe lawsuit, it wouldn\u2019t be fair for his wife to lose the house, especially when she didn\u2019t have anything to do with his issues.\u00a0<\/p>\n\n\n\n

3. Equity Stripping<\/h2>\n\n\n\n

This is one simple strategy but one that sounds rather complicated. Equity stripping basically implies the placing of a lien on your home with a mortgage and then removing the equity on it by simply replacing it with a loan.\u00a0<\/p>\n\n\n\n

By doing so, you make your home less attractive to a creditor who may want to take your home in order to satisfy a certain judgment.<\/p>\n\n\n\n

4. Domestic Asset Protection Company<\/h2>\n\n\n\n

With Domestic Asset Protection Company <\/em>(DAPT) you simply place any of your personal residences in a certain type of trust. The catch here is that you must have the intent to keep the residence for life<\/strong>. There are rules that constrain what changes may be made.<\/p>\n\n\n\n

On top of that, such protection companies are able to offer you better protection the longer<\/em> you keep your property in that trust.<\/p>\n\n\n\n

2. Low-Risk Title <\/h2>\n\n\n\n

There are situations when one of the two spouses may have a risk issue that comes with their business or lifestyle. By simply removing their name from the home\u2019s title you can protect your residence.<\/p>\n\n\n\n

However, given that the effectiveness of this strategy may vary from state to state, it is recommended that you consult with a lawyer beforehand.<\/p>\n\n\n\n

Umbrella Insurance<\/h2>\n\n\n\n

Umbrella insurance is basically a bunch<\/em> of insurance that are able to cover you and your home in certain situations.\u00a0Title insurance<\/a> isn’t what you are looking for here. This insurance can be either business or personal in nature and covers all of the other insurances that you carry. Umbrella insurances usually cost around $300 to $500 a year per $1 to $2 million of coverage.\u00a0<\/p>\n\n\n\n

The Bottom Line<\/h2>\n\n\n\n

In short, we all want to protect our homes<\/a>. So when it gets attacked in a lawsuit, you don\u2019t have to surrender your rights and prepare for the big move. There are many things that you can do long before<\/em> your home this happens.<\/p>\n\n\n\n

This is why it is recommended that you rely on one of the ways mentioned above as soon as you think<\/strong> that your home may be brought as an asset in a court of law.
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Our home is one of the most valuable assets that we own. After all, if you\u2019ve lived in a house for more than ten years and made it look the way you always wanted to, a lawsuit is the last thing you want to happen. In this article, we will outline six ways to protect […]<\/p>\n","protected":false},"author":2,"featured_media":11813,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[788,680],"tags":[1638],"class_list":["post-15098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","category-residential","tag-protect-your-home-from-a-lawsuit","entry","has-media"],"_links":{"self":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/15098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/comments?post=15098"}],"version-history":[{"count":2,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/15098\/revisions"}],"predecessor-version":[{"id":19735,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/15098\/revisions\/19735"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media\/11813"}],"wp:attachment":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media?parent=15098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/categories?post=15098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/tags?post=15098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}