Three Ways to Protect Your Personal Injury Settlement in a Divorce
Divorces are quite common nowadays. Whether it’s due to adultery or growing apart, getting divorced can have some consequences, including alimony payments, custody of children and division of property. Personal injury settlements can also be affected by divorce. Some courts believe personal injury settlements belong to the person who won the settlement while other courts divide the settlement between both spouses.
It may be in your best interest to talk to a divorce law attorney to figure out how a personal injury settlement award is likely to be handled by the courts in your jurisdiction.
How to Protect Your Personal Injury Settlement
If you won a personal injury settlement and are getting a divorce, it’s understandable that you want to protect the money you have won. Here are a few tips on how to do this:
- Differentiate what percentage of the personal injury settlement belongs to you or your spouse. A family lawyer Phoenix AZ trusts can provide legal guidance and make the process a lot easier.
- Open another bank account solely to hold your personal injury settlement funds. Try to keep the money in this separate account until the divorce is complete and the court has made the decision regarding asset distribution. If you were to deposit the money in a joint spousal account, you likely wouldn’t be able to claim the funds as your own.
- Get your spouse’s consent to not claim all or a certain amount of your personal injury settlement. Make sure that you get this agreement in writing and have it dated, signed and notarized. If the marriage ends on bad terms, having this consent is invaluable.
If you want to protect your personal injury settlement, you should make an appointment with a personal injury lawyer as soon as possible. He or she can give you valuable advice and help navigate you through the court process. This can take a lot of stress off of your back.
During your initial consultation with a personal injury lawyer, don’t hesitate to ask as many questions as you’d like. Inquiring about a lawyer’s experience and skills can help you determine if he or she is the right person to represent you. For example, you may want to find out how many cases similar to yours he or she handled in the past and what his or her fee is.
Thanks to our friends and contributors from Hildebrand Law for their insight into divorce and family law practice.