If you were in a terrible accident and were granted a substantial personal injury settlement, you must regard the money as an asset. If you’re divorcing, you might be wondering, “Does my spouse get half of my settlement automatically?” The answer is that it is dependent on the situation. There are, however, a few things you may do to improve your odds of keeping your entire settlement.
Keep reading to learn more and then contact Law Offices of Fernando D. Vargas at 909-982-0707 for a free legal consultation.
Every circumstance is unique
It’s critical to realize that no two instances are same. While we can give broad information and advice on what most individuals can do to assist lessen the odds of losing all or part of their settlement, this does not apply to all circumstances. If you are considering pursuing a personal injury lawsuit or are concerned about the repercussions of a divorce, we recommend that you contact an attorney straight soon.
When the injury occurred is important
One of the most essential elements in determining who is entitled to a settlement is whether or not the injury occurred during your marriage. If the accident happened before you married and you were receiving payments prior to the marriage, the settlement will almost certainly be deemed your property rather than communal property.
However, if the accident occurs during the marriage, the situation may become more complicated. While different courts have varied on how these money should be handled, the general consensus is that it depends on the sort of harm experienced. If you are reimbursed for medical expenditures, for example, that money is likely to belong to you alone, but money awarded for lost income is likely to belong to both of you.
Three ways to keep your settlement safe
There are three key steps you may take to secure your settlement funds:
Consult an attorney. The sooner you tell your personal injury lawyer about the likelihood of divorce, the sooner we can meet with a family law attorney to see how we can best protect you in your particular case.
Make certain your losses are specific. We can ask for extremely specific wording in the settlement that specifies how much money will be given to which type of damages. This can help keep money that should be yours out of the hands of the community.
Make a separate bank account for yourself. Simple things like transferring your settlement into a different bank account can help you keep your money separate. It is far more difficult to figure out how much of it went to shared spending if you put it into a joint account.
The most essential thing, of course, is to speak with your personal injury attorney so that they can defend you. To schedule a free legal consultation, call Law Offices of Fernando D. Vargas at 909-982-0707 now.
