Divorce and Personal Injury Settlements: What You Need to Know
Personal injury cases can be complicated, emotional, and time-consuming. When you add divorce into the mix, things can quickly become even more complicated. Divorce can have a significant impact on the outcome of a personal injury settlement, so it's essential to understand the potential implications.
If you're going through a divorce and have received a personal injury settlement or are in the process of settling a claim, there are a few things you need to keep in mind. Here are some of the most important factors to consider:
The type of settlement you receive matters
The type of settlement you receive can impact how it is divided in a divorce. For example, if you receive a lump sum settlement, which has been incorporated into other marital assets, it may be subject to equitable distribution in a divorce. On the other hand, if you receive structured settlement payments, those payments may be considered separate property and not subject to division in a divorce.
The timing of your personal injury settlement in relation to your divorce can also impact how it is divided. If you settle your personal injury claim before filing for divorce, the settlement may be considered marital property subject to division in a divorce. If you settle your claim after filing for divorce, the settlement may be considered separate property.
The role of insurance companies
Insurance companies can complicate matters even further. If your personal injury settlement includes compensation for medical bills paid by your health insurance company, your health insurance company may be entitled to a portion of your settlement.
The Importance of Working with an Experienced Personal Injury Attorney
Given the potential complexities involved in personal injury settlements and divorce, it's crucial to work with an experienced personal injury attorney. Your attorney can help you navigate the process, understand your legal rights, and ensure that you receive the best possible outcome. You should seek the help of an experienced personal injury attorney in addition to your divorce lawyer. For example, if you were injured in a car accident, you need an attorney who is skilled in helping clients injured in car accidents, not just family law matters.
An experienced attorney can also help you avoid common mistakes that could cost you significant amounts of money. For example, failing to consider the tax implications of your settlement or agreeing to a settlement that doesn't account for future medical expenses could be costly mistakes.
Personal injury settlements and divorce can be complicated, but they don't have to be overwhelming. By working with an experienced personal injury attorney, you can ensure that your legal rights are protected and that you receive the best possible outcome.
If you're going through a divorce and have received a personal injury settlement or are in the process of settling a claim, don't wait to seek legal guidance. Contact a reputable personal injury attorney today and get the support you need to navigate these complex legal matters.