3 Things To Know About A Large Insurance Settlement If You're Getting Divorced
After an injury and a legal settlement, you might be looking at a considerable amount of income that you can use to cover your medical expenses and provide some compensation for the pain and suffering that you've endured. If you and your spouse decide to get divorced not long after you receive your financial settlement, you'll likely have a lot of questions and a number of concerns about what will happen to the money. It's a good idea to consult with a divorce attorney right away to help you better understand your unique situation. Here are three things that your attorney will discuss with you.
The Settlement Money Is Considered A Gift
Perhaps the best news that you can expect to hear as you evaluate your situation with a divorce attorney is that your settlement money is considered in the same manner as a cash gift when you're going through a divorce. This means that the money was intended for you for a specific purpose; as such, your spouse isn't entitled to a percentage of it. This news may come as a welcome relief to you, especially if you've been waiting for a long time to get the settlement and the idea of giving part of it away is a worry.
It May Be Appropriate To Give Some
While you might not be legally required to give part of your settlement to your spouse during a divorce, it's worthwhile to evaluate whether he or she incurred any costs during the process of you being injured and working on a settlement. For example, if you couldn't work, your spouse may have worked extra shifts or even obtained a second job to help cover your family's expenses. As a sign of goodwill, giving him or her some of your settlement as part of your divorce agreement could help to keep things civil.
Don't Make Shared Purchases With It
Your settlement money is best to use for medical expenses and other costs associated with your injury, but not everyone takes this approach. Some people will use some of the money for purchases that excite them, such as electronics for the home or other similar things. Your divorce attorney will warn you against doing so. If you were to spend $1,000 on a TV, for example, your spouse's attorney will argue that this is a shared item and that his or her client should be entitled to half. This could cause you to lose a significant amount of your settlement money, especially if you were to make several purchases.
For more information and assistance with your case, contact your local divorce attorney services today.