Posted on: 11 February 2016
Eleven states have marital property or community property laws. These laws set forth guidance for dividing all marital property and community assets evenly between both spouses in the case of a divorce, regardless of which party earned the funds or brought the assets into the partnership. There have been a few recent court cases that have settled issues regarding protecting the proceeds of an insurance settlement awarded to one of the marital partners, and keeping the funds from being split with the other spouse during a divorce. If you are currently involved in a lawsuit or settlement negotiations regarding an automobile accident that caused injury to you, or you are facing a divorce and have funds from a similar settlement that you want to protect from marital property division, the following tips will help you.
Consult a Divorce Attorney
You obviously will need to consult a divorce attorney if you are facing the prospect of divorce; if you are currently involved in a divorce proceeding, you likely have already retained the services of a qualified divorce attorney. Your attorney will gather the facts of your case and let you know what your options are with regard to division of marital assets and what you are required to give your former spouse. Since the laws on divorce and property division vary from state to state, your attorney can help you identify laws and loopholes that may be difficult to find on your own. You can then decide on how to proceed, and keep as much of your settlement in your hands as possible.
Consult Your Auto Accident Attorney
This is also a very important step. No matter if you have already received the funds from your settlement, or you are in the final negotiating stages and will reach an agreement soon, it is important to handle the details of your settlement properly. Your attorney will help you structure your settlement to help protect it from the division of marital property in your divorce proceedings. Your divorce attorney and your auto accident attorney can communicate directly to ensure that things proceed as planned.
Separate Assets According to Law
Once your settlement funds are awarded to you, it is important to deposit them into an appropriate bank account that is in your name only. In some states, commingling funds automatically makes them marital property, and you will have no choice but to split the funds with your ex. Again, this is where the advice of your attorneys will be invaluable in helping you protect your settlement from being split during the divorce.
Retaining the services of the appropriate legal professionals will help you ensure that you keep as much of your settlement money as possible. Your attorneys will also handle most of the legwork and reduce the burden of stress that you will have as a result of both the automobile accident and the divorce proceedings. You can then move on with your life with fewer encumbrances. To learn more, contact a law firm like Loughlin Fitzgerald P C.Share