lawsuit settlements and dividing assets in divorce Archives - St George Divorce Attorney | Southern Utah Family Lawyer | Mediation https://www.stgeorgedivorceattorney.com/tag/lawsuit-settlements-and-dividing-assets-in-divorce/ St George divorce attorney practicing family law in Southern Utah in such matters as child custody, child support, alimony, protective orders, mediation, etc Fri, 29 Dec 2023 19:20:56 +0000 en-US hourly 1 Lawsuit Settlements and Dividing Assets in Divorce https://www.stgeorgedivorceattorney.com/lawsuit-settlements-and-dividing-assets-in-divorce/ Mon, 09 Jul 2012 17:50:17 +0000 https://www.stgeorgedivorceattorney.com/?p=272 In some divorces, spouses may have considerable amounts of money which resulted from a personal injury or other law suit in which one spouse was compensated for injuries. In these types of situations, divorcing couples often fight over the division … Continue reading →

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]]> In some divorces, spouses may have considerable amounts of money which resulted from a personal injury or other law suit in which one spouse was compensated for injuries. In these types of situations, divorcing couples often fight over the division of these funds. Often, the spouse to whom the settlement was paid claims such funds are separate property with the other spouse having no legal interests. On the other hand, the non recipient spouse may argue the funds are martial and subject to a division by the court. So what is the law in Utah on this issue? The general rules is that any money received by a spouse in settlement of a personal injury law suit is the sole and separate property of that recipient spouse. However, there are some caveats to this general rule you should be aware of. First, any settlement funds which were awarded as lost wages and medical expenses, which came out of marital property, are subject to an equitable division by the court. This is important because in many personal injury law suits, the bulk of damages awarded are classified as economic damages which include medical expenses and lost wages. Second, the court can order that debts which accrued during the marriage be paid by a portion of the settlement funds. Therefore, ultimately a personal injury settlement is subject to the trial court’s consideration in making an equitable awarded of property and debts.

St. George Divorce Attorney | Helping With Financial Matters

Lawsuit pay outs may be only one of many assets to a marriage, or perhaps the only asset with the marriage being mired down in debt. Either way, a St. George divorce attorney at our law firm can help with the financial matters in the divorce which may be causing you stress. Contact us today to get started.

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