It was a hard win. But you won and are awarded compensation.
But you shouldn’t start counting that cash just yet. Most likely, a structured settlement will be negotiated next.
Structured settlements aren’t as complicated as they sound. But if you’re the plaintiff that just won, they can affect you greatly.
Your Structured Settlement Guide
If a structured settlement is being negotiated, you need to know what you’re getting into. Ask yourself these questions.
What Is a Structured Settlement?
Simply put, a structured settlement is how a larger sum of money gets paid over time instead of all at once. This is the most common outcome in most insurance or injury cases.
This way, the amount owed will still be paid. But the one doing the paying will have less financial stress.
This also means you and the one paying will be under contract.
This is good because it gives you a guarantee that you will be receiving your money.
How Do Structured Settlements Work?
The first thing that will happen it the initial negotiation. You, the defendant, and an insurance company will discuss how much each payment will be. You will also decide how you will receive these payments and for how long.
After it is agreed on, you should start getting your payments like clockwork.
If they don’t pay you that certain amount on those certain days, they will be in big legal trouble.
But it is important to note that whatever is agreed on, that’s it. They can’t change that— and neither can you.
You won’t be able to appeal if something in your life changes. Even if the structured settlement no longer works for you.
There are companies who will buy your structured settlement though. And give you that big payout. But remember, you wouldn’t get the whole thing. They would keep a percentage for themselves.
So, Should You Do It?
Well, you might not have a choice. Not if you want that money.
If a structured settlement is on the table, it could be because that’s the only way they can pay it. But you might have the option of a lump payment if a structured settlement isn’t right for you.
But keep in mind, the structured settlement could be a very good thing for you.
It means you will have a constant stream of some kind of income for however long. This is especially good if whatever happened to make you sue cost you to lose your job.
Also, you shouldn’t have to pay taxes on any of the payments.
Either way, you can discuss with your attorney on when to get a structured settlement. They will happily give you more information.
You Decide From Here
You already won the case, so now’s the matter of compensation. So go out there now and get your money with structured settlements!
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