Understanding Legal Settlements During a Divorce

Understanding Legal Settlements During a Divorce

Are you owed a legal settlement? Are you also planning on filing for divorce? If so, you may wonder how your settlement will be affected and if your soon to be ex-spouse may receive a portion of it. In most cases, consulting with property division lawyers in Chicago are going to be the best option you have. They will be able to interpret the law and determine if your lawsuit settlement can be split. While it is ultimately up to the judge, the attorney can help you better understand the situation.

Diving a Settlement when getting a Divorce

Even if the proceeds of your lawsuit are considered marital property, it does not mean that it will be split equally. A fair or equitable division of the settlement that is received may entitle one of the spouses to receive a higher amount than the other one. This is extremely common if the settlement was obtained because one person suffered personal injuries. Even if the other person suffered because of the injuries or accident, one of the spouses will not have gone through the suffering and pain the other one did. As a result, the person who suffered the injury may receive a higher amount of the settlement.

When a Settlement May Not be Considered Marital Property

There are a few situations where a lawsuit may not be considered marital property. This includes when a person’s right to sue occurs before the couple is married and if a settlement has been received after the spouses are legally separated.

If you are facing issues regarding a lawsuit settlement and are getting divorced, it is a good idea to seek advance and guidance from property division lawyers in Chicago. They can help you better understand your situations and rights.

Find out more about your rights when going through a divorce by visiting the Michael C. Craven website.

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