Settlement Money

[streetdoc322]

I have recently made the decision to leave my marriage. The marriage has been over for some time now, but neither of us can afford to leave financially. So we continue to "co-habitate" and pay the bills. I am expecting a settelment from a wreck I had last year and am hoping to use that money to leave my marriage and start over. I have been making plans for some time now and all is ready. All I am waiting on is the money. Now I am wondering if that settlement money is considered community property and I will have to split it with my spouse. I have been researching the web for some information and possibly a ruling to quote. I don't know what to do or where to find this information. I have looked through all the SC Divorce Law FAQ's I can find, but none specifically addresses settlement money received from a personal injury law suit. Anyone know the answer?

 

[presutin]

The state you live in plays a role on communal property. Only nine states have community property laws, they include:Arizona, Californa, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin. For all others, it is equal division of property. Good Luck!

 

[irish223]

I think whether or not your settlement will be considered marital property, will depend somewhat on what the settlement is intended to cover. For example, if the money is compensation for lost wages during your marriage, then it could be marital property. If the money is intended to provide ongoing medical treatment, then it may not be.