Well, after weeks, months, or years, your attorney finally told you that you’re getting your settlement check. Now the question is, "who gets how much?"
The amounts and distributions are mandated by state and federal laws. Generally, the order of preference goes as follows:
- Attorney fees & costs
- Medical liens and medical bills
- Insurance subrogation
- Child support obligations
- You
Numbers 2, 3, and 4 are equally important, and carry the same weight for consideration/payment. The thing you must be conscious about is having enough money to satisfy the previous obligations.
Remember, you’re always in control of the decision to settle the case. Your attorney will advise you of the appropriate time, and should give you a breakdown, or at least an estimate, of the current fees and costs to the point. This should give you some insight into the value of the settlement offer. Beware though, if you’re too greedy, passing on a valuable settlement amount could cost you when you’re probably going to need to double the offer for a victory at trial.
