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  1. #1
    Join Date
    Sep 2016
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    13,916

    Default Is a Personal Injury Annuity Payoff Separate Property

    A woman in Washington was injured as a child, and received a structured settlement that was to be paid out over 18 years. She's now an adult and is married. She will soon receive the final payment from her settlement, which will be a very large amount of money. Is that money her separate property, or will it be regarded as a marital asset?

  2. #2
    Join Date
    Sep 2005
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    Posts
    98,846

    Default Re: Is a Personal Injury Annuity Payoff Separate Property

    As this was a childhood settlement, not a settlement or judgment that occurred after she married, the award is her separate property. It is possible for he to maintain the money as her separate property as long as she does not cause it to merge into the marital community estate. For example, she needs to avoid commingling the money with funds that belong to her spouse, or placing them in an account that is jointly held with her spouse.

    Given that the award is substantial, she should consider speaking with a financial planner about how to hold the money so as to maintain its separation from the marital estate. If she is contemplating divorce, she should discuss the situation with a divorce lawyer who is familiar with high asset cases, and efforts by spouses to claim merger or to seek equitable distribution of separate assets.

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