What to Expect in Court for a Structured Settlement
When you seek to sell all or some of a structured settlement, a key part of the process is your court appearance. This is required by law, so you need to be prepared to ensure that your case can be presented as accurately as possible.
First, it is important to research structured settlement purchasing companies to determine which are reputable and to find the best quote for your payments. A professional financial review may also be required. If so, you need to get all of the necessary documents together. Next, the court appearance date can be scheduled.
A court appearance consists of a hearing during which a judge willread the details of the proposed settlement and its conditions. Counsel for the structured settlement buyers will appear in the court room at the same time to present your case.
As the seller, you can also appoint your own counsel or independent professional advisor to review your transaction and appear in court. Keep in mind that doing so will create additional costs.
During the approval process, the judge carefully analyzes the terms of the structured settlement agreement and may also assess your financial needs. Questions may come up, so think about why you want to sell your annuities beforehand so you are prepared to answer. Having copies of your bills or other information about what you will do with your proceeds can be helpful in explaining your purposes for the transaction.
While the legal proceeding typically lasts no more than 30 minutes, it is important to prepare meticulously for what has to be presented in that short amount of time. It is also important to respect the judge’s decision. The judge must abide by the law and come to an unbiased decision as to whether the terms of the settlement transaction and your needs match what the payment and settlement documents demand.