At The Gogel Law Firm, our St. Louis personal injury attorney knows there may be some confusion about how settlements are paid out after a Missouri personal injury claim draws to a close.
The payment of personal injury settlements typically involves a series of steps. The process can vary depending on the parties involved, the case’s nature, and the settlement’s terms, but here we provide a general overview.
Negotiation and Agreement
Before discussing the payment process, there is a negotiation phase where the injured party (plaintiff) and the at-fault party or their insurance company reach a settlement agreement. This involves agreeing on a specific amount of compensation to be paid to the injured party in exchange for releasing the at-fault party from further liability.
Drafting the Settlement Agreement
A formal settlement agreement is drafted once the parties have reached an agreement. This document outlines the terms and conditions of the settlement, including the agreed-upon amount, the release of liability, and any other relevant terms.
Signing the Settlement Agreement
Both parties, or their legal representatives, review and sign the settlement agreement. This legal document is binding and once signed, it signifies the resolution of the personal injury claim.
Payment Process
Once the settlement is finalized and the necessary approvals are obtained, the at-fault party or their insurance company is responsible for making the payment. Payments can be completed in various ways, including a lump sum or structured payments over time.
Distribution of Funds
If the injured party has outstanding medical bills or other liens, these may need to be satisfied from the settlement amount. After satisfying any outstanding debts, the remaining funds are typically distributed to the injured party.
The attorney’s fees and costs are also deducted from the settlement amount. Our Missouri personal injury attorney works on a contingency fee basis, meaning we receive a percentage of the settlement only after producing a positive outcome for our client’s case.
Receiving the Settlement
Once all necessary deductions are made, the injured party receives the remaining settlement amount. This can be done through a check issued by the at-fault party’s insurance company or other agreed-upon payment methods.
It is essential for individuals involved in personal injury settlements to carefully review the terms of the settlement agreement and consult with their attorney throughout the process. We can provide guidance on the fairness of the settlement, ensure that all legal requirements are met, and help clients make informed decisions about resolving their claims.
Speak to Our Dedicated Personal Injury Attorney in St. Louis, Missouri Today
If you have been injured or lost a loved one to negligence in Missouri, contact our St. Louis personal injury attorney today to review your case by calling 314-370-8173 or online to schedule a free consultation.
