How are Personal Injury Settlements Paid Out in Florida?
When an injured party files a personal injury claim or lawsuit and recovers a settlement in Florida, there are generally two ways to receive their payout. These two options include a lump sum single payment or multiple payments over time.
As the victim of a personal injury, how your settlement is paid out is up to you. Working with a Florida personal injury lawyer will ensure you recover the money you need and receive it in the way that works best for you. Your lawyer can offer advice and guidance on how settlements work.
How Are Personal Injury Settlements Paid Out in Florida?
Most Floridians who receive a personal injury settlement receive it all in a single payment. The money from the case is paid as a lump sum, minus their attorney’s fees and any liens. It is up to the accident victim when, where, and how they spend the settlement.
Alternatively, structured settlements are also available for injured parties. A structured settlement distributes the money over time. Those who prefer a structured settlement could receive money for several years or even decades. These settlement agreements can vary widely. Those who choose a structured settlement only have access to the payout one payment at a time.
What Are the Benefits of Each Type of Personal Injury Payout?
Some people opt for a structured settlement because of ongoing care costs and the financial security provided by continued payments over time. Others like the financial freedom that comes with having the money up front and available to invest or spend it for current needs without waiting.
If you have concerns about which option best fits your needs, your personal injury attorney can discuss your unique circumstances and needs with you. They will provide legal advice and explain more about the benefits and drawbacks of each settlement option. The decision is ultimately yours.
Even if you choose a lump sum now, you can put the money into an account and operate it as a structured settlement. This option may not be possible if you choose a structured settlement initially.
How Do Victims Recover Personal Injury Payouts in Florida?
There are several ways to win financial compensation in your Florida personal injury case. Awarded compensation could result from any of the following:
- A negotiated settlement
- Mediation with a trained mediator
- Arbitration, where a trained arbitrator makes a binding decision
- A trial in front of a judge
- A jury trial
Many factors could affect which of these is the best option for your case. Sometimes, a lawsuit is necessary to spur the insurance company or liable party to make a fair settlement offer. If negotiations stall, a mediator could help you reach an agreement. Very few cases go to trial, but it is necessary at times.
Do I Need an Attorney to Build a Case and Recover Compensation?
There is no legal requirement to hire an attorney, but most injury victims benefit from hiring a knowledgeable and skilled law firm to manage their case. Personal injury representation allows them to focus on treatment, healing, and rehabilitation.
An attorney can generally build a stronger case with more compelling evidence than you could on your own. They have the resources and knowledge to investigate what happened and show how the at-fault party’s negligence caused your accident and injuries. They know how the applicable laws work and how they affect your case.
When you choose to work with a personal injury attorney, you can count on your legal team to take certain steps and manage certain tasks to ensure your best interests remain the priority during this process. These services include:
- Represent you to the insurance companies, liable party, and in court
- Manage any necessary communication with the insurance company
- Protect your potential payout from any insurer tactics to reduce or deny your claim
- Gather, organize, and present compelling evidence to show negligence and liability
- Document your recoverable damages
- Demand fair compensation and negotiate with the insurance carrier
- File a lawsuit and take the case to trial if needed
- Manage your settlement or award payout
- Provide answers to your questions, regular updates, and legal advice throughout this process
Most personal injury law firms offer free case evaluations for victims and their loved ones. You can discuss your case with an attorney or their team. They will also explain how contingency fees work. Victims typically do not need to pay upfront costs for representation in these cases. The lawyer works for a percentage of the total recovered damages in the case.
What If I Need to Sue to Get a Payout in My Florida Personal Injury Case?
Sometimes, filing a personal injury lawsuit is necessary. This action could be necessary because the insurance company will not make a fair offer, time is running out, and there are questions about fault or disputed facts in the case. Your attorney will discuss it with you if they believe you should file a lawsuit.
If you do need to sue, Florida law generally gives you two years to file your complaint and get started under Florida Statutes § 95.11. This timeline is for personal injury and wrongful death cases.
If you miss the two-year deadline to file your personal injury lawsuit, you will likely find it difficult to recover compensation through a negotiated settlement, too. Having the right to file a lawsuit and take the case to trial provides key leverage in settlement negotiations.
Talk to a Personal Injury Law Firm in Florida for Free
You can talk to a team member from Meldon Law today for free. Our attorneys provide complimentary consultations so that you can learn more about your legal rights and how you might be able to receive a personal injury settlement in Florida.
Contact us online or via phone to get started. We have someone who can assess your legal options today for free.
