Structured settlements are permitted in West Virginia just like in every other state. The more difficult issues involving structured settlements arise when someone in West Virginia wants to sell structured settlement or buy a structured settlement in West Virginia. For this, you should definitely get the assistance of an attorney in West Virginia.
Buying or Selling a Structured Settlement in West Virginia
If you want to sell or buy a structured settlement in West Virginia, there are a number of factors you should consider and things you should know. West Virginia has a number of laws affecting the transfer of a structured settlement, assignment of a structured settlement, sale of a structured settlement, or purchase of a structured settlement.
These laws may apply to people in West Virginia, parties to litigation in West Virginia, or cases otherwise involving West Virginia. Whether these laws apply to you requires a legal analysis by a licensed West Virginia attorney who understands structured settlement.
Structured Settlement Attorneys in West Virginia
Keep in mind, not all West Virginia lawyers understand structured settlements. In fact, this area of the law is so unique that some West Virginia attorneys may not even know what structured settlements are.
West Virginia attorneys probably learned that structured settlements existed when they attended law school, but most West Virginia attorneys do not practice in an area of law that involves structured settlements.
Sale of Structured Settlements
Most states permit the sale or assignment of structured settlements or structured settlement annuities. Often the transfer of structured settlements or structured settlement annuities are subject to a court's approval.
To gain the court's approval, the parties involved in the sale or purchase of a structured settlement or structured settlement annuity must show that the proposed transfer of structured settlement payments is in the consumer's "best interests."
This "best interests" standard includes a consideration of the welfare of the structured settlement recipient’s dependents, if there are any.
Structured Settlement Attorneys and Brokers
If you want to buy or sell a structured settlement, I recommend you hire an attorney in West Virginia who has experience with the sale or purchase of structured settlements in West Virginia.
You also have the option to hire a structured settlement broker.
While there are a number of competent structured settlement brokers, be sure the broker you represent only represents you. That is, your structured settlement broker should not represent the other party in the transaction.
Whether you hire a broker or attorney in West Virginia, either way, it's a good idea to ask them on the phone, before meeting with them, whether they have experience with structured settlements in West Virginia.
Next, ask them to tell you about the types of structured settlements they have worked on. If you are satisfied that the person is knowledgeable about the sale or purchase of structured settlements in West Virginia, schedule a meeting to discuss your options.
Best wishes in your efforts to buy or sell a structured settlement. I hope the process goes smoothly for you, and you obtain the full value of your bargain.
