You live in Florida, you have a structured settlement, and suddenly you need a large sum of money. What can you do? Is it possible to sell structured settlement payments for cash in Florida?
The short answer is yes. But first thing’s first: It’s important to know that there are both federal and Florida laws that address whether you can sell your future payments and what the selling process is like. Below is a brief overview that can be a good starting point in your research.
Before looking at Florida law, we want to note that to qualify for a sale, you must have future payments from a settlement as described here under “Definitions.” Under federal law, the sale of structured settlement payment rights must be approved through a court order where you live. The court will confirm that selling your settlement is in your best interest and the best interest of your dependents and that it would not violate another court order or any other law.
The appropriate Florida court will review your situation and approve the transfer of your future payment rights. Florida’s structured settlement law* requires a few things to be confirmed. For example:
The transfer is in your best interest, considering the welfare and support of your kids and any other dependents, if you have any (just like with the federal law),
You received independent professional advice about the legal, tax, and financial sides of the transfer (or that you have waived your right to receive this advice),
The court has determined that the amount of money you’re going to receive for your future payments is fair, just, and reasonable.
You will handle any disputes according to state law.
There is also a document that the Florida court will require you to receive when you sell. It will include important details about the transfer. And these are only bits and pieces; the full law, including info about this disclosure document, is available here under the section “Florida Structured Settlement Law.”
We know that this sounds like a lot of hoops to jump through in order to sell your payments. But if selling is the right move for you, our team at CrowFly will make sure you’re set up for success and that you understand what needs to happen in the process. We’ll stay with you every step of the way, making sure you are doing what needs to be done. We’ve created a first-of-its-kind platform where sellers receive the most money for their payments and get all the information they need to make the best decisions.
If you are still looking into your financial options, we welcome you to check out our free, no-hassle structured settlement calculator on our homepage to see how much you can expect to receive for your future payments. We do not even ask for your contact info to use this tool.
If and when you’re ready to talk more about selling your structured settlement payments, get started or give us a call at 833-CROWFLY.
*Crowfly offers advice on Florida structured settlements in this article and wishes to make clear that while the content covers legal elements, this is not professional legal advice.