Transferring Your Structured Settlement Payment Rights
By EA Newswire Sept.17, 2014 8:06 p.m.
Child Support and Transferring Your Structured Settlement Payment Rights
Worried you’ll get denied if you have child support payments? As long as the exact (listed below) information about the child support is included in the petition that is provided at the scheduled hearing on the proposed transfer, your child support obligation will go on record consistent with the rules of evidence and procedure, and you could still have a shot at transferring your structured settlement payment rights.
In other words, do your best to follow the rules, and let the court decide. If you hide the information, you’re shooting yourself in the foot.
The transfer company provides the petition at the scheduled hearing. Attached to the petition is all the “exhibits” or evidence.
You must tell the transfer company (and the court through oral testimony – eventually) that you have child support obligations so they can include that information in evidence. This is exactly what the transfer company will need to know, according to California Code of Insurance 10139.5(c)(5):
“…the names, addresses, and telephone numbers of any individual, entity, or agency that is receiving child support from the payee under that order or that has jurisdiction over the order or the payments in question”.
Also stated, in section 10139.5(b)(8): “The payee shall disclose to the transferee (transfer company) and the court his or her court-ordered child support or maintenance obligations for the court’s consideration.”
Child support issues can get confusing. Hire an independent professional adviser first to consult with about the ins and outs of the legalities of what you are getting in to.