How Long After Mediation Do I Get My Money?
Posted on Saturday, March 25th, 2023 at 2:30 pm
If you are a party to a personal injury case, workers’ compensation claim, or any other legal dispute that has gone to mediation, you may wonder how long it will take to receive your settlement money. The answer to that question can depend on a variety of factors. This includes the complexity of your case, the amount of your settlement, and the efficiency of the parties involved.
What Is Mediation?
Mediation is a process where the parties involved in a legal dispute come together with a neutral third party. The mediator is used to resolve their differences outside of court. Parties often use mediation in personal injury cases, workers’ compensation claims, and other legal disputes as a way to reach a settlement without the time and expense of going to trial.
Once the parties agree to mediation, the next step is to put the settlement terms in writing. After it is in writing, both parties sign the settlement agreement. This agreement will typically outline the terms of the settlement. This includes the amount, the parties involved, and any conditions or stipulations that may be attached.
After they sign the settlement agreement, the parties will typically file a motion with the court to approve the settlement. Next, the court decides if it approves the settlement. The next step after approval is for the paying party to pay out the money they’ve agreed to.
The timing of the payout can vary depending on a variety of factors. In some cases, the settlement money may be paid out immediately. It can also be within a few days of the court’s approval of the settlement. In other cases, the settlement money may be paid out over a period of weeks or even months.
How Long Will It Take to Receive the Settlement?
The timing of the payout can depend on various factors. This includes the amount of the settlement and the complexity of the case. Another factor is the process the parties are using to disburse the settlement money.
For example, if the settlement involves a large amount of money, it may take longer to get the money. This is because there may be additional steps to verify the settlement and ensure the funds are available. Large settlements may require additional time for processing. They also may be subject to different legal requirements than smaller settlements. Additionally, any liens or other claims against the settlement funds must be resolved before the settlement money can be paid out.
The process used to disburse the settlement money can also impact the timing of the payout. For example, if the settlement money is being paid out through an annuity or structured settlement, the payments may be spread out over a period of years rather than being paid out all at once. In other cases, the money may be paid out in a lump sum, which can be paid out more quickly.
It’s important to keep in mind that other factors outside of the control of the parties may affect the timing of the payout. For example, if an insurance company is paying out the settlement money, its internal processes and procedures may impact the timing of the payout.
Work with an Attorney to Get Your Settlement
To ensure that you receive your settlement money in a timely and efficient manner, it’s important to work closely with your attorney. They can provide guidance on the settlement process, explain your legal rights and obligations, and work with the parties involved to ensure that the settlement is executed in accordance with the terms of the agreement. They can also keep you up to date about the progress of your settlement and the timing of your payment.
In summary, while the length of time it takes to receive your settlement money after mediation can vary, working closely with your personal injury attorney and being aware of the factors that can impact the timeline can help ensure that you receive your payment as efficiently as possible.
Contact Lawrence & Associates Accident and Injury Lawyers, LLC, Today
If you are in a legal dispute that has gone to mediation, it’s important to understand that the timing of your settlement payout can vary depending on a variety of factors. While some settlements may pay out immediately, others may take weeks or even months. If you have questions about the timing of your settlement payout, be sure to discuss these concerns with your attorney.
At Lawrence & Associates Accident and Injury Lawyers, LLC, our Cincinnati personal injury lawyers have years of experience helping clients with mediation. Contact us today for your initial case review.