If a tentative settlement is reached on behalf of a minor child, court approval will be required if the settlement exceeds $15,000. This is the law in Florida pursuant to Section 744.301, Florida Statutes and Section 744.3025, Florida Statutes. If the child will receive a net settlement in excess of $15,000 - then the court will require a guardianship of the property in order to safeguard and secure the funds. The funds for this guardianship will then need to be held in a restricted depository. No funds can be withdraw from this account without court order. It should be noted that the settlement funds belong to the child and not the parent. Settlement funds are not in place to pay rent, car payments, grocery bills, . . . .
These are ordinary expenses that a parent has a duty to pay. The funds are for extraordinary expenses like unexpected medical bills, tutoring, etc. . . Even for these extraordinary expenses, a court order will be required to access any funds from the guardianship restricted account. Ideally, the funds are not spent or used during the child’s minority and at the age of 18 - the child will have some funds to purchase a vehicle, pay for college, or otherwise use the funds as he or she deems fit. Again, the settlement funds belong to the child and not the parent.
A personal injury case handled on behalf of an injured child should be handled with due care and due diligence. A parent should use his or her best efforts to work with a Florida Child Injury Lawyer. Cases on behalf of injured children are quite complex. There are several good resources available for parents dealing with the aftermath of a child injury. The book titled - The ABCs of Child Injury - Legal Rights of the Injured Child - What Every Parent Should Know - has chapters on Playground Injuries, Day Care Center Injuries, Amusement and Theme Park Injuries, and other topics. You can get this book for free at The ABCs of Child Injury. Another good resource for parents is the book - When the Wheels Stop Spinning - Legal Rights of the Injured Child - What Parents Need to Know After the Accident. This book has chapters on Automobile Accidents, Bicycle Accidents, Pedestrian Accidents, and other topics. You can get this book for free at When the Wheels Stop Spinning.