By AFG Newswire Sept. 21, 2014 12:34 p.m.
Before the courts give you final approval of your transfer, they want to know what is motivating you to sell.
The California Code of Insurance 10139.5(b)(2) states,
“(b) When determining whether the proposed transfer should be approved, including whether the transfer is fair, reasonable, and in the payee’s best interest, taking into account the welfare and support of the payee’s dependents, the court shall consider the totality of the circumstances, including, but not limited to, all of the following: …
(2) The stated purpose of the transfer.
Why do the courts want to know this?
It’s part of redefining the courts role in making the “best interest” determination for the payee, you. Since 2009 there is a larger role that the court plays in determining what is in the “best interest” for the payee in California.
Now, there is a 15 step criteria of findings the court has to take into consideration: stuff like child support, your financial and economic situation, what your purpose is for selling-the “totality of your circumstances”.
Do you have a purpose? Do you need a purpose? Yes.
Speaking with only the transfer company gets you a one-sided opinion. This concerns the judge, because this one-sided opinion is from a motivated side.
Speaking with an independent professional adviser brings in a neutral third party that has little to gain, is free to you and is bound by the law to protect you. Judges really like to see that.
Why are you waiting to call an independent professional adviser?