Safety of IOLTA Trust

[blh_houston]

What is the name of your state (only U.S. law)? Texas
Am in process of divorce and proceeds of the sale of a vacation property may be going into an IOLTA Trust at lawyer. I've been warned that the lawyer can sit on this money even after the final decree. What problems arise when the divorce is over and the money needs to be disbursed according to the final decree?What is the name of your state (only U.S. law)?

 

[mistoffolees]

What is the name of your state (only U.S. law)? Texas
Am in process of divorce and proceeds of the sale of a vacation property may be going into an IOLTA Trust at lawyer. I've been warned that the lawyer can sit on this money even after the final decree. What problems arise when the divorce is over and the money needs to be disbursed according to the final decree?What is the name of your state (only U.S. law)?

I don't see the particular problem. What does the decree say wrt disbursement and what are your concerns?

 

[blh_houston]

Have been told that the lawyer wont release the money but will sit on it for a while. Dont know if this is his lawyer causing problems.

 

[mistoffolees]

Have been told that the lawyer wont release the money but will sit on it for a while. Dont know if this is his lawyer causing problems.

I'm not aware of specific time limits on how soon the attorney has to release the money. If you're concerned about it, ask the judge to order the attorney to release the money within 15 days (since it sounds like it's not final yet and you'll still be in front of the judge).

 

[blh_houston]

Excellent idea and thank you. You're right. We are just at the beginning and i will see if this suggestion will keep things from getting more out of control.