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(a)
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(1) In any case in which punitive damages are sought, any party may request a bifurcated proceeding at least ten (10) days prior to trial.
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(2) If a bifurcated proceeding has been requested by either party, then:
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(A) The finder of fact first shall determine whether compensatory damages are to be awarded; and
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(B) After a compensatory damages award determination, the finder of fact then shall determine whether and in what amount punitive damages will be awarded.
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(b) Evidence of the financial condition of the defendant and other evidence relevant only to punitive damages is not admissible with regard to any compensatory damages determination.