Life Insurance and Divorce: Key Considerations
Several aspects of life insurance claims may be affected by divorce, including:
1. Beneficiary designations
: Divorce may necessitate updating beneficiary designations on your life insurance policy to reflect your current wishes and circumstances. In some states, a divorced is automatically deleted as beneficiary from the life insurance policy as a matter of law without anyone even contacting the life insurance company. Even if the life insurance company shows the former spouse as beneficiary, that beneficiary may not be allowed to make a claim. There are many exceptions to this though.
2. Ownership changes: In some cases, the ownership of a life insurance policy may need to be transferred from one spouse to another as part of the divorce settlement.
3. Coverage requirements: Divorce agreements may require one or both spouses to maintain a life insurance policy to secure alimony, child support, or other financial obligations.
4. Policy loans and cash value: The cash value of a permanent life insurance policy or outstanding policy loans may need to be addressed during the divorce process.
Navigating Life Insurance Claims in Divorce
The Law Offices of Jason Turchin can help you address various life insurance claim issues related to divorce, including:
1. Updating beneficiary designations: Our experienced team can guide you through reviewing your beneficiary designations to see if you may be entitled to benefits.
2. Transfer of policy ownership: We can assist you in navigating the legal process to see whether the policy ownership impacted the beneficiary designation following your divorce settlement.
3. Establishing coverage requirements: Our attorneys can help you negotiate a settlement with a competing claimant if there is a dispute over life insurance coverage post divorce.
4. Resolving policy loans and cash value disputes: Sometimes there are arguments over cash values in whether a former spouse may be maintained as beneficiary.
Florida’s Revocation Upon Divorce Statute
Navigating the complexities of divorce can be overwhelming, particularly when it comes to understanding the legal implications surrounding life insurance policies. In Florida, the law automatically revokes a former spouse as the beneficiary of a life insurance policy upon divorce. As an experienced life insurance lawyer
, our firm is here to help you understand and navigate these legal intricacies to protect your rights and financial future.
Understanding Florida's Life Insurance Beneficiary Law
Under Florida Statute 732.703, when a couple gets divorced, the law automatically revokes any provisions in the life insurance policy that designate the former spouse as the primary beneficiary. This means that, upon the policyholder's death, the ex-spouse will no longer be entitled to receive the proceeds from the life insurance policy, even if the policy was established before the divorce and has not been updated.
Exceptions to the Rule
It is essential to be aware that there are some exceptions to this general rule. For example, the automatic revocation may not apply if:
1. The divorce decree or settlement agreement specifically states that the former spouse should remain the beneficiary of the life insurance policy.
2. The policyholder expressly reaffirms their intent to maintain the former spouse as the beneficiary after the divorce.
3. The life insurance policy is governed by federal law, such as policies provided through the military or federal employment, which may supersede Florida state law.
Life Insurance Lawyers Near Me Who Handle Life Insurance Divorce Claims
Divorce can significantly impact life insurance claims, making it essential to have an experienced legal team on your side. The Law Offices of Jason Turchin is committed to helping clients navigate life insurance claims related to divorce, protecting their rights and interests every step of the way.
If you need assistance with life insurance claims and divorce, don't hesitate to contact our firm for a free consultation
at 800-337-7755. Let the Law Offices of Jason Turchin provide the legal guidance and support you need to safeguard your life insurance benefits during this challenging time. We can fight for your rights!