Question:
My financial advice on divorce question concerns the disbursement of a life insurance policy.
Would my spouse be entitled to money received by a life insurance policy with my name only as a beneficiary?
Answer:
This answer only includes general divorce help for men since I am only licensed to practice in Indiana and am thus unable to provide any financial advice on divorce on laws in other states.
The short answer is yes.
Your spouse would be entitled to money disbursed by a life insurance policy, even if it had only your name as a beneficiary. The life insurance policy would be considered a marital asset.
In many states, all assets, such as a life insurance policy, brought into the marriage that you acquired prior to your marriage and all assets acquired during the marriage are considered marital assets. These items are marital assets whether they have your spouse’s name on them or not.
Money Made Easy:
Your spouse could be entitled to the money received from the life insurance policy. Where I practice, there is a rebuttable presumption that marital assets are divided evenly (50/50) between the parties, unless you have a valid argument that the assets should be divided otherwise.
Please understand that my opinions are based upon the limited facts that you provided to me. For financial advice on divorce, I urge you to contact a divorce lawyer.
To set up an appointment with a Cordell & Cordell mens divorce attorney, including Indiana Divorce Lawyer Rachael S. Cunningham, please contact Cordell & Cordell.
