Question:
My wife has filed for divorce.
Can I remove her as the beneficiary on my life insurance now?
Can I also take money out of our bank account that I’m afraid she will spend?
Answer:
Let me preface my answer by stating that I am not licensed to practice in the state of Colorado. Cordell & Cordell does have divorce attorneys who are licensed to practice in the state of Colorado who would be happy to discuss your case with you.
The ability to make this change will depend on what your state requires regarding the status quo.
Some states automatically require that after a petition for dissolution has been filed that the status quo must be maintained, which means that neither party can change beneficiaries, or remove money from bank accounts that does not go to pay ordinary living expenses and other restrictions.
Other states do not place an automatic restriction, but will enter a status quo order after a party has moved the court for that protection.
You should consult an attorney in your jurisdiction regarding your ability to make the changes that you are seeking.
Jason Bowman is an attorney in the Louisville, Kentucky, office of Cordell & Cordell. He is licensed in the states of Kentucky and Texas. He received his Bachelor of Science in Business from the University of Louisville, and received his Juris Doctor from Texas Wesleyan University.
