If you are getting divorced and are named as a beneficiary of your spouse’s insurance policy, your spouse must re-designate you as beneficiary after the divorce is finalized. Florida statutes state that a designation made by or on behalf of the decedent providing for the payment or transfer at death of an interest in an asset to or for the benefit of the decedent’s former spouse is void as of the time the decedent’s marriage was judicially dissolved or declared invalid by court order prior to the decedent’s death, if the designation was made prior to the dissolution or court order.
If child support or alimony is being paid, often the payor will be required to maintain a life insurance policy to protect the support amount in case of his or her death. When this is the case, it is imperative to include language in any agreement or Final Judgment that stipulates that the payor must re-designate his or her former spouse as beneficiary after the divorce is finalized.
This is an important issue which can greatly impact your future financial security. If you are concerned about life insurance or any other issue regarding your divorce, you should consult with an experienced family law divorce lawyer. Contact Family Law of Orlando by email or by calling (407) 835-9900 to schedule an initial consultation with Attorney Wade P. Luther.