Is life insurance considered marital property?

Is life insurance considered marital property?

In common law states, term life insurance policies are generally treated as separate property, no matter when they are acquired. However, whole life insurance policies are generally marital property, and the cash surrender value is subject to equitable distribution.

What happens to life insurance when you divorce?

If you own a life insurance policy that insures you and names your ex-spouse as the beneficiary, your ex-spouse will still be your beneficiary even after your divorce unless you change your beneficiary. However, a judge could order that you keep your ex as your beneficiary if you owe them alimony or child support.

Can my ex wife have a life insurance policy on me?

Yes, you can take out a life insurance policy on your ex-spouse if there is an insurable interest such as maintenance (alimony) and/or child support and your ex agrees to sign the application and go through underwriting.

What happens if my husband contests a divorce?

If he or she contests the divorce, a Statement of Defence will be filed. For example, he or she may object to the grounds for divorce or to your claim for custody or financial support. If the matter is contested, an Examination for Discovery must be held. You will need a lawyer for this process and it can take months.

Is it worth fighting a divorce?

No one enjoys fighting a losing battle. There’s little point to it unless the sole objective is to hurt the person you’re fighting. But given that every disagreement between you and your spouse can potentially increase the cost of your divorce, both sides get hurt financially – if not emotionally – in the process.