Can an ex-spouse be a beneficiary on a life insurance policy?

In addition to settlement agreements, when it comes to certain legal and financial documents, such as wills and insurance policies, an ex-spouse or his or her family may remain beneficiaries despite a divorce having been finalized.

Which states revoke a person’s beneficiary rights upon divorce?

There are at least twenty-three (23) states that have revocation of nonprobate assets upon divorce statutes. The statutes in Alaska, Arizona, Colorado, Hawaii, Idaho, Minnesota, Montana, New Mexico, North Dakota, South Dakota, and Utah[6] are modelled upon § 2-804 of the Uniform Probate Code (UPC).

Does beneficiary change after divorce?

Divorce does not usually change a beneficiary designation unless the divorce decree includes a stipulation to change it. Individual retirement accounts (IRAs) work the same way.

How will a life insurance beneficiary designation naming a spouse be changed by divorce?

The beneficiary doesn’t automatically change In a majority of states, the designation of the spouse, by name, as beneficiary, entitles that spouse to the proceeds of the insured spouse’s policy, even if they are divorced. This rule is true even if the former spouse remarries.

Can my ex-wife claim money after divorce?

Money you earn after your divorce is generally yours, but your ex-wife can still get her hands on it in some cases. As a general rule, the money you earned during marriage is marital, and what you earned afterwards is separate.

Can ex-wife claim my pension years after divorce?

A pension earned during marriage is generally considered to be a joint asset of both spouses. Except in the case of Social Security and Tier I Railroad Retirement benefits, a court order is necessary for someone who has been divorced to get a share of a pension.

Can you keep life insurance on a divorced spouse?

Can you stay on an ex-spouse’s life insurance policy? If your ex-spouse took out a life insurance policy that insures you and pays out a death benefit to them in the event of your death, they can keep that policy even after your divorce.

Who is the beneficiary of a life insurance policy after divorce?

One spouse names the other spouse as the beneficiary to ensure that the surviving spouse has money for burial expenses and living expenses in the event of the first spouse’s death. However, divorce happens, and if the deceased ex-spouse had life insurance, chances are that the living ex-spouse was named in it.

Can I collect life insurance money if my ex-spouse dies?

In most states, you can collect life insurance money if you are legally the beneficiary on the policy, regardless of your relationship to the deceased. If you were married to the policyholder and they named you as the beneficiary, you can still receive the money if they die as long as they have not changed the beneficiary of the policy.

Can I name my spouse as the beneficiary of my life insurance?

Usually, there is no requirement in the policy itself that only a spouse be named as the beneficiary. The policy owner has the right to choose any beneficiary they wish. Likewise, the policy owner has the right to change their designation.

What happens if there is no beneficiary on a life insurance policy?

A life insurance policy also sets out rules about what happens when there is no named beneficiary. In many policies, the surviving spouse automatically receives the life insurance proceeds when no beneficiary is named at the time of the insured’s death. In others, the money goes to the estate of the insured.