Life Insurance Policies and Divorce
Many people today have a life insurance policy, especially on the members of the family who work to bring in money for the family. These insurance policies are to protect the income of the family in the wake of some sort of tragedy. Sometimes the tragedy effecting the family is not a death of either spouse but rather that the spouses have agreed to separate and divorce. This can leave questions about the life insurance policies the couple has taken out together often with each other as beneficiaries. In Utah there is no specific law regarding insurance policies in divorce, but as an asset of the marriage, even if there is no real cash value for the policy at the time of the separation, insurance policies are subject to the equitable distribution of the court like all other marital assets. The court can also order that new policies be purchased or who the beneficiary must be in the case of a payment on a new policy.
Get Help to Understand and Negotiate Around Life Insurance Policies
Like most divorce negotiations, life insurance policies, whether old or new ones that the couple wishes to be created at the time of divorce, can greatly complicate the negotiation process in a divorce. Through the negotiation and court process it is best to have someone on your side to help you protect your rights. The qualified Salt Lake City Divorce Attorneys at Utah Divorce Hotline can help you through this process and protect your family in case of any future tragedy befalls you or your spouse. By dealing with life insurance policies at the time of divorce and ensuring the proper beneficiaries are placed upon either old or new policies, you can your ex-spouse can prepare to overcome new tragedies.
The Utah divorce process can be complicated with many facets. Don’t lose your rights by attempting to accomplish your separation alone. Call the Utah Divorce Hotline today to receive advice and help through your divorce process.