What happens to your beneficiary designations of your spouse when you divorce? With few exceptions, when you divorce in Florida, provisions of your will that “affect” your ex are void, under section 732.507(2), Florida Statutes. It doesn’t matter if the marriage occurred before or after you signed your will. Will Provisions that “Affect” an Ex-Spouse […]
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Employers: think about reminding your employees to update their beneficiary designations and forms after divorce. For multiple covered assets, section 732.703, Florida Statutes voids upon divorce beneficiary designations of an ex-spouse. See State Farm Life Insurance Company v. Stone, Case No. 5:15-cv-267-Oc-30PRL (MD Fla. October 9, 2015). In Stone, the court allowed interpleader of disputed proceeds of
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Introduction How does divorce affect your beneficiary designation of your ex when you die? Multiple assets covered under Florida’s automatic revocation statute, Section 732.703, Florida Statutes, pass as if your surviving ex-spouse died first. How it Plays Out: Life Insurance Beneficiary Designations A former wife named as primary beneficiary on her former husband’s life insurance policy claims
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This Beneficiary Designations Checklist for collaborative teams can help couples develop options for beneficiary designations after divorce. Collaborative Practice teams may use the checklist when one spouse may want the other named as beneficiary of insurance policies, annuities, accounts, or other assets. The couple and their Collaborative Practice team may follow the checklist work towards
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On divorce, Florida law automatically revokes insurance policy beneficiary designations in favor of an ex-spouse. But, to avoid automatic revocation on divorce, you and your spouse may say in your collaborative marital settlement agreement you intend to designate one or the other as beneficiary. Otherwise, on entry of a final judgment of dissolution of marriage, most
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Spouses should know Florida Statutes automatically revokes certain will provisions upon a final judgment of dissolution or annulment. Florida’s automatic revocation on divorce statute section 732.507(2), Florida Statutes may void provisions of a will that “affect” a former spouse. After a Florida divorce, courts must administer and construe wills as if the former spouse had
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Florida law revokes on divorce beneficiary designations that “affect” an ex-spouse. For more, read Automatic Revocation of Will Provisions that Affect an Ex-Spouse, Update Florida Beneficiary Designations After Divorce and Divorce and Beneficiary Designations — Florida Statutes §732.703. Therefore, to avoid automatic revocation of beneficiary designations on divorce, Collaborative Marital Settlement Agreements should address interests in:
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This fifth installment of a 7-part series about Domestic Partnership Agreements discusses survivor’s rights on death. Florida law provides for survivor’s rights if a married person dies before the other spouse and they have no premarital or postnuptial agreement. But for unmarried domestic partners, Florida law provides no survivor benefits upon the decedent’s death. Through
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The Challenge: In collaborative divorce, dividing retirement accounts can be tricky. Collaborative teams, usually with a neutral collaborative financial professional’s help, must often figure out premarital and marital components of retirement assets. How might the collaborative team approach the challenge? Premarital Accounts Calculator: One tool that may be useful as the collaborative team develops
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