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…
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.…
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…
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…
On divorce, Florida law automatically revokes beneficiary designations under insurance policies in favor of an ex-spouse. But you and your spouse may say in your collaborative marital settlement agreement you intend to designate one or the other as beneficiary. Otherwise,…
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…
Florida law revokes on divorce beneficiary designations that “affect” an ex-spouse. For more, read here, here and here. Therefore, to avoid automatic revocation of beneficiary designations on divorce, Collaborative Marital Settlement Agreements should address interests in: assets subject to beneficiary designations…
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…
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?…