How Life Insurance Is Handled In A Florida Divorce

How Life Insurance Is Handled In A Florida DivorceWhen a married couple in Florida divorces, they must take a number of important financial steps. One of these is to determine what will happen to their life insurance policies. There are a few different ways that life insurance can be handled in a Florida divorce.

Both Spouses Keep the Joint Life Insurance Policy and Continue Paying the Premiums

If both spouses decide and agree to do so, they could keep their joint life insurance policy and continue paying the premiums. Some couples may feel that this is the best option for their family, as canceling a joint life insurance policy often means that they will not receive a refund of any premiums they have already paid.

If both spouses are able to keep the policy and continue to pay the premiums, it can provide them with some much-needed security for their kids if they pass away. It can also give them peace of mind, knowing that their children will be taken care of financially if something happens to one of them.

The Joint Life Insurance Policy Can Be Canceled

Even though a joint life insurance policy is often cheaper than two separate policies, a divorce changes everything. So, if you wish to move on and have nothing to do with your ex-spouse anymore, you may simply cancel the policy altogether.

In this case, the first thing you need to do is notify the insurance company that you want to cancel the policy. Second, depending on the policy type you hold, you may be responsible for any fees associated with canceling the policy. If you are considering canceling your joint life insurance policy after a divorce, make sure to keep these things in mind.

Our family law attorneys are focused on efficiently and effectively preparing clients for the most difficult circumstances. The attorneys at HAWM law have experience dealing with an array of family law matters and can prepare the necessary and often unique strategy and tools that your family may require.

The Beneficiary of the Individual Life Insurance Policy Changes the Insurance Beneficiary

If what you have is an individual life insurance policy, you may want to change it so that your ex-spouse is no longer the beneficiary. This is done to protect you in the event of death. If one spouse dies and the other is still listed as the beneficiary, the surviving spouse would receive the death benefit from the life insurance policy. This could make things hard financially for the people to whom you would like your insurance money to go.

Changing the beneficiary on a life insurance policy is a simple process. Most insurance companies allow policyholders to change their beneficiaries online or by filling out a form and mailing it in.

How to Ensure Your Wishes are Respected When it Comes to Life Insurance in a Florida Divorce

In Florida, divorce splits follow the rule of equitable distribution. This means “fair distribution” and is not necessarily 50/50. As such, it is important for you to take active steps to ensure you get exactly what you prefer. One way to do that is by having a mediation session. This will allow you to negotiate with your spouse and discuss the specifics of your life insurance and other aspects of property division. This is a great way to take control of the situation and ensure the property is divided the way you would like, rather than leaving it up to a judge.

Contact the Florida Divorce Lawyers at The Law Offices of HAWM Law., today for help if you are in Florida and are considering a divorce. We are experienced in both mediation and litigation, and we are ready to help you in any way we can.

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