News & Analysis as of

Divorce Life Insurance

Divorce is the formal legal dissolution of a marriage. The divorce process implicates many diverse areas of the law including, but not limited to, real estate, wills and trusts, child custody, and tax.
Bowditch & Dewey

Remember to Adjust Your Estate Plan During or After a Divorce

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Married couples often have wills naming one another as their primary beneficiary. People also often name their spouse as beneficiary of retirement accounts and life insurance policies. Upon commencing a divorce action,...more

Lasher Holzapfel Sperry & Ebberson PLLC

Importance of Beneficiary Designations in Estate Planning

As a bit of background, there is a distinction between probate assets and non-probate assets. Probate assets are distributed according to your will during a probate administration whereas non-probate assets are distributed...more

Cohen Seglias Pallas Greenhall & Furman PC

[Webinar] My Will and My Divorce: Protecting Your Assets From Your Ex - September 26th, 12:00 pm - 1:00 pm ET

During the divorce process, one often overlooked area is updating your estate plan. Divorce can impact beneficiary designations on life insurance policies, retirement accounts, and other assets and can also have tax...more

Warner Norcross + Judd

Does a Declaration of Trust Ownership Convert a Beneficiary Designation to a Trust Asset?

In the recent case of Schaddelee as Cotrustee of Ronald Schaddelee Irrevocable Trust v. Deleon as Cotrustee of Ronald Schaddelee Irrevocable Trust, 2023 WL 4143639 (Mich Ct App Jun 22, 2023) (unpublished), the Michigan Court...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You Haven’t Coordinated Beneficiary Designations With Your Will

Perhaps you drafted your will years ago and it references many of your existing assets, including retirement plan accounts and life insurance policies. But you also have paperwork on file with the applicable financial...more

Weber Gallagher Simpson Stapleton Fires &...

Changes in the Pennsylvania Divorce Code

An important change to the Divorce Code will have a significant impact on contractual beneficiary designations effective May 2, 2023. Section 3323 has been amended to add subparagraph (b.1) which provides in part, “[a]n order...more

Fox Rothschild LLP

PA. Supreme Court Affirms that “Contractual Expectancies” Are Gifts & Non Marital Property

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Those of us from large firms sometimes read opinions where solo practitioners take a shot at an issue and force us to take notice. The facts in this Bucks County case litigated by a solo practitioner against a two lawyer firm...more

Burns & Levinson LLP

What Happens to the Life Insurance After Divorce?

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It depends on what was put into writing – or not! On January 10, 2022, the Massachusetts Supreme Judicial Court (SJC) ruled that where a former husband failed to change the beneficiary designation on his life insurance...more

Fox Rothschild LLP

Appellate Division Gives Guidance Regarding Life Insurance To Secure Alimony

Fox Rothschild LLP on

Yesterday, I blogged on the S.W. v. G.M. case in a post entitled More from the Appellate Division on Lifestyle, Foulas and the Concept of Income Equalization. In that blog, I noted that the S.W. court also addressed the...more

Chambliss, Bahner & Stophel, P.C.

Estate Planning During a Divorce: Four Key Considerations

You have planned your life carefully. With your spouse you have drawn up a will and established trusts to organize your estate after your deaths. You have made decisions about the guardianship of your children should anything...more

Burns & Levinson LLP

Updating Your Estate Plan in the Event of Divorce

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It’s advisable to review and update your estate plan with any change in personal circumstances, financial circumstances, changes in the law, or just the passage of an extended time. But if you’re in the midst of a divorce, or...more

Jaburg Wilk

Getting Divorced? Don’t Forget to Update your Estate Plan

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Why do estate planning documents need to be updated when a couple is getting divorced? This simple story illustrates one of the key reasons. An Arizona couple had been married for several years and during their marriage had...more

Cozen O'Connor

“Untying the Knot”: Practical Considerations for the Newly Divorced

Cozen O'Connor on

I was asked recently by a financial advisor in New York, to review and comment on a chart he had put together which was designed to help newly-divorced people in get back on their feet. The draft document I received covered...more

Dickinson Wright

Surprise! A QDRO Can Apply to a Welfare Benefit Plan

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Most plan administrators are familiar with a qualified domestic relations order or “QDRO,” which is used to split retirement plan benefits between a plan participant and an alternate payee, such as an ex-spouse or minor...more

Burns & Levinson LLP

Prenuptial Agreements 101

Burns & Levinson LLP on

With wedding season just around the corner, here is a primer on what a pre-nuptial agreement can and cannot do for you...more

Burns & Levinson LLP

Estate Planning After Divorce

Burns & Levinson LLP on

Divorce attorneys saw a wave of divorces last year due to the changes in the tax laws that took effect on January 1, 2019. If you were one of the masses whose divorce was finalized in 2018, now is the time to revise your...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - April/May 2019: A second walk down the aisle can complicate estate planning

An estate planning rule of thumb is to review (and, if necessary, revise) one’s estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an...more

Proskauer Rose LLP

Wealth Management Update - December 2018

Proskauer Rose LLP on

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Important federal interest rates continue to rise. The December applicable federal rate...more

Jaburg Wilk

Why Beneficiary Designations Should be Updated After Divorce

Jaburg Wilk on

While in the process of divorcing, your attorney will remind you that you cannot change beneficiary designations on your accounts until the divorce is finalized. It is not uncommon to want to put the divorce out of your...more

Downey Brand LLP

Don’t Let Time Run Out on Updating Your Life Insurance Beneficiaries

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Your ex-spouse may take under your life insurance policy if you do not change your beneficiaries and there’s nothing a California probate court can do about it.  So ruled the Court of Appeal last month in Estate of Post...more

Haight Brown & Bonesteel LLP

Statute Requiring Automatic Revocation of Ex-Spouse’s Primary Beneficiary Designation In Life Insurance Policy Does Not Violate...

In Sveen v. Melin (No. 16-1432, filed June 11, 2018) (“Sveen”), the United States Supreme Court held that a statute which automatically revoked life insurance beneficiary designations following the policyholder’s divorce did...more

Nossaman LLP

US Supreme Court Applies Long-Standing Contracts Clause Analysis To Uphold Statutory Change To Insurance Contracts

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The United States Constitution provides that “[n]o state shall … pass any … Law impairing the Obligation of Contracts.” (U.S. Constit., Art. I, § 10.) Alongside state constitutional guarantees, the federal Contracts Clause...more

Robinson+Cole Class Actions Insider

Sveen v. Melin: Supreme Court Speaks On the Contracts Clause

After a decades-long drought, the Supreme Court recently decided a case involving the Contracts Clause of the Constitution. You might not recall that provision because it is so rarely invoked in modern-day litigation (due to...more

Dorsey & Whitney LLP

The Supreme Court - June 11, 2018

Dorsey & Whitney LLP on

The Supreme Court of the United States issued four decisions today: China Agritech, Inc. v. Resh, No. 17-432: In American Pipe & Constr. Co. v. Utah, 414 U.S. 538 (1974) and subsequent decisions, the Court has held that...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Sveen v. Melin

On June 11, 2018, the Supreme Court of the United States decided Sveen v. Melin, No. 16-1432, holding that the retroactive application of a Minnesota statute that revokes spousal beneficiary designations in insurance policies...more

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