What happens to life insurance in a divorce?
During a divorce proceeding, the treatment of life insurance policies depends on whether the policy is a term plan or a permanent policy with cash value, as well as what is mandated by state laws and marital settlement agreements. Often, court orders or separation agreements require divorcing spouses to maintain term life insurance policies naming their minor children or former spouse as irrevocable beneficiaries to secure ongoing child support or alimony obligations. If policies are designated as marital property, cash values accumulated in permanent policies are factored into the overall asset division. Additionally, individuals typically update their policy beneficiary designations post-divorce to replace their ex-spouse with new family members or trusted heirs.
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