Marital Settlement Agreements, Life Insurance and ‘Irrevocable’ Beneficiaries in Florida

A few years ago, the U.S. Supreme Court ruled on a case involving an ex-wife, a surviving widow and a deceased man’s life insurance proceeds. The man had named the ex-wife as his beneficiary while they were still married, and then never changed that designation. The widow argued that she should get the money because she was the surviving spouse. The ex-wife argued that the money was hers because the law required honoring the designation attached to the policy. The court ruled for the ex-wife, because the law allows for disregarding beneficiary designations only in rare circumstances, and this was not one of those. What does all this mean if you are named as the beneficiary of your ex-spouse’s life insurance policy as part of your divorce settlement? If your ex-spouse subsequently creates a new beneficiary designation without your knowledge that names someone new after your divorce is finalized, will the law honor that changed designation and will you lose that…

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