Divorce Attorney Serving St. Louis, MO
What Do You Do About Your Life Insurance Policy in Your Divorce Settlement?
It is common for many couples to take out a life insurance policy on themselves, with their spouse listed as the beneficiary upon death. In the event of divorce, most spouses may cancel the policy or change beneficiaries to an immediate family member. When a life insurance policy has been set up to secure a long term obligation for a spouse, however, the policy may be characterized as marital property and subject to continuation under terms of the property settlement.
In addition, most couples commingle their income during the marriage and use their joint resources to pay the premiums on the life insurance policy. Over the duration of the marriage, the value of the whole life insurance policy may have increased substantially. No matter which spouse holds the policy, or how long they have had the policy in their name, all or some of it's appreciated value must be characterized as joint marital property and subject to equitable distribution.
Is It Always a Good Idea to Liquidate Life Insurance Policies for a Divorce Settlement?
Depending upon your age, health and goals for the policy benefits, it may serve you better to leave a life insurance policy in place and include all or part of the future benefits as part of your financial settlement.
Couples with high net worth have many complex issues to consider when heading into divorce. Make sure your lawyer understands your needs and has the skill and experience to discuss these issues clearly. At Stange Law Firm, LLC, we have the knowledge and capacity to ensure clients' rights are fully protected as they face their financial future with a fair property settlement in hand.
We can help you with complex property issues, including:
- Investment accounts, stocks and bonds
- Retirement accounts, pensions, 401(k) plans and IRA accounts
- Inheritances
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Divorce tax issues and marital debts
Contact a St. Louis Inheritance Protection Divorce Attorney
Contact us online or by phone to schedule a free and confidential hour consultation at any of our convenient locations throughout the St. Louis metropolitan area, in St. Louis County, St. Charles County, Jefferson County and St. Louis City, Missouri and Belleville, Illinois.
Saint Louis County Office: 314-963-4700 Click to learn more about this location.
Jefferson County (Arnold) Office: 636-296-3060 Click to learn more about this location.
St. Charles Office: 636-940-5900 Click to learn more about this location.
Belleville Office: 618-310-3711 Click to learn more about this location.
Saint Louis City Office: 314-499-8340 Click to learn more about this location.
