Divorce is a life-changing event, and one of the most overlooked steps during the process is updating your life insurance policy. Yet, this is crucial to protect your loved ones and ensure that benefits are paid to the right person.
Why should you review your policy after divorce?
In most cases, when purchasing life insurance, people name their spouse as the beneficiary. It makes sense—your partner is often responsible for the mortgage, household expenses, and loans.
But divorce can change everything. During the legal and emotional chaos of separating, many forget to update their life insurance. Some may even choose to keep their ex-spouse as beneficiary, especially if they are the co-parent of their children. However, this could lead to legal issues.
Florida law and beneficiary designations
Florida law states:
“A designation made by or on behalf of the decedent directing payment or transfer, upon death, of an interest in an asset to the decedent’s former spouse is void upon the dissolution of the marriage, if the designation was made before the dissolution.”
In simpler terms: If you don’t update your life insurance after a divorce, your ex is unlikely to receive the death benefit. Instead, it will go to the contingent beneficiaries. If no one else is listed, the money becomes part of your estate, and your family will need to claim it through probate court.
How to avoid legal trouble
To avoid long, costly legal processes, update your policy immediately after a divorce. If you still wish to keep your ex as beneficiary, you can do so by redesignating them and confirming your current marital status in writing.
In some cases, Florida courts may even require both parties to carry life insurance as part of the divorce agreement. This ensures financial support for minor or dependent children.
Final thoughts
Whether you’re in the middle of a divorce or just finalized one, speak with a legal professional and review your life insurance with a specialist.
👉 Learn more about coverage at: Univista Life Insurance or call (305) 995-0032 to speak with one of our insurance experts.
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