The settlement agreement should specify to whom existing life insurance policies are heard. The designation of a former spouse or child as an irrevocable beneficiary of a group plan is minimal, as the designation of a member of the plan may be changed unilaterally when the carrier changes or at another time. If the uninsured spouse is to be the beneficiary, the best way to protect their interests is for the uninsured spouse to own the policy. If Mike owns a policy and is insured and they agree to Julie being the beneficiary, he should transfer ownership of the policy to Julie. She should verify that she is the beneficiary of the policy. You can structure it so that it pays the premiums as support. In this way, she can be sure that payments are made and that she remains the beneficiary. Otherwise, it is threatened if he lets the policy expire or if he changes beneficiaries. In a “state of equitable distribution”, the court “fairly” shares marital property. The court generally takes into account the duration of the marriage, the age, the state of health, the behaviour of the parties, the profession, skills and employment of the parties.
Equitable division does not mean equal distribution and rarely is property divided equally. The court will order a roughly equal distribution of assets and liabilities if: This article covers only property issues; Your transaction agreement must deal in depth with spouse or child allowances, as well as custody and access issues. The petitioner and the respondent agree to waive all rights that each may have in each other`s pension. All other age accounts that are now held and maintained individually are and will remain the separate property of the spouse in whose name the property is now held. You`ve got together with your spouse and found out what you think is a pretty good deal: you can keep all the assets you really wanted, and your ex gets stuck with all the debts. But whether or not this agreement is sustained in court depends on a number of factors, including how it is worded, whether or not there was full financial disclosure by both parties, and possibly whether both parties had independent legal assistance. Natalie and Patrick are married and have adult children. They decide to separate and consider divorce. Natalie talks to a lawyer about what to do to divide her property.