The beneficiaries named are the children (50%) and myself (current wife at 50%). The ex is upset because the policy is split…she wants the children to get 100% of the policy, but the divorce decree only says that he must maintain a $100K policy and include the children as beneficiaries. When she found out that the policy also named me, she wants the coverage increased so the kids get it all, and I get none.
We’re just wondering if she has a basis to take him to court over this…but we seriously doubt it.
The court has broad discretion whether or not
to require life insurance as security. They both agreed on the amount and terms at the time of divorce and were represented by counsel at the time. Its highly doubtful a judge would modify the amount of a life insurance policy…but just wondering if anyone else has had this type of modification.
I live in RI and I am going back to court on several issues and nowhere was mentioned that I had to have insurance on my life with either the ex or children as beneficiaries. I am not insurable because of a handicap and therefore when I was placed on permanent disability my life insurance policy went from >$100,000 to $25,000 and when the divorce decree is finalized I will be putting in the beneficiary I want.
I also am working to place all my other assets into a revocable trust with me as the administrator and beneficiary —– this is legal so I am proceding in that direction plus it bypasses probate and the courts.