I’d also like to know how life insurance is handled in separation agreements.
If the whole life policy was obtained during the marriage then the entire value is marital property. If he owned it before the marriage, but paid into it during the marriage, then the money he received from it is marital property and he will have to account to the marital estate for that money.
What is your specific question regarding life insurance?
Helena M. Nevicosi
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax
Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044
Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
The whole life insurance he had was purchased during the marriage. We paid on it for 20 years so the cash value he recieved was over 150K. He cashed it out without my knowing. It was a 750K policy. Will he be held accountable for only the money he received from it or what it could have been worth if held on to? I feel he bad a bad financial decision and his children are the ones to suffer?
Part of the reason for the large whole life insurance was the fact that it would be money to pay for things like college costs (as we did not have any other plan in place) or to be used to support the house if he were to die. He did not take out any other policy on his minor children after he disposed of this one. Could a judge make him do that or not?
He will be responsible for the cash value of the policy, not for what the payout would have been. The court will not order him to secure a new life insurance policy, but you could negotiate for him to do so.
Helena M. Nevicosi
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax
Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044
Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
My husband cashed in his whole life insurance (I was the beneficiary) around the time he separated and used the money to purchase a new home, furnish the home and to pay off our cars. The majority of the money was to place a large downpayment on the home and to furnish it. He claims that this money was not “marital money”, is that true? I can’t see why it would not be.