Assigning someone as a beneficiary on a life insurance policy, retirement plan such as a 401K, or even on a TOD (transfer on death) bank and brokerage account is a big decision. Most people name their spouse, children, or a close relative as the designated person who would receive these benefits given they pass away. After all, in the event of your death, wouldn’t you want your retirement savings or life insurance policy to go to the person you choose rather than it going to your estate?
Now, because most people choose to name their spouse as their beneficiary seeing that they would inherit the benefits and can then use them to take care of the surviving family, many often forget to reconsider who should be next in line to receive these benefits when they divorce. So, if you are going through a divorce or recently had yours finalized in Florida, now would be a good time to decide whether you want to keep your ex-spouse assigned as your beneficiary or determine if someone else should take their place.
The fact is, not all marriages end with anger and resentment. Some couples are able to carry on with their lives and feel good about their decision to separate. But, you have to consider whether you want your hard-earned money you put into your retirement to still go to this person despite the fact that you are no longer married to them. Most might agree that even though they may not have ill feelings toward their ex-spouse, they don’t want them listed as their beneficiary any longer. And if this is currently how you feel, you are going to want to take swift action and get your documents updated.
Now, there are certain laws put into place that affect when you can make these changes. According to Forbes, you aren’t permitted to change your designated beneficiary if you already started the divorce proceedings. However, once your divorce is finalized, you can do so then. You may also be able to make the changes to who is assigned as your beneficiary prior to filing for divorce but it would be a good idea to consult with a Naples, FL divorce attorney first before making any changes to be sure you are complying with the law.
Something else you should be aware of is that in the state of Florida, if you don’t change your beneficiary on your life insurance policy and you pass away, the insurance company will review the marital status of the deceased and can then choose to provide the benefits to a secondary beneficiary given it lists them as divorced. Still, it is always a good idea to update your documents when significant changes have occurred in your life so that they accurately depict your final wishes.
If you are filing for divorce in FL and have legal questions that are in need of being answered, don’t hesitate to contact Naples divorce lawyer Michael M. Raheb.
Now, if you have further questions regarding renaming your beneficiary or you need legal advice regarding your divorce, contact Naples, FL divorce lawyer Michael M. Raheb. He is a qualified and knowledgeable attorney who can answer any question you might have and even provide you with legal assistance throughout your divorce case.
To speak with a divorce attorney, visit or call The Law Offices of Michael M. Raheb, P.A. at:
3606 Enterprise Avenue, Suite 358
Naples, FL 34104
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