Divorce and Life Insurance Payout
My question involves divorce in the State of: California
I am in the middle of a separation and contemplating divorce. My mother is currently terminally ill and has a life insurance policy of which I am a beneficiary. Would my wife be entitled to half of the payout if the divorce is not final before the life insurance is collected? TIA
Re: Divorce and Life Insurance Payout
The proceeds should be treated as separate property (See California Family Code, Sec. 770), but sometimes separate property provides a basis for the court to award the other spouse a greater share of the marital estate. Consult a divorce lawyer.