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roseta k | Life insurance policy? |
have been married to a man with 3 children from a previous marriage two of his own and one adopted.Three months ago i received a notification from his life insuerer company that although i am my husband's lawfull wife i am not the benefitiary for his life insurance.When i asked my husband i found out that he has given his ex-wife 75% of the amount and me 25%of the life insurance .Out of 400.000 i would be receiving 100.000 and his ex wife 300.000 as he claims 100.000 for each of the children's future and as the children are under 18 the ex-wife is the named benefitiary
my question is whether this distribution of life insurance is a fair one and if am entitled to more than 25 % as lawfull wife?
i am a new resident in the usa and i am not familiar with the family law pertaining life insurance.
how i see it is that as current spouse i am responsible of any debts that my husband may leave and other expenses and i just not sure if this distribution is a fair one.
Can anyone give me a legal advice ?and if i am entitled to more how do i bring that to my husband's attention? i once brought it up and i was told by my husband that the only way the policy would change is when we have children otherwise it will remain as it is.
i am not sure if he is being just with me and any advice is appreaciated.
another detail, i know he has some late child support but i am in darkness of how much exactely as he doesnt want to discuss finances with me so in that case is the distribution right?
7 hours ago - 3 days left to answer.
Additional Details
thanks a lot for your input on the matter.i am also concerned with other issues such as late child support and debts.my husband owns late child support to his ex wife the amount or time of which i don't know.My concern is if anything happens to him death or work injury are my personal savings and earnings threatend from the ex wife.Also debts that my husband has created before marriage do i have any legal obligation of those? i have 1 year and 3 months married and i am 33 years old how could age and years of marriage affect the distribution of life insurance between ex wife and me? my husband does not clarify to me the amount of late child support nor his debts nor if i could be touched by such problems so your input is appreaciated.For the ssn benefit do i have to do anything or am i automatically in the system as the spouse? |
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Ziggy
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Having worked in insurance in the UK I can tell you how it works here .... perhaps it will give you something to work on in US law......
In the UK, if a parent dies and leaves money for children, then as they are under 18 years of age the remaining parent (married to the deceased parent or not) can become an executor for those children's monies - should not be named as a beneficiary......
Your husband can name his children as beneficiaries and name anyone else he chooses as an executor for them .... what this means that under the terms of the policy the children's monies must be reinvested for their benefit (not necessarily with the same company) and the executor together with the insurers will open separate accounts for each of the children until they are 18 years...... In this instance I don't see why your husband doesn't trust you enough, as his current wife, to be an executor for his children - I would have thought his ex wife would be watching with an eagle eye to make sure you did the right thing for those children......
as it stands - as she is the beneficiary - even though his intentions are that his children get their share of the money, there is nothing to make her follow his wishes once he is dead - after all she is the named beneficiary ......
I would question why your husband doesn't want to discuss finances with you when he seems more than happy to discuss them with his ex wife?.......
In the meantime he needs to review his arrangements - as at present his ex-wife is the only beneficiary to three quarters of his life insurance......
I would also add that he needs to remind himself of why his ex-wife is an 'ex' - with this in mind..... what makes her more trustworthy than yourself? He needs to go back and speak with his insurers, explain what he wants to do, and ask them how he can write his insurance monies into trust for his children - to make sure his EX-wife doesn't benefit any more from his death than he wants her to....... |
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Insurance Pickle.com
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There is no law AND there is no law that if he leaves his ex-wife as the beneficiary that she'd use the money for the children. I would have a BIG problem with a spouse leaving ANY money to an ex.
I understand he wants the children to be taken care of, but he should name the children as the beneficiary with a named custodian for the money -- not the ex at all.
And finally, if you get only $100,000 I'm assuming he only makes about $4,000 a year because that's all the income that $100,000 is going to replace. He's not leaving his current wife with much money at all.
It's legal what he's doing, but FAR from smart. |
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car253
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You might want to consult with an attorney.
Community property states are different than other states.
It is important to know what state your in. You do not say, unless I missed it, if you have children of your own.
You alrealdy have some good answers here. I would repost your question under politics and then click on law & ethics.
Or, find a category that might help you.
But if someone has children from a prior marriage, the children will always, always, come first. People have to face that their children will always come first. After that there is not that much money left. So, why does your husband want to leave half of your money to the ex? That is something you both need to talk about. You should also mention the ages of the kids because it is important to know how close they are to being 18. Nothing wrong with leaving money to the kids, just you need to do it the right way.
Other posters are right. He can name whoever he wants on a life insurance policy. If it makes you feel better have him take out a 2nd policy that would put yourself as beneficiary.
The best answer is to have a trust in place. Then the beneficiary would be the trust. And, the trust would say who gets what and who would take care of the minor children and who would be in control of the minor childrens money or would the trust hold the money until the kids are 18 years old.
Leaving money to minor children is a bad idea unless maybe they are unable to touch the money until they turn 18. If you leave money to a minor the guardian of the minor gets the money and gets to spend it anyway they want. Tell your husband that.
Get a trust. The person that writes it for you will know what they are doing and explain everything to you. If you can not afford to go to a live person there are websites available so you can do it yourself. You can try the one I listed below. |
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ღAIG♥MU♥Annღ
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Beneficiaries in life insurance policies are contract binding. It means no court can challenge it, in the event of the life insured's death.
It is upsetting that your husband do not discuss his financial standings with you, and leave you in the dark. It is not right because it involves you.
It is best to discuss with your husband prior to consulting a legal advisor as this will strain your relationship further. If he is unwilling to give you a clear understanding of his finances, how will he be a good provider to you, even after death? Does the wedding vows he took, seriously and sincerely? |
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Ed Atun
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Make your husband switch you to 100% beneficiary of his insurance policy. He will do it.. |
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Howard L
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There is no law in the US that requires him to leave you anything. He is free to make anyone he chooses the beneficiary of his life insurance. If he wants to be sure the money does go to his children I would suggest he create a trust for them. That way the trustee, his ex I assume or possibly you, could only spend the money on the children until they reach legal age at which point they could access the money themselves.
In the US you will by law be entitled to his social security once you have been married 10 years and most employers require that the present spouse gets the proceeds of any pension plans and 401K accounts, if he has them.
Is dividing the life insurance money between you and children 25% each a fair distribution? In general I would say it seems so but I would ask how old you are and how long you have been married before giving a definite answer. Just my personal opinion.
Edit:
Rosetta,
You are automatically included in Social Security. You don't have to do anything. That's probably true for any pension rights and 401Ks. But that's only probably. I would only be guessing about your liability for the child support arrears. Would his estate have any other assets? Your house, bank and brokerage accounts? Does he have a will? It can get very involved. There may also be serious tax consequences if the estate is not handled properly. The laws on all this will vary depending on which state you live in. I would suggest you find a financial adviser or lawyer to determine all of the possible what ifs and to be sure the assets are divided per his (and your) wishes. |
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mbrcatz
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There's no "fair" with life insurance. Your husband can name ANYONE he wants as beneficiary, even ME, a complete stranger. So it's perfectly legal, the way he's doing it.
And my personal opinion - it's also perfectly FAIR, to leave money to take care of your minor children, even if they belong to the ex wife. Yes, his estate would still be responsible for paying back child support - and interest - in addition to the rest of his debts.
Your personal savings and earnings could be attached, for any debt accumulated during the marriage, IF you live in a community property state.
Age does NOT affect the distribution of life insurance. For social security, you have to be married for a certain period of time before you can qualify based on your spouse's earnings - it might be 15 years. |
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