Find Out How Your Beneficiaries Are Affected by California Divorce


Find Out How Your Beneficiaries Are Affected by California Divorce

beneficiary, divorce lawyers, divorce attorney southern california, southern california divorce lawyers, men's legal center

Among the many benefits, a California divorce lawyer on your side is having an advocate for the protection of your interests when the proceedings are over. Among the most often overlooked aspects of a divorce is updating beneficiary information.

However, things aren’t as simple as they may seem, because some assets require a certain action while others do not.

In this issue, the San Diego divorce lawyers with the Men’s Legal Center will explain how beneficiary information is handled when couples go their own way.

How do insurance beneficiaries change after my California divorce?

While some states automatically nullify rights of former spouses as insurance beneficiaries when a divorce is final, California does not.

For example, if the policy is one for term life insurance – one that ensures payment of a benefit during a specified time – and initiated during the marriage, you will probably be able to retain the term life policy and name new beneficiaries.

Because California is a community property state and the above example lists an insurance policy purchased during the marriage, it’s possible for the former spouse or partner – who was the beneficiary – to actually take over the policy and be responsible for making the premium payments.

How are the beneficiaries of my retirement plan affected by my California divorce?

First off, your former spouse or partner will be entitled to 50 percent of the marital portion of your retirement plan – the amount contributed while you were married.

Once your divorce is final, you have the full authority to change the beneficiary for the remainder of your California retirement plan.

How are my will or estate affected by my California divorce?

Under California law, your finalized divorce will effectively negate any rights your former spouse or partner has to any gift or aspect of your estate.

If there is a certain item(s) you’d like for your former spouse or partner to have, you do have the authority to specify your wishes.

To make sure your interests are protected, call the Men’s Legal Center in San Diego.

As you can tell from the above information, there is no one-size-fits-all law concerning how financial interests are protected once your California divorce is finalized. That’s why it’s in your best interest to have a skilled divorce lawyer on your side.  

For more information, get in touch with us here at the Men’s Legal Center.

You can receive a free phone consultation and make your appointment by calling 619-234-3838 or via email.

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