Legal Question in Wills and Trusts in Illinois
Life Insurance - Divorce Settlement Agreement
My fiance and his ex-wife divorced in March 2002. In the Settlement Agreement portion of their divorce decree they made stipulations for their life insurance policies. My fiance's life insurance policy is provided through his employer which he pays nothing for. He is retired and this life insurance policy is one of his benefits. In the divorce decree's Settlement Agreement it states that after burial expenses, whatever is left is to be split evenly between his two childlren. The SA states that the Wife & Husband shall not elect distribution of the life insurance proceeds in a manner other than hereinabove set forth. We are planning to marry in August and now my fiance wants to change his beneficiary on his life insurance policy to include me as well as his children. In the event of his death, he wants to make sure I will have enough money for funeral expenses because he's worried his children will not pay for his burial expenses with the life insurance because they wouldn't legally have to since he is remarrying. Can he change the beneficiaries on his life insurance policy even though the divorce decree's Settlement Agreement says it can't be changed? Please advise. Thank you.
1 Answer from Attorneys
Re: Life Insurance - Divorce Settlement Agreement
He "can" change it but after his death the kids would have the right to enforce the policy against you in a court of equity. Why not just take out an additional insurance policy for you, while satill living up to the terms of the contract he signed?
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