Legal Question in Insurance Law in Michigan
Insurance won't give me my money
My husband and I were divorced last year.Nov 98. I was to receive half of the money in his annuity from Great West Life. Which at the time was $10,000. They transfered over the $5,000 in a policy in my name. I wanted to get the money out and they are telling me that I can't get at it till my ex retires or quits his job at Bay Metro Trans. Is this fair beings the money is in my name now? Thank you.
1 Answer from Attorneys
Re: Insurance won't give me my money
Guess what ... if I'm not mistaken, that's the law,
and the same goes for your husband! That is, he can't
get at his part until he retires or leaves the job, either.
It's kida fair: if you'd stayed married, you'd have been
no better off in this regard, and the idea for the auunity
is to hold onto something for the future, not to be able
to spend it all now.
There are companies that will give you lump sums in exchange
for you signing over the annuity stream to them, if it's legal
for you to do so, but you'd probably be lucky to get $3,000 if
you did that.
It's also fair because he probably didn't put anywhere near $10,000 in and
that might be the amount they cite as what they're giving back when
he retires; perhaps it needs time to grow. But I'm just shooting from the hip.
Real advice will come from an attorney in your own state.
Stuart Williams
Law Offices of Stuart J. Williams
21 Walter St.
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