Dividing Insurance in a Divorce
The division of property can be one of the most contentious aspects of divorce proceedings. Two divorcing spouses are asked to fairly divide their property between each other, despite the likeliness of disputes and hostility between the parties. Moreover, it can become complicated because property division is a complex legal issue that is not always as simple as dividing the net value in half.
An experienced family attorney can help you to pursue a reasonable decision regarding property division that considers long-term and material issues that you and your spouse may not have noted. The division of insurance coverage and awards is often rather complex, and if you do not have skilled legal counsel you may unwittingly sacrifice benefits. Contact the Denton divorce lawyers of Alexander & Associates at 972-420-6560.
How Is Insurance Divided?
The state determines which spouse has rights to what portion of insurance assets in a divorce. The court maintains its right to divide marital property equally and in consideration of both parties and their children. The Texas Family Code allows the court jurisdiction over the division of insurance, but gives guidelines for any insurance policies or awards it does not specifically divide.
- If the court does not specifically divide the coverage or awards of a policy, with the exception of life insurance, a policy is allowed to continue until the end of its term.
- If a policy was awarded to just one of the spouses and is not divided by the court, it will continue to cover that spouse.
- If a policy is awarded in specific percentages to both spouses, that division will remain in effect until the end of the term of the insurance.
For more information on how an experienced divorce lawyer can help you and your spouse to fairly divide your marital property, please contact the Denton divorce lawyers of Alexander & Associates by calling 972-420-6560.
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