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life insurance

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thejuicer2

Junior Member
What is the name of your state (only U.S. law)? Wisconsin, I am going through a tough divorce. I was married for over 40 years. I had this life insurance policy before I got married. Now my soon to be ex wants half of the cash value of this policy. I have ask the company to send me an updated statement and my wife is not even listed as a beneficary. I must not have ever switched it over. My parents/sister are listed. Does this help me when it comes to not having to share the cash value? Or won't it matter and I will still have to split it? Thanks:
 


mistoffolees

Senior Member
What is the name of your state (only U.S. law)? Wisconsin, I am going through a tough divorce. I was married for over 40 years. I had this life insurance policy before I got married. Now my soon to be ex wants half of the cash value of this policy. I have ask the company to send me an updated statement and my wife is not even listed as a beneficary. I must not have ever switched it over. My parents/sister are listed. Does this help me when it comes to not having to share the cash value? Or won't it matter and I will still have to split it? Thanks:
Your stbx will be entitled to 1/2 of marital assets. In the case of a life insurance policy, that's the increase in value during the time you were married. It doesn't matter who the beneficiary is.

Sorry.
 

LdiJ

Senior Member
What is the name of your state (only U.S. law)? Wisconsin, I am going through a tough divorce. I was married for over 40 years. I had this life insurance policy before I got married. Now my soon to be ex wants half of the cash value of this policy. I have ask the company to send me an updated statement and my wife is not even listed as a beneficary. I must not have ever switched it over. My parents/sister are listed. Does this help me when it comes to not having to share the cash value? Or won't it matter and I will still have to split it? Thanks:
Was the policy paid for in full prior to your marriage, or have you been making monthly payments for the life of your marriage? Who is the owner of the policy? Sometimes the beneficiaries are the owners of the policies.

If you are the owner of the policy, and you have been using marital funds to make the premium payments, then I would think that its marital property.

However if it was paid in full prior to your marriage, and/or you are not the owner of the policy, then I would think that its either separate property or completely uninvolved in your divorce because its not the property of either of you.
 

nextwife

Senior Member
Was the policy paid for in full prior to your marriage, or have you been making monthly payments for the life of your marriage? Who is the owner of the policy? Sometimes the beneficiaries are the owners of the policies.

If you are the owner of the policy, and you have been using marital funds to make the premium payments, then I would think that its marital property.

However if it was paid in full prior to your marriage, and/or you are not the owner of the policy, then I would think that its either separate property or completely uninvolved in your divorce because its not the property of either of you.
In WI, you should be able to deduct out the premarital value, and her sghare would be half the marital accrual. Were any loans taken against the cash value? During the marriage? Any outstanding loans would be deducted.
 

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