Life Insurance and Distribution in Divorce
Key Points
  • When the life insurance policy is considered marital the person who owns the policy would be awarded the policy but the non-owning spouse would be awarded a cash amount for equitable distribution purposes.

When all or part of the life insurance policy is marital property, the owning spouse is generally awarded the life insurance policy, and the non-owning spouse is generally awarded cash or other property equal to his or her equitable share of the policy.

  • In re Ryman, 172 Ill. App. 3d 599, 527 N.E.2d 18 (1988);
  • Leveck v. Leveck, 614 S.W.2d 710 (Ky. Ct. App. 1981);
  • Grost v. Grost, 561 S.W.2d 223 (Tex. Civ. App. 1977).

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CHILDREN’S INSURANCE -- Divorcing parents must negotiate health and dental insurance for their minor children as part of their separation agreement. Sometimes the spouses negotiate a qualified medical support order, known as a QMCSO, which can be part of COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage that also protects the former spouse.

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