We have agreed to settle on everything except my life insurance. I bought a 20-year term insurance after my child was born. I didn't want to put either the ex's or my child's name as the beneficiary, because the ex would be in effective control of the money as the guardian either way. So I put my parents as beneficiaries as I trust them.
Now the ex asks me to change the beneficiary 100% to my child and put it into PSA, quoting VA code § 20-108.1. Determination of child or spousal support.
D. In any proceeding under this title, Title 16.1 or Title 63.2 on the issue of determining child support, the court shall have the authority to order a party to (i) maintain any existing life insurance policy on the life of either party provided the party so ordered has the right to designate a beneficiary and (ii) designate a child or children of the parties as the beneficiary of all or a portion of such life insurance for so long as the party so ordered has a statutory obligation to pay child support for the child or children.
Will the court force me to change the beneficiary to my child?
Can I cancel my insurance without Court's prior approval?