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Life insurance and Virginia divorce

On Behalf of | Aug 24, 2023 | Family Law

Some spouses going through a divorce in Virginia are able to decide the major issues of property division on their own. In other cases, a court must decide on how to divide the marital property, or whether one spouse must pay the other alimony. The court may also make rulings as to life insurance policies.

If one person, during the marriage, purchased a life insurance policy with their former spouse as a beneficiary, then the court can order that the policy be maintained even after the end of the marriage.

This may apply to an insurance policy through the insured person’s employment or one that is privately owned.

The court can also order that the former spouse receive the proceeds of a life insurance policy as the beneficiary while there is a spousal support order in effect. This is to ensure that the supported person will still be taken care of even if the former spouse dies. The premium costs can be shared if they have been billed to the policyholder.

Before making this type of order, the court will need to look at the circumstances of both parties. That includes the age and health of both sides; how much it costs to maintain the policy; the duration of a support order; if either party can pay the premiums; and other factors that are deemed relevant.