Why You Need to Change Your Beneficiaries After a Glen Burnie, MD Divorce
When you divorce your spouse, your life changes. Along with the splitting up your lives and assets, your obligations towards each other often change, as well. Leaving your ex-spouses name as a beneficiary on your life insurance or other similar policy can cause lots of trouble down the road. Here, a lawyer reveals why you need to change your beneficiaries after a Glen Burnie, MD divorce.
Your Ex Will Receive the Money
If you named your ex-spouse as the beneficiary of your life insurance or other policy before you separated and fail to change it, he or she will receive that money. Even though you are no longer a couple because of your Anne Arundel County divorce, you will still give those funds to your ex if you fail to change the information on the policy.
What You Can Do
Changing the beneficiaries on a policy is usually simple. All you often need to do to change the information is contact the company through which the policy is issued. You will likely need to fill out paperwork or authorize the change, but that is usually all you need to do to prevent your ex from receiving that money after your divorce in Glen Burnie.
Other Beneficiaries
Youll need to name new beneficiaries to your policy after you remove your ex-spouse. You can choose your new spouse, children, relatives just about anyone who you would like to receive that money.
A Glen Burnie, MD divorce often brings up issues some folks never even think about, such as their life insurance policies. Without knowing this information, they can unintentionally allow their ex-spouses to take money that they dont want them to have.
Call the Maryland family law attorneys of Jimeno and Gray at (888) 903-5514 for more information and to answer any questions you have about your divorce. Request your free copy of the book The Ultimate Guide to Divorce in Maryland, written by Frank C. Gray, Jr., when you call.’