The Graham.Nuckolls.Conner. Law Firm, PLLC - Greenville Family Lawyer
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Divorce and asset division

When a couple in North Carolina decides to get a divorce, they will have to split their assets up. This seems like a straightforward process, but dividing assets during a divorce can be complicated because determining the value of some assets can be difficult or up to debate. When a couple has to split up a bank account, they can simply divide it down the middle. However, retirement accounts, investments and life insurance policies cannot always be easily cut in half.

Life insurance policies in particular are a source of confusion for many people because they often have no monetary value. Even though someone may have been paying premiums for years, many insurance policies do not have value until they are paid out to a beneficiary. Therefore, if a couple is ordered to divide their assets in half, an individual could keep their insurance policy and change the name of the beneficiary without owing their spouse any compensation in relation to the policy.

There may be exceptions to this when a couple has children together. In some cases, if the insurance policy was originally intended to benefit the children, the court could order the transfer of ownership of the policy to the spouse who has the children full-time. However, it would normally be up to the person to whom the policy was transferred to handle premium payments going forward.

An attorney could help someone going through a divorce to understand asset division laws in their state and how they might apply to their specific circumstances. A divorce attorney could also represent someone in court if need be.

Source: Fox Business, "Don't I Get Half of My Ex's Life Insurance Policy?", Jack Hungelmann, May 06, 2013

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The Graham.Nuckolls.Conner. Law Firm, PLLC
321 Evans Street, Suite 200
Hendrix Building
Greenville, NC 27858

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Phone: 252-493-6114
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