Is it legal for my former wife to change ownership of my life insurance policy over to our children?
Question Details:
My former wife had been paying on my life insurance policy for the last 2 years after our divorce because she wouldn't give me possession of them. Now she has some how taken me off as the owner and give full ownership of my 2 policies to our adult children. Is that legal?
Unless you have a written agreement allowing your former wife to have an insurable interest on your life (I suggest that you review your written marital dissolution agreement assuming you have one), she legally cannot place a life insurance policy on your life while you are not married. The reason is that she does not have an insurable interest on your life under the laws of all states in this country.
Assuming the marital dissolution agreement allows her to have an insurable interest on your life, your former wife can transfer ownership under the policy to your two adult children.
