If I have a life insurance policy with my wife as beneficiary but also have a judgement against me, if I die can the judgement be enforced against the insurance proceeds?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If I have a life insurance policy with my wife as beneficiary but also have a judgement against me, if I die can the judgement be enforced against the insurance proceeds?

Asked on October 11, 2012 under Bankruptcy Law, New Jersey

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If the judgment that is presently against you arose for conduct during your marriage then under the laws of all states in this country the money that you wife may receive under your insurance policy where she is a beneficiary could be subject to levy. The reason is that under the laws of all states in this country the debts of one spouse incurred during the marriage can be levied upon from marital assets.

If you pass and your spouse receives the insurance premiums form your life insurance policy, the judgmenet creditor can very well levy upon the money naming her as a beneficiary for payment.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption