It is fairly common that during a marriage, you will name your spouse as a beneficiary to your life insurance policy, mutual funds, retirement accounts, trust and other similar assets. When you get divorced, your divorce agreement should explicitly state that you revoke that designation — with one very large exception. If there are children involved, the divorce agreement can state that the children are the beneficiary and that your ex-spouse is just a trustee or guardian of the assets.
However, even if the divorce agreement does not explicitly revoke your ex-spouse as a beneficiary, New York State law provides that a divorce automatically revokes such designations. There is an exception to the law, namely if the insurance policy, retirement account or trust expressly states that a divorce does not revoke a beneficiary designation, then in that case, it would not be expressly revoked.
If you have questions about your divorce or you are seeking to get a divorce, contact David Badanes, Esq. and the Badanes Law Office, P.C. David Badanes and the Badanes Law Office, P.C. If you live in Suffolk County or Nassau County, contact David Badanes and the Badanes Law Office, P.C. today at 631-239-1702, email at firstname.lastname@example.org or visit our web site: www.dbnylaw.com.
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