Legal Question in Family Law in Arizona

question of life insurance policy while going through a divorce

I have a life insurance policy in the state of colorado, of which i am a legal resident. i am currently going through a divorce in Az. I signed over the policy to my son before any divorce papers were filed and have a will instructing what to do with the policy in the event of my death. Does my wife have any legal entitlement to the monies of the policy, I did not leave here anything in the will. since I also signed the policy over to my son, can any creditors come after the monies of the policy

thank you for your help


Asked on 8/27/01, 11:34 pm

1 Answer from Attorneys

Re: question of life insurance policy while going through a divorce

If the policy had cash value, your Wife could claim that tranferring ownership just prior to Divorce was an act of "community waste". Also, a claim could be made that since you effectively still have ownership (i.e. directing its treatment by will), that it remains an asset to be divided.

If there is no cash value, it should not be an issue.

I cannot answer the second question regarding creitors, as I do not practice in the area of collection.

Please call me directly to discuss any further issues, or contact my assistant Cathy to schedule a free 1/2 hour consultation.

/s/ Rich J. Peters, Attorney

JON C. DAKE & ASSOC., P.C.

1422 N. 2nd Street, Suite 100

Phoenix, Arizona 85004

602.254.7251

602.254-1229 (facsimile)

see our web page at www.familylawaz.com

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Answered on 9/17/01, 1:17 pm


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