Use of life insurance policies to secure things like child support or long term spousal maintenance is part of the divorce process, though usually you will hold the policy with your spouse or child as the beneficiary should you pass away.
If your spouse currently owns a life insurance policy in your name, the policy itself is marital property, and any value it has will be distributed between you.
More than likely, if your spouse continues to hold ownership of the policy after the divorce, an insurance company will find that your spouse lacks insurable interest in the policy, and will cancel it.
All of these items are subject to negotiation and settlement as part of the divorce, and you are well advised to consult with experienced divorce attorneys who can help you get what you want from your divorce, including getting rid of the threat that your spouse will be able to profit from a life insurance policy in the event of your death.
The attorneys at Zelenitz, Shapiro & D’Agostino can help protect your rights and interests in your Brooklyn divorce.
Call us today at 718-725-9601 for a free consultation with an experienced Brooklyn divorce lawyer.