This is a question about surrendering a life insurance policy.?

Question

This is a question about surrendering a life insurance police, but I have a problem.?
I have a dynamic life insurance policy that I was told I could surrender and use for my daughters college fund. The amount is nearly $7000. I am the owner of the policy and I am the one who is insured. Here is the problem: I got the papers in the mail that I need to sign and I saw that where the SPOUSE has to sign, it had my ex-husbands name. I called the insurance company and was told that because I bought the policy while I was married to him, it is considered community property (I live in a community property state) he has to sign the paper before I can send it back to the insurance company. Is this right? When we divorced he kept the house and land, his vehicle, his retirement and all his personal property, I got to keep my jeep, my retirement and my personal property. Wouldnt the insurance policy be considered MY PROPERTY? I really dont want to have to give him half when my daughter really needs the money for school.

His name is not on the policy. I am the owner of the policy and the insured and my name is on the bill.

Answer 1

Yes he does need to sign this was community property just as a retirement fund is as long as you both were married and paid for premiums. It did not matter who paid ,one or both it is still joint property. You may want to recontact the lawyer you used he may want to enter a court request for undiscovered assets. A judge may not do anything but if discovered by ex can also cause court action. Hopefully non of this will come up. The next unasked question is that the insurance company has to report this to the IRS for taxes in both names when cashed so he will most likely{ex spouse} become aware of this. That is one of the reasons never to fudge somebodies signature.The check also will be in both your and his name so proof at the bank will have to be shown which again can be bank fraud so please becareful and let a lawyer help you.

Answer 2

Sorry, but if the insurance policy wasn't directly addressed in the divorce decree then it is community property and half of it goes to your ex-husband. You can try and tell him that you want it all to to toward your daughter's education, but he is entitled to do what he wants with his half.

Your husband is going to be entitled to half the profit of the policy until his death. This is because his signature is on the policy and it wasn't divided in the divorce decree.