Insurance of Married Person’s Life
In New York, the rules and regulations related to marriage, divorce, and other family matters are found in the Domestic Relations Law and Family Court Act. However, when it comes to the rules related to the interest of married people in insurance policies, the New York Insurance Law also applies. Because property interests of married people can be complicated, if you have legal concerns related to insurance policies or any other assets, contact an experienced New York family lawyer at the Law Offices of Stephen Bilkis & Associates. Whether you are contemplating divorce or not, we can help you through complicated issues related to marriage and family including asset division, spousal maintenance, equitable division, and child support.Insurance of married people’s life
According to NY Dom Rel Law § 52, the right of a married person to arrange for life insurance on the life of his or her spouse or any one other person, or to dispose of his or her interest in a life insurance policy is governed not only by the laws that govern the property rights of married people, but also by insurance law.Property rights of married people
Although people often view all property of married people as jointly owned, that is not the case. Married people do often own property jointly, particularly real estate, financial accounts, and vehicles. However, married people also have the right to own property as individuals. For example, property that a person owned before getting married remains the sole property of that person after marriage. Property acquired during the marriage can also be the sole property of the party who purchased it. Gifts given from one spouse to the other are the property of the recipient. Inheritances are the sole property of the specific beneficiary.
If the couple ends up divorcing, then the laws related to equitable distribution and other related rules will determine how the property will be distributed.Related Statutory Provisions
- Property of married woman: New York Domestic Relations Law, section 50
- Pardon not to restore married person’s life: New York Domestic Relations Law, section 58
- Married person’s domicile: New York Domestic Relations Law, section 61
The right of a married person to cause the life of his or her spouse or any other person to be insured and to dispose of any interest such married person may have in a policy of insurance on the life of the other spouse or of any other person shall be governed by the insurance law and by statutes and rules of law governing rights of a married person in respect to property and the acquisition, use, enjoyment and disposition thereof.Contact the Law Offices of Stephen Bilkis & Associates
The New York family lawyers at the Law Offices of Stephen Bilkis & Associates have extensive experiencing representing clients facing complex and sensitive legal issues related family matters. Whether your issues is related to divorce, child custody, prenuptial agreements, or child support, we have the knowledge and resources to advocate for your interests. Contact us at 1-800-NY-NY-LAW (1-800-696-9529) to schedule a free, no obligation consultation regarding your case. We represent clients in the following locations: Nassau County, Suffolk County, Bronx, Queens, Brooklyn, Long Island, Manhattan, Staten Island, and Westchester County.