Wording Divorce Settlement Awarding Ownership of Life Insurance Policy

[scagnt83]

Yup. That is what has been advised: either manually change bene %s every year or set up trust, but most weren't not interested in the added cost of trust, etc. Laddereing term can make sense if total coverage not needed for others, but pricing at some younger ages & face amounts can make cost a bit inefficient because of added policy fee for each policy

Just seems so simple in my mind to use a collateral assignment, but not allowed so I am sure there is a valid reason by legal departments

Seems like they could do a year by year layout of the Beneficiaries allocated percentage. Make it a supplement to the app. Maybe they would let you write it in.
"Bene 1 gets 100% for y1-y5, 75% y6-10, 50% y11-15" etc.

I guess that would be hard from an admin point of view since the bene is listed on the online portal in most systems.

 

[Lawsonhj1]

Husband agrees to sign any necessary forms required by insurance company in order to transfer ownership of policy to wife by this date.

 

[jadynshay]

Considering your concerns about the husband's past behavior, it's wise to ensure the language in the settlement is ironclad. You might want to specify that the wife has sole ownership and control of the policy, with provisions in place to prevent the husband from making any changes or cancellations without her consent.
While I don't have a specific sample order for you, consulting with a divorce lawyer like Divorce Lawyer Oceanside could be a game-changer. They can provide personalized advice and help draft a settlement that covers all your bases.