How does Florida treat estate claims from an ex-spouse? (Florida Probate Code § 732.703)
One of the most difficult and complex areas of probate litigation and estate administration in Florida is claims from an an ex-spouse. In a typical divorce, marital assets and debts are divided between the two spouses.
- Marital property may include cars, houses, business interests, cash, stocks, bonds, and inheritances, among others.
- Debts can include mortgages, car loans, credit card accounts, and other amounts of money you and your spouse owe to third parties.
- Generally, any asset or liability acquired during the marriage is considered marital and subject to distribution.
- However, how are life insurance policies and retirement plans, such as 401k’s, treated inFlorida?
As any West Palm Beach probate litigation attorney can tell you, Florida has a special statute in it’s probate code for situations like this. Section 732.703 of the Florida Probate Code applies to any estate planning provision, which was written or created during thedecedent’s marriage, is considered null and void upon divorce. What does this mean?
If you named your ex-wife as the beneficiary for your life insurance policy while you were married, that provision was effectively cancelled when you finalized your divorce. If life insurance policies and retirement plan benefits, like IRAs and pensions, are not updated after divorce, they will go through the probate process as if the decedent had not specified a beneficiary at all.
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