Think your separation agreement ensures your ex won’t get your insurance payout?  Think again.

While married, Jack named his wife, Sharon, as the beneficiary of his life insurance policy.  Some years later the couple separate.  They negotiate and sign a separation agreement which states that neither of them will have any claim against the other’s estate.  Jack does not change the beneficiary on his life insurance policy thinking it has been dealt with by the separation agreement.  Jack dies.  The insurance company pays the insurance payout to the named beneficiary, Sharon.    (more…)