Enforceability of Life Insurance Provisions
MCL 552.101(2)–(3) states that a divorce judgment or separate maintenance order shall determine all rights of the husband/wife in and to the proceeds of any policy or contract of life insurance, endowment or annuity upon the life of the other spouse, if he or she was named or designated as beneficiary. If the divorce judgment or separate maintenance order does not determine the rights of the divorced spouse to a policy of life insurance on the other, the policy shall be payable to the estate of the decedent or to the named beneficiary if the decedent has designated.
Parties who wish to be able to enforce an agreement to use life insurance to secure support or payment of property settlement debts should include language in the divorce judgment specifically stating the terms of the agreement and re-affirming the right of the recipient spouse to be named as a beneficiary of the insurance policy. WWW.ATTORNEYBANKERT.COM
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