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Re: Family

Asked almost 4 years ago - Fremont, CA

I have a question in reference to a Marital Settlement Agreement. There is a section stating to review Insurance Policies and Retirement Plans. It refers to Family Code section 2024(advising parties, to review wills, insurance policies, retirement plans , credit cards, reports snd other matters they wish to change) Does this mean it has to be done before the marital settlement agreement is signed and if it is not what is the consequence?

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Attorney answers (3)

John Henry Conway

Reputation Level 6

Answered almost 4 years ago. Family Law Attorney in Sunnyvale, CA.

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No. It doesn't have to be done before the MSA is finalized or signed. It's just a warning to you that the MSA may not control what happens to certain assets if you die. Therefore, you should review your beneficiary designations and estate plan (will/trust, etc.) to make sure your assets go where you want. Old will and trusts should be changed to make sure they are current. There is no penalty for not doing it, but it could mean that your former spouse will inherit assets upon your death...which you may not want.

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Lisa Beth Older

Reputation Level 9

Answered almost 4 years ago. Divorce / Separation Lawyer in New York, NY.

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I am from NY so I can not help but you should definitely review the agreement with a licensed california attorney before you sign it.

Lisa Beth Older

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Sandra Dee Munoz

Reputation Level 14

Answered almost 4 years ago. Divorce / Separation Lawyer in San Dimas, CA.

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Mr. Conway is correct in his answer, however you need to also know that you cannot revise insurance plans and the like to remove your spouse before the date your divorce becomes final, unless s/he agrees to it in writing. By the same token, most if not all employers do not allow the spouse to continue on their health plans after divorce, making COBRA or a new policy necessary, so you must also inform your employer when the divorce is final, or you might have to pay retroactively out of pocket for the coverage given.

Good luck to you!

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