As circumstances change, matrimonial practitioners must review the law in certain areas to see if those laws need to be amended to keep pace with changing times. For example, the onset of AIDS has created almost a new class of terminally ill people.
Term Life Insurance in Divorce Cases: A New Deal
As circumstances change, matrimonial practitioners must review the law in certain areas to see if those laws need to be amended to keep pace with changing times. For example, the onset of AIDS has created almost a new class of terminally ill people. These people who are involved in divorce cases may find themselves in a legal conundrum when it comes to term life insurance benefits. Traditionally, under prior law in some states, only cash surrender value was deemed property. <i>See, e.g., In re Marriage of Mullins</i>, 121 Ill.App.3d 86, 458 N.E.2d 1360 (Ill. 4th Dist. 1984). Historically, term policies, therefore, had no value in divorce proceedings. Those cases, however, may be distinguishable where the insured was not terminally ill, and the proceeds therefore become much less speculative.
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Paul L. FeinsteinThis premium content is locked for LawJournalNewsletters subscribers only
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