Question:
Four years ago my wife and I purchased a life insurance policy. Now that she has cancer I discovered that she changed the beneficiary as the insurance company put her as the owner of the policy. Is this policy considered as marital property? Can she take this determination by herself? Can I initiate any legal action to stop her from doing this since our three children can be affected? I almost sure that she is initiating the divorce.
Answer:
Allow me to preface my answer to your question with the disclaimer that I am not licensed to practice law in the state of Pennsylvania. I suggest you contact your insurance broker to clarify if she can alter the beneficiary. It should be a marital asset. I suggest you also contact an attorney regarding other asset planning relative to her illness and possible divorce.
