In divorce cases, the division of joint property is often one of the most complex and contentious links. Among them, the division method and principle of insurance policy, which is part of the joint property of husband and wife, have also attracted much attention. This article aims to ** a special situation in the division of marital property - the situation of policy division.
When the policy is purchased by a third party for one of the spouses, and there is a Unilateral Premium Gift Agreement that clearly states that the policy is given to only one of the husband or wife, the policy should be recognized as personal property. In this case, the nature of the policy is closer to an individual's gift property than to a joint property between husband and wife. It is important to note that this determination requires the agreement to clearly state the party making the gift, otherwise, the policy will be deemed to be a gift to both spouses and therefore joint property that should be divided in the event of divorce.
For policies purchased before marriage, if the marital property continues to be used to pay premiums after the marriage, the cash value of the policy includes elements of the marital property. The proportion of this part of the joint property is determined on the basis of the actual premiums paid, and shall be divided accordingly in the event of divorce. In this case, the division of the policy takes into account both the personal attributes of the policy and the contribution of the joint property during the marriage, reflecting the fairness of the division of property.
When a joint deposit is used to purchase a policy, the cash value of the policy should be treated as joint property, regardless of whose name the policy is registered in. There are two ways to deal with divorce: surrender the policy and divide the cash value of the policy, but in this case, there may be a situation where the premium amount is higher than the cash value, and this option will incur losses. If the policyholder continues to be insured, the policyholder will compensate the other party for half of the cash value of the policy (the policyholder may need to be changed through negotiation in the future, and the insurance company can be negotiated later), which aims to ensure that the economic interests of both parties are treated fairly, while taking into account the long-term benefits that the policy may bring.
Some courts consider from the perspective of the nature of the insurance policy, because the policy** is based on the joint property of the husband and wife, therefore, at the time of divorce, for the division of the policy, regardless of who the beneficiary of the policy is, it is determined that the cash value of the policy belongs to the joint property of the husband and wife and should be divided according to law. However, some courts have determined that since the beneficiary of the policy is a child, the purpose of the husband and wife to purchase insurance for the children is also to protect the interests of the children, so the policy can be recognized as a gift from the husband and wife to the children, and the policy will not be divided as the joint property of the husband and wife in the event of divorce.
Of course, in practice, if one party buys a policy with a huge premium before the divorce in order to let the other party share less property, even if the beneficiary is a child at this time, it may be recognized by the court as the joint property of the husband and wife and be divided.
**10,000 Fans Incentive Plan 5. Death insurance benefits obtained by one party after marriage.
During the existence of the marital relationship, whether the death insurance benefits obtained by one of the husband and wife as the insured can be recognized as the joint property of the husband and wife needs to be determined according to the circumstances
1. If the policy clearly designates one of the husband or wife as the death beneficiary, the death benefit obtained by the spouse is the personal property of one party.
2. If the policy does not specify the death beneficiary, the death beneficiary shall be the legal successor, that is, the husband or wife is the legal heir of the death insurance benefit, and the property also belongs to the personal property of one party.
3. If there is no beneficiary in the policy and no legal heir is selected, the death insurance benefit will be inherited by his heirs as an inheritance, and the death insurance money inherited by the husband or wife shall be recognized as the joint property of the husband and wife.