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Under Virginia Law (Virginia Code 20-111.1), a revocable beneficiary designation in a policy owned by one spouse that names the other spouse as beneficiary becomes void if there is an annulment or divorce decree.
If it is your intent to keep your former spouse as the beneficiary you need to make sure you do one of the following 4 things.
- Make the beneficiary designation irrevocable.
- Change the ownership and beneficiary on the policy to your former spouse.
- Prepare a written agreement stating that it is your intention that your former spouse be named the beneficiary on your life insurance policy beyond the date of the divorce or annulment decree.
- Make certain that your divorce decree or annulment contains provision stating that the beneficiary is not to be revoked.
Please let us know if you need to update your beneficiary and we can send you the form to make the change.