A New York court ruled that a manâ€™s second wife was entitled to the funds from his life insurance policy, instead of his first wife and daughter. According to an October 3, 2012 New York Law Journal article, the court ruled that a $700,000 life policy from Union Central was to be awarded to a manâ€™s second wife because of a divorce settlement.
The manâ€™s first wife and daughter were original listed as the beneficiary of the policy. After the divorce the man changed the beneficiary to his second wife, however the insurance company never informed or gained the consent of the first wife or the daughter. The first wife argued that the company breached the insurance policy for not informing them of the change therefore they should be entitled to be the policyâ€™s beneficiary.
The court reviewed the coupleâ€™s divorce settlement agreement and found that the first wife was not entitled to their requested partial summary judgment. Under the divorce settlement agreement the first wife waived of her rights to the policy upon the manâ€™s 62nd birthday. The court ruled that the manâ€™s second wife was entitled to the insurance funds and found the first wife had breached multiple terms of the divorce settlement.
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