Bill Status of SB0610 100th General Assembly
Short Description: DISSOLUTION-INSURANCE POLICIES
Sen. Chuck Weaver
| 3/17/2017||Senate||Rule 3-9(a) / Re-referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Marriage and Dissolution of Marriage Act. Provides that as to any policy of life insurance insuring the life of either spouse, or any interest in such policy, that constitutes non-marital property, or constitutes marital property but was not specifically allocated between the parties as provided in the Act, a beneficiary designation made by or on behalf of the decedent prior to the entry of the judgment for dissolution or declaration of invalidity of marriage that provides for the payment or transfer at death of any of the proceeds of the policy to or for the benefit of the decedent's former spouse is void as of the time of the judgment for dissolution or declaration of invalidity of marriage and the policy proceeds shall pass as if the decedent's former spouse predeceased the decedent.