Most Georgia residents have a basic understanding of the concept of property division in divorce. When a marriage comes to an end, the court will consider all of the marital assets and determine how those assets should be divided equitably between the parties. Property division usually involves some split of all cash and cash equivalents owned by the couple, including bank accounts, annuities, and life insurance policies.
Some aspects of property division are less straightforward than others. For example, one question that may arise is how to handle a term life insurance policy that pays only if the covered individual dies during the policy term. Because the policy has no current cash value, it generally is not subject to division in divorce. If the policy names the covered individual's spouse as the beneficiary, the policy holder may simply change the beneficiary to someone else following divorce.