The bill amends the existing law regarding divorce and separate maintenance judgments, specifically addressing the rights of spouses in relation to life insurance policies, pensions, annuities, and real estate. It stipulates that a judgment of divorce or separate maintenance must determine all rights of a spouse concerning any life insurance policy where they are named as a beneficiary. If such rights are not specified in the judgment, the policy proceeds will be payable to the spouse's estate or the designated beneficiary. Additionally, the bill clarifies that judgments must also address the rights of spouses to vested and unvested pension, annuity, or retirement benefits, ensuring that a proportionate share of these benefits is included in the assignment unless explicitly excluded.

Furthermore, the bill modifies the treatment of real estate owned jointly by spouses upon divorce, changing their status from joint tenants or tenants by the entirety to tenants in common, unless otherwise specified in the divorce judgment. The amendments aim to provide clearer guidelines for the division of assets and liabilities in divorce proceedings, ensuring equitable treatment of both spouses. The enactment of this bill is contingent upon the approval of a related Senate or House Joint Resolution that must become part of the state constitution.

Statutes affected:
House Introduced Bill: 552.101, 552.102