The bill amends the existing law regarding the distribution of property and benefits in divorce proceedings, specifically addressing the rights of spouses in relation to life insurance policies, pensions, and retirement benefits. It mandates that judgments of divorce or separate maintenance must determine the rights of both spouses concerning any life insurance policies where they are named beneficiaries. If these rights are not specified in the judgment, the policy proceeds will default to the estate of the spouse or the designated beneficiary. Additionally, the bill clarifies that all rights, including contingent rights, to pensions, annuities, and retirement benefits must be addressed in the divorce judgment, ensuring that a proportionate share of these benefits is included unless explicitly excluded.

Furthermore, the bill changes the ownership status of real estate held by spouses upon divorce, converting joint tenancy or tenancy by the entirety into tenancy in common, unless otherwise specified in the divorce judgment. This amendment aims to provide clearer guidelines for the division of assets and benefits during 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