2006 Code of Virginia § 20-111.1 - Revocation of death benefits by divorce or annulment

20-111.1. Revocation of death benefits by divorce or annulment.

Upon the entry of a decree of annulment or divorce from the bond of matrimonyon and after July 1, 1993, any revocable beneficiary designation contained ina then existing written contract owned by one party that provides for thepayment of any death benefit to the other party is revoked. A death benefitprevented from passing to a former spouse by this section shall be paid as ifthe former spouse had predeceased the decedent. The payor of any deathbenefit shall be discharged from all liability upon payment in accordancewith the terms of the contract providing for the death benefit, unless thepayor receives written notice of a revocation under this section prior topayment.

The term "death benefit" includes any payments under a life insurancecontract, annuity, retirement arrangement, compensation agreement or othercontract designating a beneficiary of any right, property or money in theform of a death benefit.

This section shall not apply (i) to the extent a decree of annulment ordivorce from the bond of matrimony, or a written agreement of the partiesprovides for a contrary result as to specific death benefits, or (ii) to anytrust or any death benefit payable to or under any trust.

(1993, c. 417.)