Texas Family Code
§ 9.302 — PRE-DECREE DESIGNATION OF EX-SPOUSE AS BENEFICIARY IN RETIREMENT BENEFITS AND OTHER FINANCIAL PLANS
FA § 9.302Title 1. THE MARRIAGE RELATIONSHIP · Part C. DISSOLUTION OF MARRIAGE · Ch. 9. POST-DECREE PROCEEDINGS · Art. D. DISPOSITION OF UNDIVIDED BENEFICIAL INTEREST
Statute text
View on source(a)If a decree of divorce or annulment is rendered after a spouse, acting in the capacity of a participant, annuitant, or account holder, has designated the other spouse as a beneficiary under an individual retirement account, employee stock option plan, stock option, or other form of savings, bonus, profit-sharing, or other employer plan or financial plan of an employee or a participant in force at the time of rendition, the designating provision in the plan in favor of the other former spouse is not effective unless:
(1)the decree designates the other former spouse as the beneficiary;
(2)the designating former spouse redesignates the other former spouse as the beneficiary after rendition of the decree; or
(3)the other former spouse is designated to receive the proceeds or benefits in trust for, on behalf of, or for the benefit of a child or dependent of either former spouse.
(b)If a designation is not effective under Subsection (a), the benefits or proceeds are payable to the named alternative beneficiary or, if there is not a named alternative beneficiary, to the designating former spouse.
(c)A business entity, employer, pension trust, insurer, financial institution, or other person obligated to pay retirement benefits or proceeds of a financial plan covered by this section who pays the benefits or proceeds to the beneficiary under a designation of the other former spouse that is not effective under Subsection (a) is liable for payment of the benefits or proceeds to the person provided by Subsection (b) only if:
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Legislative history
Added by Acts 1997, 75th Leg., ch. 7, Sec. 1, eff. April 17, 1997.