If you’re getting a divorce, you might be surprised to hear your family law attorney stress the importance of including life insurance in the divorce settlement. After all, your soon-to-be former spouse may not want to carry life insurance with you as the beneficiary during this time over fear that you might benefit from their death. And you can’t necessarily blame them for thinking that way, especially since the Court will likely order them to pay spousal maintenance and child support, too.
But the reality is that without proper life insurance coverage in place and included in a divorce settlement, you might struggle to support your children and maintain the quality lifestyle you deserve if your ex does pass away.
When facing litigation, consider including the following while working through settlement:
- Your soon-to-be former spouse is ordered to continue carrying or buy life insurance.
- The life insurance policy is active.
- You are listed as the primary beneficiary.
- The policy benefits must be adequate to cover all needs after an untimely death.
The Need for Life Insurance Doesn’t Go Away After Divorce
While reading this advice may be a surprise, remember that as the financially dependent spouse, you will likely rely heavily on your former spouse’s ability to continue paying child support and spousal maintenance.
Child support involves regular payments made by one parent to the other parent for the child’s benefit. Typically, these payments are made to the parent who designates the child’s primary residence. These payments are court-ordered and designed to provide for the basic essentials for the minor child, such as clothing, food, shelter, education, etc.
Spousal maintenance is regular payments made from one spouse to another to help the recipient meet their minimum reasonable needs. It’s important to understand that spousal maintenance is not guaranteed. A person must request and qualify for it, and the Court will look at various factors before making a final decision.
If your former spouse were to pass away, you could be left with a significant financial burden if there’s no life insurance in place.
Please call Christman | Daniell Attorneys for your legal needs today!
Looking for family law services in Collin County, Texas? Christman | Daniell is your premier choice. With years of experience and a deep understanding of the legal landscape, our skilled team is dedicated to helping families navigate complex legal matters. Whether it’s divorce, child custody, or adoption, trust Christman | Daniell to provide compassionate and effective representation for all your family law needs throughout Collin County.
Please consult an attorney for advice about your individual situation. The material on this website and in this or any blog article we publish are for informational purposes only and do not constitute legal advice. The attorneys at Christman | Daniell Attorneys believe in tailoring legal advice and solutions to your own personal circumstances.
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