Life Insurance & Divorce
Why You Should Be Talking About Life Insurance During Your Divorce
When a divorce includes provisions for alimony or child support, it is
a common practice to include an agreement stating that the supporting
spouse should have a life insurance policy. This can guarantee that the
child will still be provided for in the event that the supporting parent
suffers an untimely death.
You can also include a provision in your divorce agreement stating that,
if your ex-spouse changes the beneficiary designation or they allow the
policy to lapse, you and/or your children would be entitled to a portion
of your ex-spouse’s estate equal in value to the death benefit of
the insurance policy.
How Long Will the Life Insurance Policy Be Maintained?
The amount of time the policy is maintained will depend on what the policy
is intended for. If the life insurance policy is meant to provide financial
security for a minor child, it can usually be terminated once the dependent
child reaches the age of 21 in New York.
The supporting parent can maintain the policy beyond their child’s
formative years if they so choose. If the life insurance policy is meant
to guarantee alimony or a property settlement, it can be maintained for
as long as the alimony payments are required, or until the business value
Call Lois M. Brenner, Esq. to Learn More About Your Options
Lois M. Brenner, Esq., a highly acclaimed
divorce lawyer, seasoned litigator, accredited mediator and psychologically trained medical
professional, has been serving and protecting families throughout New
York for more than three decades. She has even been featured as a family
law expert on television programs like
Good Morning America, The Oprah Winfrey Show, and
CNN – just to name a few.
If you need help protecting your family’s financial security, call
our team at Lois M. Brenner, Esq. today. You can schedule your initial
consultation by calling (646) 663-4546.