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 is transferred.
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.
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