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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I utilized Lois's services for divorce. She was most helpful in all aspects. First, she explored reconciliation, which was the right thing to do. Absence of that, her suggestion of what to negotiate for, how to do it without unnecessary anger & hostility to the ex & how to expedite the process was invaluable. Timewise she was excellent & sympathetic to what I was going through. She was always available & her fees were very reasonable. I would strongly recommend her as a divorce /representative attorney.
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Lois was an absolute pleasure to work with. She worked on a prenuptial agreement for me. Our very first conversation put me at ease. She was interested in my upcoming marriage and wedding. She assured me the prenuptial agreement could be drafted quickly. She made intelligent recommendations to address some of my complex financial decisions. She also made sound suggestions to protect my multi-million dollar portfolio. Our wedding is coming up and will be a lot smaller than we originally thought due to COVID-19, but Lois Brenner got our prenuptial agreement done in time, and made it a lot more pleasurable experience than I thought it would be. I would recommend Lois to anyone seeking a truly skilled attorney to draft their prenuptial agreement.- Glen Mearns
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Lois Brenner is a remarkable attorney and compassionate advocate for dads. She guided me when I was confused and didn't know what to do to get shared custody of my daughter. She encouraged me to stay strong and to fight, and she negotiated a much better custody arrangement than my previous lawyer. What great attorney. Thank you Ms. Brenner- Christoff
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Lois is a “Rock Star” I was very worried about my daughter who was in a really bad marriage. I started researching divorce attorneys and found Lois Brenner. I called her, discussed my daughter’s horrible marriage and she agreed to meet with us. Since my daughter’s husband wanted out of the marriage too (he was cheating), Lois suggested she help them dissolve their marriage in mediation. To my surprise it worked out. Lois was able to keep my daughter and husband from fighting during their sessions, and she helped them resolve all their financial issues. Since I was paying the fees to help my daughter, not having to go to court saved us a great deal of money. As a father, I am truly grateful for everything Lois did. Her talks with me in the beginning of the process, to calm me down, really helped. I would highly recommend her to anyone thinking of divorce.- Graham (happy dad)
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