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Should You Own Life Insurance to Protect Alimony and Child Support?
Many people are are not aware that life insurance can actually be used as a part of a divorce settlement.
Though it’s easiest to include it as part of the divorce settlement, it can also be incorporated even after a divorce has already been finalized.
The main way life insurance is used in a divorce settlement is to protect alimony and child support.
How is Alimony and Child Support Determined?
Husband and wife separate. They are mature, responsible adults who want the best for their children, so they are able to quickly establish an informal custody schedule that enables both parents to spend meaningful time with the children.
Husband and wife both work, but husband’s earnings are far greater than wife’s. The parties agree, in principle, that husband will pay child support.
Husband consults with an experienced family law attorney to determine how much child support he owes.
Make sure you setup your insurance policy correctly!
Your children are the main reason you bought your life insurance policy.
This means both the plan you buy and the way its set up must put your children first. You need to ensure they are the ones with access to the benefit, or at least the person responsible for the money can only use it as you intended.
Simply put, you must make sure your children are the only ones who will be able to utilize the money left to them from the life insurance policy.
Both Single mothers and single fathers are covered
It’s important to note both single mothers and single fathers can benefit from life insurance to protect alimony and child support.
Just as mothers can buy life insurance on their ex-husbands, so can fathers buy life insurance on their ex-wives. The same rules apply no matter the specific scenario.
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