How Life Insurance Works  With Divorce

Life Insurance Beneficiary Modifications

Most couples will appoint their spouse to be the beneficiary for their life insurance plans. Because life insurance is supposed to help in the event that both you and your income are gone, your spouse seems to be the most logical option to be named as a beneficiary. When you are married, your finances become much more intertwined as together you pay the mortgage, make joint purchases, and perhaps, raise children. If you pass away and you had named your spouse as the beneficiary in your life insurance, your surviving partner will continue to be able to provide for themselves and your family, especially if you were the higher-earning spouse.

With all of the other changes happening as a result of your divorce, life insurance is just another to add to the pile. It is important not to overlook life insurance for too long as it can be used to your benefit if you have dependent children. If the higher-earning spouse passes away, life insurance could be used to replace alimony or child support payments, thus securing a stable financial future for your children.

We understand that divorce is a challenging time for more than just the parties directly involved. Many complications can arise from child custody to the ownership of property. It is important that you have a divorce attorney that you can trust. Brandon Legal Group’s expert divorce attorneys have vast experience with divorce in the Florida Legal System and are here to give you the guidance and support that you need.