After a divorce, the parent with primary custody may receive alimony or child support payments from their ex. These payments should be used to care for the children and plan for their futures. If the paying partner were to pass away, the primary custody parent would struggle to replace this lost income.
Life insurance could be one way to prevent this from happening. If the paying former spouse has a life insurance policy, it could be used to replace the lost child support and alimony payments after their death. The most effective plan would have a benefit sum that could replace these payments until the youngest child is at least 18. If no payments are made to a life insurance policy, then it becomes invalid. Should you believe that your ex may not make the monthly payments, it would be in your best interest as the primary custodial parent to take the plan and pay the premium so the policy remains valid if you are able.
There are many considerations in divorce, considerations that are easy to miss even in collaborative divorce situations, where both spouses are able to openly communicate with each other. Protecting the kids, and honoring alimony are factors that influence life insurance during divorce.
We strongly recommend that if any of this series strikes a chord in your divorce action, reach out to Brandon Legal Group for an initial, free, consultation.