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Life Insurance and Divorce in Mississippi
Sometimes it is a good idea to get life insurance after a divorce or in contemplation of a divorce if you do not already have it. Life insurance can be used to secure the payment of a financial obligation imposed upon your former spouse, or it may be used to insure that your children are provided for in the event of your death. If you are contemplating divorce, you may want to review your existing life insurance policies and update the beneficiaries. You should also be aware that the cash value of life insurance is an asset that is subject to being divided if it falls into the category of marital property or if it has lost its individual characteristics due to commingling. If you do not have a life insurance agent, please let me know and I will get you set up with someone.
In order to file for divorce, one spouse must be a resident of Mississippi for at least six months before filing for divorce. However, for a divorce action, a person who is in the armed forces and stationed in Mississippi is considered to be a resident.
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"A Plain English Guide to Protecting Your Children"
Author: Mary L. Boland, Attorney at Law
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