asfasf
journeyman
Reged: 02/02/08
Posts: 84
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We have agreed to settle on everything except my life insurance. I bought a 20-year term insurance after my child was born. I didn't want to put either the ex's or my child's name as the beneficiary, because the ex would be in effective control of the money as the guardian either way. So I put my parents as beneficiaries as I trust them.
Now the ex asks me to change the beneficiary 100% to my child and put it into PSA, quoting VA code § 20-108.1. Determination of child or spousal support.
quote
D. In any proceeding under this title, Title 16.1 or Title 63.2 on the issue of determining child support, the court shall have the authority to order a party to (i) maintain any existing life insurance policy on the life of either party provided the party so ordered has the right to designate a beneficiary and (ii) designate a child or children of the parties as the beneficiary of all or a portion of such life insurance for so long as the party so ordered has a statutory obligation to pay child support for the child or children.
unquote
Will the court force me to change the beneficiary to my child?
Can I cancel my insurance without Court's prior approval?
Live in Virginia.
Thank you.
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Renny
addict
Reged: 09/24/11
Posts: 479
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If the divorce is uncontested you can drop the insurance or designate the child as beneficiary with the father as trustee. The judge won't intervene in your agreement so long as it complies with the cs statutes.
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asfasf
journeyman
Reged: 02/02/08
Posts: 84
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How if the divorce becomes contested? The wife asks the husband to change the beneficiary of the $1 million life insurance to the child. The husband has concerns. If it goes to court, will the judge force the husband to comply 100%? or will the court use the insurance calculator to decide how much to be transferred to the child?
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finz
Carpal \'Tunnel
Reged: 06/17/08
Posts: 6481
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Is there a reason that you would want your parents to recieve $1 million upon your death (assuming that you predecease them, which is not a 'typical' outcome) ? Or is it that you just don't want your ex to have control of that money ?
I think it would be reasonable to name your child/ex as the benficiary of a percentage of the policy roughly equivalent to what the total amount of cs would be over the next 'x' years....maybe even decreasing the percentage each year to coincide with what cs would still be 'owed'
I've never heard of a judge requiring a spouse to carry more life insurance than what would have been the total of cs if paid out until the child is an adult (eithering turning 18 or possibly 22,including college expenses) Just because you currently have a $1 million policy, doesn't mean you'd have to keep it that high.
I hope that you get a judge who's reasonable on that.
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asfasf
journeyman
Reged: 02/02/08
Posts: 84
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I definitely don't like the idea of having the ex control the money, hope that's not a big surprise. But ex wants to cover the college tuition (and beyond) which is hard to predict given it's going to be 10+ years later.
How would a judge normally decides on life insurance, college tuition etc?
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MinnesotaMom
member
Reged: 01/05/11
Posts: 191
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Your ex is going to carry the same insurance on themselves, correct? If they die, the same amount of money is going to be needed for tuition and support.
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Avaya
Carpal \'Tunnel
Reged: 02/09/06
Posts: 9823
Loc: Arkansas
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Leave the existing policy as is and get a separate $100,000 policy and name the child beneficiary.
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Eternity is too long to be wrong.
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