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#770141 - 06/25/15 06:00 PM Written Agreement Provision
Bill65 Offline

recently joined

Registered: 06/25/15
Posts: 15
New Poster with a question. When my written agreement between my ex-spouse and I concludes (several years to go), the agreement stipulates that she shall have the option to maintain a life insurance policy that I am obligated to maintain during the course of the spousal support payments and she shall be responsible for the premiums at which time I will be 70 years old. This provision terminates at the end of the spousal support. We have not had any contact for several years since I remarried and the agreement does not specify any responsibility for me to contact the ex-spouse to discuss this provision. Do I need to retain legal assistance near the end this agreemnt? [color:blue] [/color]

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#770142 - 06/25/15 07:05 PM Re: Written Agreement Provision [Re: Bill65]
MinnesotaMom Offline

old hand

Registered: 01/05/11
Posts: 791
If you don't maintain it, you are in contempt of court. If you pass without insurance, she will have a claim against your estate for whatever the dollar amount is of the policy.

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#770143 - 06/25/15 07:11 PM Re: Written Agreement Provision [Re: MinnesotaMom]
Bill65 Offline

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Registered: 06/25/15
Posts: 15
Not sure you understand the question. The insurance has been maintained for nearly 10 years and is currently in force. The question is whose responsibility is it to let the court know she wants to maintain the policy after the spousal support is done mine or hers?

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#770144 - 07/20/15 04:36 PM Re: Written Agreement Provision [Re: Bill65]
TJMH Offline

enthusiast

Registered: 07/17/15
Posts: 347
If the agreement states that your responsibility to maintain the policy ends with the termination of spousal support and spousal support has terminated in accordance with the agreement then I don't think either of you has a responsibility to inform the court about what you intend to do with the insurance policy. It's no longer ordered by the court so what you choose to do with it is between you and your ex.

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#770145 - 07/21/15 12:22 AM Re: Written Agreement Provision [Re: TJMH]
Bill65 Offline

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Registered: 06/25/15
Posts: 15
Thank you for your thoughts - much more insightful than the previous commenter. I want to agree with you, it's just that my concern is that when we get to the end (still have time - 5 years out of 15 to go) and I don't hear anything from her, am I at risk of being in contempt of court if I don't provide her with the option to take over the insurance premiums as the written agreement states after my obligation of spousal support is done? Spousal support is current and all payments made on time with no arrearages. If I cancel the policy after the spousal payments are finished, can this come back to bite me? My thinking is that that if she doesn't exercise her option by contacting me, then after a reasonable period of time, say 30 days, what more responsibility do I have? Thanks again in advance for your thoughts!

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#770146 - 07/21/15 07:51 PM Re: Written Agreement Provision [Re: Bill65]
MinnesotaMom Offline

old hand

Registered: 01/05/11
Posts: 791
You should be in no legal trouble for cancelling the policy once alimony is done. Also, if you look carefully the wording of your court order, you might be able to reduce your amount of life insurance to what is owed. For example if you owe $25K over the next 5 years and the original policy is for $75 to cover the full amount, you should be able to change your policy to the actual payout. This would be dependent on your court order's wording.

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#770147 - 07/22/15 04:14 PM Re: Written Agreement Provision [Re: MinnesotaMom]
TJMH Offline

enthusiast

Registered: 07/17/15
Posts: 347
I don't have a final judgment yet but my spouse and I have mutually agreed that I'll maintain a life insurance policy with her as beneficiary and she will pay the premiums. We've got the statements going to her address.

As long as she's responsible for the premiums I don't really care how long or if she wants to maintain the policy.

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#770148 - 08/19/15 09:47 PM Re: Written Agreement Provision [Re: TJMH]
Bill65 Offline

recently joined

Registered: 06/25/15
Posts: 15
In addition to my question regarding the life insurance policy option at the end of the agreement, I also wanted to inquire about the nature of the agreement the attorney prepared at the time of the divorce i.e. MODIFIABLE v. NON MODIFIABLE. In my case the attorney asked me to choose between the two options and I chose NON MODIFIABLE but in retrospect I'm not sure I made a decision that was in my best interest. We were married for 27 years (My 1st and her 3rd) with no children. She is 10 years my senior and was retired (at my encouragement) at the time of the divorce, so this may be one of the "rare" instances where spousal support was going to be required, if the property settlement would have been determined by a judge. It is for that reason that the written agreement reads so "one sided" with the total burden on me, the spouse who continued to work. She is not shy about using the courts if she feels so inclined. Once my spousal support was late by 2 days (at the time using certified mail - now electronic) and she threatened to take me to court. Others told me the judge would laugh her right out of court, but when I scrutinized my agreement, there is language that specifies that a party who breaches the agreement (that could only be me since she has no responsibility) must pay attorney's fees and costs incurred for enforcing the agreement. Based on her anecdotal stories of her taking her previous spouse back to court, I felt I would try to prevent any frivolous court actions. However, while the NON MODIFIABLE allows you to better plan your life after the divorce, it can also be a "double edged sword". I.e. at the time of the divorce I was still working and have since retired and also remarried without the ability to ask a court to reduce my $1,000/month - 15 yr. obligation. Also since I feel like a statistic in the "divorce column", I don't feel qualified to give advice, but if anybody were to ask me I would have to advise couples with a disparate age difference to think very carefully before "tying the knot", at least in Virginia.

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#770149 - 08/20/15 12:53 AM Re: Written Agreement Provision [Re: Bill65]
MinnesotaMom Offline

old hand

Registered: 01/05/11
Posts: 791
I can't speak for the dollar amount as your financials are not disclosed, but 15 years of alimony for a 27 year marriage with the receiver retired is not what would have been most likely awarded in court. It would have been for a lifetime.

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#770150 - 08/20/15 01:30 AM Re: Written Agreement Provision [Re: MinnesotaMom]
Bill65 Offline

recently joined

Registered: 06/25/15
Posts: 15
After 27 years maybe 15 years is favorable to me, but what about the modifiable vs. non modifiable aspect?

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