Maintain Control Over Insurance Policies
Key Points
Most divorce decrees call for one of the parties to obtain a life insurance policy to insure the value of alimony payments, child support or some other financial need. The former spouse should be designated either the owner or irrevocable beneficiary of the policy. If not, the ex-spouse who took out the policy can stop making payments and the other spouse would never know about it until the policy is needed and it no longer exists. This could be financially devastating. The owner or irrevocable beneficiary is notified of any outstanding issues with the policy, such as non-payment of the premium, and could therefore take action and prevent the policy from lapsing or being cancelled.
Useful Online Tools
Separation Agreement Software
Suggested Reading
Resources & Tools
DIVORCE AND MARITAL HOME– Many custodial parents want to keep the marital home so that the routines of small children are less disturbed by the divorce. A house can also be a valuable asset, but one should consider these ownership expenses before taking on the responsibility. A house is a barren asset; it pays nothing until it is sold. Selling the home and walking away with cash may be a better decision.
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