Maintain Control Over Insurance Policies
Key Points
  • In divorce, often life insurance policies can be part of the settlement to ensure any financial need is met including alimony payments, or child support.
  • As the former spouse you should be named owner, or irrevocable beneficiary of the policy otherwise your spouse can stop making payments on the insurance policy and you would never know the policy lapsed due to non payment.
  • The owner of the policy and the irrevocable beneficiary is notified of any outstanding issues such as non payment of premiums.

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.



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Separation Agreement Software
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Separation Agreement Software
It is very difficult to move on with your life without getting the facts in writing, like, who gets what property and who is responsible for what debt, so a separation agreement outlines the rules in a legally binding format. Once you have a signed separation agreement you are on the right path to successfully negotiating your divorce settlement.


Suggested Reading
Fairshare Divorce for Women Fairshare Divorce for Women
Fair Share Divorce for Women is the first book that gives women the support and guidance they need to safeguard their marital assets. Too often women find themselves at a disadvantage when their marriage ends and they have to fight for what is rightfully theirs.

Author: Kathleen Miller, CFP, MBA


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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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Featured Download Basic Principles of Law for Construing Separation Agreements

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