Child support is often awarded in a divorce to support minor children. If children are very young at the time of the divorce, a payor may be obligated to pay child support for many years to come, sometimes throughout their college years. Of course, a lot can happen over the course of 10 to 20 years, even an unforeseeable event such as the death of the obligor parent. Protect your children from the financial harm by ensuring that support payments are available to them by having the paying spouse secure their support obligations through life insurance. Life insurance benefits may be paid to the child, the recipient spouse, a custodian, or placed in a trust by naming one or more as a beneficiary.
Life Insurance to Protect Alimony
Spouses who have been awarded spousal maintenance should also consider securing future payments through a life insurance policy. Again, the future is unknown, so life insurance can ensure that the supported spouse is not left without a means of support in the event spousal support is terminated by the death of the ex-spouse. The amount of insurance should relate to the actual amount of spousal support the supporting party was ordered to pay and the length of the obligation. A supported spouse can ask the court to order the ex-spouse to maintain life insurance for spousal maintenance (and child support), listing the appropriate parties as beneficiaries to maintain the spouse’s lifestyle or support children. Working with your attorney to include a life insurance policy in your divorce settlement agreement can provide recipients with peace of mind that they will be financially secure in the event of an ex-spouse’s untimely death.
If you are considering divorce and have questions regarding Illinois property division, or your life insurance benefits are protecting child and spousal support, contact the Libertyville Family Law Offices of Schlesinger & Strauss LLC for more information at 847-680-4970.
