At the time of divorce, one spouse may be required to pay Spousal Support, Child Support, or both. If the payor spouse or parent dies, however, the support payments will cease with the payor’s death. This will leave the payee spouse or parent scrambling to find additional funds to cover their expenses or the expenses involved in raising their children.
The Court will oftentimes order the payee to take out a Life Insurance Policy for the duration that Spousal Support or Child Support payments are ordered to be paid. The payment from a Life Insurance Policy will provide financial stability to an ex-spouse or children following the unexpected death of the payor. Typically, a Life Insurance Policy securing the payment of Child Support will only need to remain in effect until the child or youngest child turns 18. Likewise, once Spousal Support payments are terminated, the corresponding Life Insurance Policy would likely also be able to be terminated.
A Family Law Trial Lawyer will help you determine whether the use of a Life Insurance Policy to secure Spousal Support or Child Support payments is appropriate for your specific family situation.
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