When considering a divorce or legal separation in New York, few people think about life insurance coverage. However, this is actually a significant aspect in many divorce cases. Life insurance can — and should — be discussed with your divorce lawyers during negotiations. Alternatively,  insurance may be ordered by a judge, especially in cases that progress to litigation.

In regards to alimony or child support, a family court judge may order the procurement of a life insurance policy to ensure that the financial support obligation of the child or lesser earning spouse is satisfied, even if the payor passes away. Here’s everything you need to know about getting insurance before dissolving your marriage.

Purchasing Insurance Coverage When Getting Divorced With Kids

When married partners become the parents of a child, it’s generally advised to obtain a life insurance policy to guarantee that their children will be financially provided for in the case of their premature illness or passing.

In the situation of a divorce, the need for insurance coverage to safeguard the couple’s children is increased, and a policy may even be tied into the payment of child support, as well as the costs of extracurricular activities, childcare, and higher education expenses. If a parent paying child support passes away prior to the age of 18, a life insurance policy can ensure these financial obligations are still met for the benefit of the child.

Do You Need Life Insurance If You Owe Alimony?

If spousal maintenance is included in the divorce settlement, alimony payments may be guaranteed life insurance coverage. When purchasing an insurance policy, both partners and their lawyers should clarify how the aggregate amount of support payments will be assessed if the payer dies and how long the payment period will continue at that time.

Depending on whether the recipient receives short or long-term maintenance, these values may change. Depending on the circumstances of a divorce, a  local judge may mandate the purchase of life insurance coverage to ensure the fulfillment of a spousal support obligation.

Call Brooklyn, New York Family and Divorce Lawyer Mary Katherine Brown

There are many facets involved in a divorce and when things like child support, alimony, and life insurance policies come into play, it can seem almost impossible to navigate these various aspects of dissolving your marriage. Veteran Brooklyn, New York divorce lawyer Mary Katherine Brown can help. Call now for a consultation at (718) 878-6886.