Life Insurance and Divorce
- November 24, 2020
- | Meghan Freed
Among the decisions that get made in a divorce, sometimes spouses forget about life insurance. In the midst of resolving custody and parenting, alimony, child support, and property division, prioritizing life insurance sometimes falls by the wayside.
Purpose of Life Insurance in Divorce
Life insurance policies can serve three different purposes in divorce:
- Property division
- Securing alimony & child support
- Income for alimony & child support determinations
One major purpose of life insurance is that it pays a death benefit if the insured dies while the policy is in effect. This is critical for securing alimony and child support. In addition, some types of life insurance also have a cash value that is subject to division during divorce.
Read: Health Insurance & Divorce
Life Insurance and Property Division in Divorce
Whole Life Insurance
Universal Life Insurance
Annuities
Term Life Insurance
Life Insurance and Securing Alimony and Child Support in Divorce
Child Support and Life Insurance
Alimony and Life Insurance
Annuities, Alimony, and Child Support
The Comprehensive Connecticut Divorce Guides
Alimony and property division are two of the most important issues in divorces. And, they are two of the most confusing. Connecticut has no set formulas or rules on (1) whether there will be alimony, and, if so, (2) how it’s calculated or (3) how long it will last. Nor do we have any set formulas or rules on how property will be divided. The good news is that creates tremendous flexibility for experienced divorce attorneys to craft an individualized approach. In order to prepare to make solid and informed decisions, you need to understand how property division and alimony work. Our Comprehensive Connecticut Divorce Guides tell you everything you need to know about alimony property division in Connecticut. Read:Property Division: The Comprehensive Connecticut Guide Read: Alimony: The Comprehensive Connecticut Guide
Next Steps
For more information about Connecticut divorce and family law, check out our Divorce Information and Facts. If you have questions or want to learn more about how our team of divorce attorneys can help you with your divorce or Post Judgment issue, please contact us here.