Insurance Policies in Divorce

Posted By The Hunter Law Group || 4-Jul-2013

When you are going through a divorce the courts will normally call for one party to obtain a life insurance policy that will insure that value of alimony payments, child support, other financial needs.. The spouse with the life insurance should be designated as with the owner of the policy or the irrevocable beneficiary of the policy. This is so that an ex-spouse who took out the policy won't stop making payments because the policy is no longer benefitting him or her. If there wasn't accountability in this situation, ex-spouses would quit their life insurance policies and their spouses would never know until the policy is needed.

At this point, an ex-spouse would learn that the policy no longer exists. The owner or irrevocable beneficiary of the policy is now notified of any outstanding issues with the policy, such as a non-payment of the premium, so he or she can take action and make sure that the policy is not cancelled because of inactivity. Issues like this are serious, but they are often overlooked if there is not an attorney working on the divorce case. Many people try to save money by doing DIY divorces, but discover not long after that they have actually lost money because there was so much oversight in many areas of the property division.

You will want a Mission Viejo divorce attorney there to help you when you work on your divorce. Hire a lawyer from The Hunter Law Group today if you want assistance in your case or want to work through an insurance policy issue with your ex-spouse then hire a lawyer at this firm. You can trust that an attorney with experience and dedication will be there to help you through your case and will carefully work through the details so that nothing goes amiss.

Categories: Divorce