| |
| |
|
Divorce Information |
|
|
|
How To Protect Your Life Insurance Policy While Going Through A Divorce
Life insurance, more than most things you buy, relates to the circumstances of your life. You buy life insurance to protect your family from financial loss stemming from your death. You tie the amount of your life insurance to the money your family will need to provide an income, pay off debts, put children through college and cover financial commitments. But what happens to life insurance when you're about to dissolve your marriage? How do you deal fairly with a soon-to-be ex-spouse, yet still make sure you have coverage for the future? Is there a way to provide for adult children of a previous marriage without going broke -- especially if you have children through a second or third marriage? Here are a number of considerations you should be aware of: - Don't assume that your insurance agent or company knows about your circumstances. If you don't change your beneficiary, your former spouse may receive the proceeds of your policy upon your death. If the designation simply reads, "husband of the insured" or "wife of the insured," and there is no new spouse, the secondary beneficiary receives the proceeds. - You may be able to transfer ownership rights of the policy as part of a property settlement or to ensure continuation of alimony payments. Your ex-spouse may not press as hard for more support or a greater slice of an ongoing pension if he or she remains the designated beneficiary on a permanent life insurance policy. Of course, you need to ensure that your policy remains a valuable asset by keeping up premium payments. However, transferring an existing cash value policy (as opposed to a term policy, may carry with it the burden of federal gift tax, unless you transfer the policy prior to divorce. Be sure to discuss this option prior to the finalization of your divorce. - Don't overlook the possibilities life insurance may provide for dealing fairly with children from your previous marriage. If you're paying alimony to your previous spouse and have a second family with your new spouse, adult children from your first marriage may sue your estate after you're gone if they aren't dealt with at least as fairly as the children from your subsequent marriage(s). A permanent life insurance policy can be an immediate "estate replacer" to children from your first marriage -- it helps you replicate accumulated assets that you wish to pass on to the children of your first family -- but can't afford to without neglecting the needs of your new family. Essentially, you purchase a permanent life insurance policy on yourself and designate your adult children as beneficiaries. When you die, proceeds bypass the probate process and pass directly to your adult children. Your immediate spouse and any children from that marriage are left with your accumulated property and assets -- so you've provided for both families. If you're contemplating divorce, don't forget the options you may have with respect to your life insurance coverage. Divorce is tough enough -- don't overlook the flexibility and security this valuable asset can provide. Matt McWilliams is one of the co-founders of HometownQuotes.Com, an online insurance quotes web site. He is originally from Pinebluff, NC and graduated from Middle Tennessee State University in 2002. He is considered an expert in the field of online insurance shopping and finding new ways to help consumers save money on their insurance. For more information visit http://www.hometownquotes.com
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Steps Toward Divorce When you're faced with the possibility of divorce it's important that you make sure you and your children (if you have any) are taken care of. Before you even visit the attorney you'll want to assess your financial situation. What Are You Waiting For? So, you've decided that you're no longer "a couple", but for whatever reason, you and your spouse have decided to stay together "for the sake of the children".Isn't that what the children need? Don't they need the strength of a two parent household in this mad society that we live in? Don't they need the emotional assurance that Mom AND Dad are together? Don't they? Or do they?When my ex and I decided to divorce, we decided that he should probably live in the house with the children and I, for their sakes. Why Men Wont Commit To Marriage A common reason why men wont commit could be due to their past. Men wont commit if they have witnessed their parents in the past arguing or rowing. Divorce--Negotiating Agreement: Ten Steps The best predictor of a good divorce outcome is the degree of client control over the negotiation--everything works much better if you have it. This doesn't mean you should not get help and advice from an attorney if you want it; it means you are better off if you plan to do most or all of the negotiating yourself. A Time of Grief and Healing After Separation and Divorce I thought I would never feel the light of life again when I realized that my marriage was going to end. In fact I went through a painful year of not knowing if it would end. An In-Depth Look at Army Divorce Rates Raleigh, NC-The largest divorce firm in the state, Rosen Law Firm, says they're not surprised by the sharp increase among Army divorce rates and that more needs to be done to counsel the spouses left at home and those deployed overseas."There's a huge difference between typical divorces that we see on a daily basis and the military divorces that we're seeing," says Janet Fritts, a divorce attorney with Rosen Law Firm. Divorce Articles: How To Get The Most From A Divorce Article There are many types of divorce articles available on the Internet by a variety of authors. What's below will help you get the most out of the divorce articles here on this site and anywhere else. Is Your Marriage Problem Severe Enough To Warrant Getting A Divorce? Having a marriage problem can be agonizing especially if you're trying to do all you can to make your marriage work. Depending on how your marriage was prior to thinking that you had a marriage problem, you could be in for a hurtful time if you don't take a step back and look at your marriage problem from a "helicopter" viewpoint. Effects of Divorce on Children When a couple decides their marriage is over, a tremendous sense of grief and relief are felt. A recently divorced person will feel grief over the loss of their marriage and the loss of their partner in life. 10 Ways to Keep Divorce Lawyers From Ruining Your Life Everyone has heard the story (from friends, co-workers, and family members) of the divorce from hell; the one that grinds on for years, costs untold thousands of dollars, and frustratingly plods its way through the court system. It costs people not only their marriage, but often their children, their savings, and their emotional well-being, as well. How to Recover From Divorce As a licensed mental health professional, I work with many individuals, couples, and families who are affected by divorce. I have developed this list of survival strategies for people who are experiencing divorce. Divorce--Getting Legal Help Without Paying Exorbitant Attorneys Fees Ignorance is the most common trap in the business of divorce, so becoming informed is crucial. However, friends, relatives and "common knowledge" are the worst and most expensive sources of advice. Dating Tips for Divorced and Widowed Moms Dating is tough for just about everybody, but it's even tougher for people who are divorced and widowed. Along with the fears of being "out of practice," there are often children's feelings to consider. Advantages to Doing Your Own Divorce There are many advantages to doing your own divorce. Three significant ones are: you'll get a better divorce, you'll save a lot of money, and you'll be able to keep things simple. Deciding On Spousal Support No matter which side you are on, spousal support is something that will need to be taken care of during a divorce. Something must be decided about spousal support, yet, where are you to begin? What are you going to do to resolve this issue of spousal support? Are you afraid to ask for what you already know you deserve, support? Or, are you on the other side, wondering what is going to be required of you as far as spousal support goes?What is spousal support? Who is entitled to spousal support? Spousal support is support given in the form of money or possessions that helps to support a spouse after a divorce. How Can Collaborative Law Be Beneficial In Your Texas Divorce? Collaborative law is based on the realization that the commitment by the parties in a family is that it is in their best interest to avoid going to trial.This process relies on open and honest communication and cooperation between the parties and their lawyers to achieve a fair result. 5 Things To Do Before You Even Think About Getting A Divorce There are many steps to take to protect yourself in a divorce. This article will get you started. Should I Get Divorced? Or Not? No one besides you can determine whether or not a divorce is right for you! But, there are some general questions which pretty much apply to everybody. Thinking about the following issues may help you answer this question for yourself!What specifically is making you think of divorce?Physical AbuseIf your spouse is violent to you and/or your kids, this is a safety issue. Houston Divorce Lawyer - West Houston Attorney Answers Common Questions About Mediation If you are reading this, then you are probably either thinking of filing for divorce -- or have a feeling that your spouse may be filing for divorce -- whether you want to separate or not.One of the common questions that an individual going through the divorce process asks is "What is a Divorce Mediation?"Mediation is a process which allows both you and your spouse to maintain control over your destiny and the terms of your divorce settlement. Coping With Divorce Anger Successfully releasing your anger will help you begin healing after your divorce. Right now you may feel a great deal of rage at your ex-husband.
|
| home | site map buy zune zune movies comprar zune |
| © 2006 |
