Life Insurance and Remarried
Question to all who are the 2nd wife....in your spouses divorce decree does it specify a life insurance policy designating the ex wife as sole beneficiary until skids are 18? And if so does that signify that the entire policy MUST go to ex or just in the instance to continue child support?
If so do you have a separate policy to protect your family in that scenario?
Just trying to figure out logistics of our future. In my divorce it was very straightforward, marriage is over we both are responsible for our children and neither owes the other anything in the future. This is a first for me where ex wife has tried to claim ownership over everything even in the event of death which is sad. Especially when you are talking of a marriage that lasted all of 8 years.
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When DH and Medusa divorced,
When DH and Medusa divorced, he had to have a policy in an amount that would cover child support for ten years with her as the beneficiary.
When Asshat and I divorced, he had to get a policy in the amount of $1,000,000 with me as the beneficiary. He could terminate the policy when the boys turned 21.
When DH and I got married, he took out an additional policy with me as the sole beneficiary. Once he got custody of the skids, he asked the judge to amend the JOD to eliminate the requirement for him to have the policy with Medusa as the beneficiary. The Judge was more than happy to accommodate that request.
My SOs policy is larger than
My SOs policy is larger than what he would owe in child support from today until kids are 18. His decree says he must keep same policy in effect which.
My question is - is she entitled to the entire policy or can be signify an amount in a will covering child support and name the balance go to XYZ?
My concern is that the policy is rather large and expensive. Taking out a 2nd policy may not be in the cards right now which leaves me and our life vulnerable in that type of event.
talk to an estate
talk to an estate attorney.....
SO is court ordered to carry
SO is court ordered to carry out life insurance until SK's are 18. Each year he re-submits the amount she is a beneficiary of down to the amount that would be owed on child support til they turn 18.
The life insurance policy
The life insurance policy would have to designate different percentages to different beneficiaries.
If it specifies that BM is to be the sole beneficiary, then that's what it is. A will cannot change that.
Only option would be to try to have the divorce decree amended, allowing your DH to change the policy to where BM would get a percentage and you would get a percentage.
My DH was required until SKs
My DH was required until SKs turned 18 to have a $100,000 life insurance policy with SKs as the beneficiary, but MIL was named as trustee. Even though SKs are older than that now, DH still has the policy, so if something happens to him, that goes to SKs. After we were married, we took out much larger policies with each of us as the other's beneficiary.
DH has to maintain a $200,000
DH has to maintain a $200,000 life insurance policy for the benefit of the kids. BM wanted herself to be the beneficiary, but judge refused to order it when DH showed he already had a trust set up in the kids name as the beneficiary. If DH dies, BM will have to submit requests/receipts to FIL to get anything out of the trust. Judge said DH had the right to set it up that way to make certain the kids needs would be covered in the event of his death. If FIL dies, MIL becomes the trustee. If both pass DH's accountant firm becomes the trustee.
It was in DH's decree to
It was in DH's decree to maintain a set policy he had when they were married. When we married, DH decided to split the policy between me and SD. When BM took DH back to court over CS during college for SD, the policy came up, and DH was ordered to make SD the sole beneficiary with BM as the trustee. I didn't care because we didn't have children at the time, and I was also beneficiary of his work policy. Once SD was emancipated, he changed his original policy to me again.
I think it's normal in in divorce decrees, except I think the amount shouldn't be as high once they are in college. It's the whole principle behind making them beneficiary because you want to vs being forced to.
Yes in DH decree both he and
Yes in DH decree both he and BM must maintain a $1 million policy until last skid is 18. It's pretty expensive and I've had the same thoughts. Decree only said for benefit of the kids so DH named his brother as beneficiary, rather than BM.
Now I know BM has not been keeping up her $1 million policy. I'm not pushing the issue now but it's in my back pocket should she take us back to court for more support. That's unlikely though as skids are starting to age out and her support already dropped once.