Life Insurance Policies to Protect Child Support

Posted on October 24, 2014

Generally, the trial court has discretion to order the party paying child support to maintain a life insurance policy to the extent insurance is necessary to ensure that child support will be paid in the event of the death of a former spouse. Although life insurance is typically relatively inexpensive, the Court must include findings that (1) the party paying the support can afford the insurance, (2) the cost of maintaining the insurance, and (3) the Court must find that there are special circumstances which would necessitate the life insurance. If for some reason the Court does not make these findings on the record before requiring the life insurance policy, the party having to pay the insurance might have an issue ripe for an appeal.

Speak with a family law attorney to further discuss the ramifications of a life insurance policy to protect your child support payments. Having a policy in place just might be the life or death difference for you and your children and achieving the financial independence you deserve.