In some Virginia divorces, the divorce settlement may order the noncustodial parent to have a life insurance policy that can provide for the children if he or she dies. The policy may be terminated once the children reach the age of 18, though some couples choose to maintain the policy for a longer period of time, especially if the life insurance policy is required for spousal support.
During Virginia divorce negotiations, both you and your spouse must decide who is in charge of the policy. This person is responsible for naming the life insurance beneficiaries. In most cases, the custodial parent is named as the owner, as he or she must use the payout in order to raise the children.
A life insurance policy offers extra protection for your children if your ex-husband has been remarried. Even if his will does not name your children as the beneficiary of his estate, the life insurance policy is separate and your children will receive this settlement in the event of his death.
There may be instances in which you or your former spouse want to alter this aspect of your settlement, such as when financial needs change or other significant life events take place. Please note that a Virginia court will not alter a mutually agreed upon settlement unless both parties agree to the changes. If you and your ex are in agreement, your Virginia divorce attorneys can work with you to draft the change.
When you are considering a Virginia divorce or you have questions about your existing Virginia child support agreement you should know where to go for answers. Our article explains the repercussions of not following Virginia child support orders, but the best advice comes from an experienced Virginia Beach divorce lawyer.
If you have questions about including a life insurance policy in your divorce settlement, you should speak to an experienced divorce attorney. At Hofheimer Family Law Firm, we understand that the health and happiness of your children is your #1 concern. We will work with you to address any fears and anxieties you may have about your children’s future. Our women’s-only divorce attorneys will guide you every step of the way to advocate that you achieve the best possible child custody and child support arrangements for you and your children.
To learn more about your Virginia divorce, request a FREE copy of our guide, What Every Virginia Woman Should Know About Divorce, or reserve your seat at our monthly divorce seminar – 757-425-5200.