What to do about an expensive life insurance policy and a divorce settlement?

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What to do about an expensive life insurance policy and a divorce settlement?

I am going through a divorce which is almost final. For the settlement document, one of the bullets from my ex and her attorney is that I need to buy 1 million dollar of life insurance and my ex should be the beneficiary. I already have $210,000 life insurance from my work and can’t pay extra for costly life insurance and I don’t want her to be the beneficiary either as I don’t trust her. She lives on my child support and doesn’t work or have life insurance. Can the court still make me pay more for life insurance of a higher value?

Asked on October 29, 2012 under Family Law, Maryland

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Do you have an attorney because you need one.  Even if only to review the document that you have.  Generally an issue at  the time of divorce is  that there be an insurance policy in place for the benefit of those getting support (children and spouse if need be).  The amount can vary and be negotiated.  But if it is for the benefit of the children then I would make sure that they are the beneficiaries and I would set up a trust to fund with the insurance policy if you were to pass away.  You should look in to increasing the policy at your work.  It is generally cheaper to do that than buy outside insurance.  The amount you have may not be enough so that is what you need to look in to (age of your children, etc).  Good luck.


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