As a parent, it can be difficult to know how to responsibly care for your children during and after a divorce. The process can be draining on your time, resources and mental bandwidth, making it very difficult to remain on top of every aspect of the process. One key piece of preparation when it comes to making sure that your family has what they need even if your circumstances change is to insure your child support payments.
Child support payments are the right of the child, even though you make those payments to the child’s other parent. However, if you pass away before your child reaches the age of 18, it may be very difficult for them to maked ends meet if they rely on your child support to cover living costs.
One good way to keep your child’s future needs secure is to insure your child support payments in case anything happens to you that would take away that support. The generally accepted method many parents use is to take out a life insurance policy for the full amount of the support and place the policy in the name of the other parent so that there is no confusion or delay in support if you pass away suddenly.
Divorce is rarely a simple matter, and it is always wise to consult with an experienced attorney before taking any major steps. Without proper guidance, it is very difficult to anticipate how your actions may affect the process itself and the well-being of the ones you love. With the guidance of an experienced attorney, you can keep your rights protected as you navigate this difficult season and rebuild your life on the other side.
Source: CNBC.com, “Headed for divorce court? Here are your top 5 financial musts,” Andrew Osterland, accessed June 02, 2017