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  • Life Insurance

    Background: 50/50 parenting time, agreed to child support (I am payor)

    I’m drafting some wording for life insurance for our separation agreement. I will be taking out insurance to cover my child support payments. I’m not clear if we should each be taking out insurance to cover costs of our shared (50/50) parenting time? For example, if I pass should my life insurance cover the costs of raising our child 50% of the time?
    Thank you!

  • #2
    The standard wording in most agreements says the estate must be able to cover the expenses outlined in the agreement.

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    • #3
      Originally posted by JustTheFactsMa'am View Post
      I’m not clear if we should each be taking out insurance to cover costs of our shared (50/50) parenting time?
      The sauce that is good for the gander is good for the goose. Meaning yes, both parents should have a life insurance policy for the same reason and not just one.

      In fact, in any child support matter both parents should have to have life insurance as it is the CHILD who receives the support not the parent.

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      • #4
        To be clear, even when there is not shared custody, the recipient of child support should still be carrying life insurance. If she dies, then she usually loses custody as an incident of death, and thus has to pay table child support secured by said insurance.

        Remember, without shared custody, the recipient is still paying child support. She is just paying it entirely to herself. Once she dies however she owes it to the payor.

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        • #5
          Originally posted by Janus View Post
          To be clear, even when there is not shared custody, the recipient of child support should still be carrying life insurance. If she dies, then she usually loses custody as an incident of death, and thus has to pay table child support secured by said insurance.

          Remember, without shared custody, the recipient is still paying child support. She is just paying it entirely to herself. Once she dies however she owes it to the payor.
          ^^^ This. Better way to explain it than I did.

          Comment

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