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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 01-19-2010, 03:43 PM
Foredeck Foredeck is offline
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Default how much life insurance

How do you calculate how much life insurance you should carry in trust?

We have shared custody, my table amount is roughly 480$, hers is 200$.

Does that mean that I should carry $480 X 12 months X 16 years (untill our daughter is 18)?

And, she should do the same math but with 200$ per month?

Or, is it usually a fix amount?
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Old 01-19-2010, 04:09 PM
billiechic billiechic is offline
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There is no obligation to carry life insurance. Probably because some people cannot get it. However it is of course a good idea!!
I had a hard time because I am diagnosed with MS. I got around the loophole by purchasing a permanent policy (as opposed to term) when I left my employer. They were obligated to change the group policy to an individual one without a medical (which carried insurance worth 2 years wages). It doesn't quite cover the calculation you mentioned and it is much more expensive that term, but it is all I can get.

Do you already have life insurance? Can you designate a certain percentage towards your child? On mine I designated my daughter 20% and my ex had 80%. I guess I should change that now...
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Old 01-19-2010, 06:38 PM
dinkyface dinkyface is offline
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If your ex insists on it, then make it a mutual request.

If you die, your ex essentially gets sole custody with 100% time, and therefore needs to replace $480/mo.

If your ex dies, you essentially get sole custody with 100% time, and therefore need to replace $200 mo.

If NCP has significant assets, and is not insured, I believe the court order MUST specify the CP has a 'first claim on the estate'. (Lawyer said she could be sued if this was not done).
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