Life Insurance Requirement in Custody Agreement
So I had to look up holiday schedule for the year for Skids and happened to glance at the section that talks about life insurance. I had assumed (you know where that will get you) that the life insurance requirement was just for the kids as minors. But it states that both parents must maintain a $75000 policy with the kids as beneficiaries for life.
My husband is 54... there is no way in hell we are paying life insurance for life. He has a 10 year term policy that we are not going to renew. So after the kids are 21 (CS is until 21 in this state -skids are currently 14, and 15 years old) and we cancel the policy is there anything BM really do about it?
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I have heard that the kids
I have heard that the kids can sue the wife for the policy? Not sure though. My CO states that BD has to maintain a life insurance policy and my son be the beneficiary also. Would love to know the answer to this
I would think that the
I would think that the custody agreement would be null and void after the kids are emancipated. I don't see how the order can dictate what happens after emancipation.
My divorce decree also stated my XH and I had to have a life insurance policy listing the other as beneficiary. I didn't ask that be put in the decree and I was rather miffed that it was added. Personally, my XH couldn't even hold down a job so I knew there was no way he was going to comply with the order, therefore I didn't bother to comply either. I figured the only way he would know I didn't comply was when I was dead and gone and then what was he going to do about it at that point???
Personally, I would cancel the policy once they are emancipated if you felt the need to do that.
THIS!!! Once a kid becomes
THIS!!!
Once a kid becomes an adult, the order is no longer applicable and that would include every word of it.
Please check with an attorney in your state.
Mine said life insurance had
Mine said life insurance had to be maintained while the order was in effect. That meant until the Things turned 18.
I really don't understand
I really don't understand requiring life insurance for life. Once the kids are adults....
DH and I have life insurance, with each other as beneficiaries, but we got it for long enough to make sure he would be done with CS, the house would be paid off, etc., not for life, and not just to have a windfall if one of us dies.
Like stated above, I would think the order would be null and void after kids are emancipated.
Just like married couples are not required to pay for college, married couples are not required to carry life insurance, period, much less for life. Ridiculous that divorced people are forced to do these things.
My DH's CO specifies that
My DH's CO specifies that until SS10 has aged out of CS, both parents shall maintain a life insurance policy of $X for the benefit of the minor children. So they have an end date.
Given that your DH's states that the requirement is for life, I would consult an attorney on it's validity after the end of CS. BM may not be able to do anything, but the kids would likely be able to sue his estate if that policy was not kept.