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Life Insurance

2chatter2chatter member
in Blended Families

DH was ordered to carry a hefty policy to cover skids in his divorce decree.  Note that he did not carry ANY life insurance while married to BM (insane to me, BTW).  Let's call it a million dollars for easy math.  The decree says he must carry life insurance in a million dollar amount "until his support obligation terminates".  SS graduated from HS and DH paid his last CS payment FOR SS in June 2013.  There is no additional support ordered for SS.  Does this mean that DH can then allocate half of that policy to SD and the other half to DS in a will? 

Before graduation:

1 million life insurance, benefitting SS and SD

After graduation:

1 million life insurance, benefitting SD and DS - 500K each

This would mean we would not need to go to court to change the life insurance amount in the decree, as the order states that the life insurance is no longer required when his support obligation ends.  I just want to make sure my logic is sound here.  We have a smaller policy to benefit DS, but DS is 1.  It would be huge peace of mind to have the additional insurance for DS, with no court circus (DH was told he cannot appear again pro se; that fathers are required to procure a lawyer.  Bias much?!). 

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Re: Life Insurance

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    sweetwalkssweetwalks member
    I've never dealt with this or know anyone who has. May be a lawyer question, but your theory sounds correct to me if that's how the order was worded.
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    sweetwalkssweetwalks member
    Although I'll add...why doesn't your DH allocate a portion to SS anyway. Will SS be excluded from the will?
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    2chatter2chatter member

    Honestly, if something happens in the next four years, the funds allocated to SD would more than suffice for SS as well.  After both are out of HS, both will receive a portion of the life insurance (to cover our college contribution, etc.) in a formal will.  But the numbers in the decree now are not in line with our income, the age of the skids, etc. especially versus DS, who is only one, and taking into account that DH does outearn me and we jointly pay for things like our mortgage.  First priority is ensuring that the amortization recommended to cover DS to age 18, and pay off our home, is taken care of, after ensuring that the life insurance would cover DH's estate obligation to pay CS (he could pay CS several times over).  If SD/BM refused to support SS, I would continue to support SS from DS' share at the current rate that we support SS. 

    They picked a number out of a hat (they being BM and her family) to demand for the life insurance, and it cripples us a bit.

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    sweetwalkssweetwalks member
    I understand completely. I'm honestly glad DH doesn't have something like that in writing, although we do have our own life insurance policy.

    It all seems a little crazy so I'd probably double check w a lawyer just to be on the safe side, if you have one on retainer.
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    CFjo2010CFjo2010 member
    I second what other PPs have said, check with an attorney.

    Another thought (using your $1 million example): if the payment for the high life insurance is causing a hardship, would it be possible to now cut that coverage in 1/2 since DH is only required to carry it on SD now?  Instead of a $1 million policy, could he lower it to $500,000?  Again, something to check with an attorney.  
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    2chatter2chatter member
    It's really only a hardship because we have to have a seperate, additional policy for DS and I (that is way overkill on total insurance amount for four people; but his decree mandated a crazy number for skids).  Maybe the net is we keep DS' policy and reduce the policy FBO skids.  Food for thought!
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