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Do you need life insurance in a divorce?

On Behalf of | Mar 1, 2022 | Divorce In Mississippi, Divorce In Tennessee |

Divorce rates throughout Tennessee and Mississippi continue to mirror those of the rest of the country. As a result, the same general questions that perplex divorcing couples throughout the USA will apply here as well. One of the most pertinent for many people will be whether or not life insurance will be needed.

Why is life insurance an important topic?

Getting a divorce in Mississippi or Tennessee will raise many questions. One of them will be whether or not a full policy of life insurance will be required. If your marriage comes to an end without a settlement, it will be up to a court to decide on issues of alimony and support.

If this should be the case, they will very likely order that both parents secure a full policy of life insurance. The reason for this is to secure the health and welfare of any children that have come from the marriage. A policy of life insurance is taken out to cover a child in case one of their parents should die.

Life insurance is therefore required in many cases as a suitable backup in case child support ends due to the death of a parent. However, the exact amount of the policy of life insurance will depend on a number of factors. These can include the age of the child and expenses related to their health and education.

Should you expect to pay life insurance?

Getting a policy of life insurance for your child should not be a contentious issue. This is an area of your divorce that you may well be able to solve through a session of mediation. It will be better to handle things through this avenue than to let the court take control of the decision. You can gain more time to set your financial affairs in order.

If the court should order that you take out a policy of life insurance to cover your children, you will have to comply. You can negotiate through your attorney to set the amount of support that will be legally required.