Even when there are no other options, divorce can be a devastating process. Each spouse is at risk for financial hardship, even if they are parting amicably.
When you divorce, you are splitting one household into two, creating the potential for money problems. There are many moving parts to be dealt with before and after a divorce.
For example, how will parenting responsibilities work, which spouse will remain in the family home, what will happen to other marital assets? With all that is going on, many couples forget to think about life insurance in light of their divorce.
An experienced Maine family law attorney can help you be sure that you attend to all of the matters surrounding your divorce, including life insurance.
Life insurance is an essential part of a divorce settlement. For many couples, life insurance is purchased for potentially paying their existing or anticipated debt and other financial responsibilities if one spouse passes away.
In a divorce, these financial obligations do not disappear, and neither does life insurance policies. When assets are accounted for, valued, and divided, life insurance should also be considered.
If you have term life insurance and each spouse wants to keep the policies, you can. Some spouses, especially when there are children involved, choose to leave each other as beneficiaries.
However, if your policies are whole life insurance and have a cash value, you may decide to cash them out and split the proceeds.
Your attorney will be able to educate you about options specific to your situation and your policy. Having this knowledge will allow you to make the best decisions for you and your family during and after your divorce.
Now is a good time to think about why you purchased life insurance policies, to begin with, and what their purpose will be in the future. You might want to address the following questions with your lawyer:
At The Maine Divorce Group, we leave no stone unturned when it comes to matters in your divorce. We know that this time is stressful, and it can be difficult to remember all the issues that should be addressed.
Having helped many clients in your shoes, our lawyers have the compassion and skill to ease your worries and get the best outcome possible in your divorce.
We can help you account for any life insurance policies owned by you or your spouse and make a plan for handling them in the divorce process. Contact our office by calling (207) 618-6220 or directly online to schedule your consultation with a well-versed family attorney today.
Excellent law firm.
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They were very professional and the services provided to me were beyond my expectations. I was able to leave the issues in the hands of Mr. Bly and not only did he provide excellent service, but went above and beyond on my case. The outcome was better than I could…
Honest and fair practice. Treated me right, from the first point of contact until completion.
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Contacted Attorney Bly for a consultation on a sensitive issue. His staff is wonderful and caring and extremely attentive with their contact. Attorney Bly was extremely helpful with his guidance and recommendation for my case. He listened to what I had to say and made excellent suggestions for a path…
Good communication and very knowledgeable.
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The attorneys at The Maine Divorce Group understand how emotional and complex the divorce process can be and we are here to help.
Call to speak with a member of our team today, who can discuss your case and set up a consultation with one of our attorneys.
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