How life insurance works in divorce
Among the messy tasks that must be undertaken in a divorce, sorting out life insurance is one that often gets overlooked. In the midst of the custody battles, divvying up assets, searching for a new home, ensuring the children adjust as smoothly as possible and just generally re-acclimating to life as a single person, figuring out what to do with life insurance sometimes falls by the wayside.
However, dealing with life insurance is an important part of the divorce process. This is especially true for divorcing couples with children. Keeping life insurance in order protects the financial interests of both parties and their dependent children. This process involves making necessary beneficiary changes, accounting for the cash value in whole or universal life policies, protecting child support and alimony income, and, most importantly, ensuring that any children involved are financially protected, no matter what.
Taroff & Taitz, LLP is skilled in all manner of estate planning including the setting up of life insurance trusts. Our attorneys are experts at recognizing your needs and making sure that you secure the future for your loved ones and protect the legacy that you have created.