Life Insurance requirements in divorce?

[Rhiesmom79]

What is the name of your state (only U.S. law)? Georgia


My husband (soon to be ex) served me with divorce papers. He is our daughter's custodial parent. Included in the papers is the following:
"Wife agrees to maintain life insurance on her life with death benefits of not less than $50,000 so long as Wife has obligations of support of education for said child as provided in the Agreement (Til she is 18 or graduates high school). Said death benefits may be payable directly to said child, payable to trust for the benefit of the child, or held by the insurance company involved for the benefit of said child.
Wife warrants the premiums will be paid by her for said insurance promptly as they come due and that she will furnish Husband written evidence during the month of January each year that such insurance remains in force.
A copy of this Agreement shall be placed on file with each of the insurance companies issuing policies which are listed herein above or substitutes for the same, with the direction that no beneficiary change may be made by the Wife without consent of Husband.
In the event of the Wife's death, the amount of difference, if any, between the amount of life insurance proceeds actually provided for Husband and child and the amount of proceeds Wife is obligated to provide under the terms of the Agreement shall be a charge against her estate."

Is this standard? I have never heard of it before. This basically is me providing him with life insurance! If something were to happen to me before my daughter turned 18 years of age, she would receive social security death benefits. As far as college goes, if I am financially able to help her when the time comes, I will. If I am not finacially able to do so I won't be able to. I wasn't aware that parents were OBLIGATED to pay for their children's education. Tons of kids work jobs, get scholarships, and take out student loans. I feel this is preposterous and unreasonable!

Is this standard procedure and can I be made to provide this? Also, my ex makes over 3 times annually what I make. His job provides him with life insurance but mine does not. Help!

Thank you,

Rhies Desperate Mom

 

[Ohiogal]

A court can order you to provide life insurance. YOu can also request that he be made to provide life insurance under the same terms and conditions as you because if he dies he would not be around to support his child.

 

[LdiJ]

What is the name of your state (only U.S. law)? Georgia


My husband (soon to be ex) served me with divorce papers. He is our daughter's custodial parent. Included in the papers is the following:
"Wife agrees to maintain life insurance on her life with death benefits of not less than $50,000 so long as Wife has obligations of support of education for said child as provided in the Agreement (Til she is 18 or graduates high school). Said death benefits may be payable directly to said child, payable to trust for the benefit of the child, or held by the insurance company involved for the benefit of said child.
Wife warrants the premiums will be paid by her for said insurance promptly as they come due and that she will furnish Husband written evidence during the month of January each year that such insurance remains in force.
A copy of this Agreement shall be placed on file with each of the insurance companies issuing policies which are listed herein above or substitutes for the same, with the direction that no beneficiary change may be made by the Wife without consent of Husband.
In the event of the Wife's death, the amount of difference, if any, between the amount of life insurance proceeds actually provided for Husband and child and the amount of proceeds Wife is obligated to provide under the terms of the Agreement shall be a charge against her estate."

Is this standard? I have never heard of it before. This basically is me providing him with life insurance! If something were to happen to me before my daughter turned 18 years of age, she would receive social security death benefits. As far as college goes, if I am financially able to help her when the time comes, I will. If I am not finacially able to do so I won't be able to. I wasn't aware that parents were OBLIGATED to pay for their children's education. Tons of kids work jobs, get scholarships, and take out student loans. I feel this is preposterous and unreasonable!

Is this standard procedure and can I be made to provide this? Also, my ex makes over 3 times annually what I make. His job provides him with life insurance but mine does not. Help!

Thank you,

Rhies Desperate Mom

A 20 year term policy would be pretty inexpensive. Do some online price comparing.

However, I do think that you should follow OG's advice and ask that he be ordered to do the same.

 

[mistoffolees]

Is this standard? I have never heard of it before. This basically is me providing him with life insurance!

Yes, it's quite common - and in fact something I highly recommend. You should ask for him to provide insurance, as well. Given that he's custodial, the figure should probably be higher - since if he died, you would have greatly increased expenses.

Note, however, that you're mischaracterizing things. You are not providing HIM with insurance. The way your agreement is worded, the beneficiary can be the child or a trust in the child's name. You can choose trustees and your stbx doesn't need to see the money at all. You would simply be providing some protection for YOUR child, not your ex.

 

[Rhiesmom79]

I know my coniving ex and he would find a way to get the money. The money i pay now for support doesn't go to my child but I have no control over that. He has life insurance through his job but I do not know who the beneficiary is. Most likely his live-in girlfriend. I just want to make sure this is legitimate. He is trying to take me to the cleaners for no reason other than that he can. He makes triple what I do and still wants me to pay him 25% if my salary in support, along with half of all medical expenses, part of her child care, medical insurance, etc. He also regularly asks for money for things like school clothes and birthday parties.

Anyway thanks for the help. I will research the costs online.

 

[Rhiesmom79]

One more question. He can only require me to do this until our child is 18 correct? Then I could name her as beneficiary. Right?

 

[mistoffolees]

One more question. He can only require me to do this until our child is 18 correct? Then I could name her as beneficiary. Right?

If you quoted the decree properly, you can name her beneficiary NOW. No need to wait until she's 18. You said: "Said death benefits may be payable directly to said child, payable to trust for the benefit of the child, or held by the insurance company involved for the benefit of said child."

Frankly, I think it's a mistake. You'd be better off to set up a trust (which could also be used for any of your property which would go to the child, as well) and name someone you trust as trustee.

 

[mistoffolees]

I know my coniving ex and he would find a way to get the money. The money i pay now for support doesn't go to my child but I have no control over that. He has life insurance through his job but I do not know who the beneficiary is. Most likely his live-in girlfriend. I just want to make sure this is legitimate. He is trying to take me to the cleaners for no reason other than that he can. He makes triple what I do and still wants me to pay him 25% if my salary in support, along with half of all medical expenses, part of her child care, medical insurance, etc. He also regularly asks for money for things like school clothes and birthday parties.

Anyway thanks for the help. I will research the costs online.

Who cares what he wants? He has served you with papers REQUESTING those items. You're not bound by them until the judge orders them.

You will get your hearing in front of the court and will be able to make your own requests and reject his. At that time, you can ask for him to provide insurance, as well, presumably a larger amount than he is asking you to provide since your expenses would go up greatly if he dies.

You don't seem to understand the process. Get an attorney.