What is the name of your state (only U.S. law)? Maine
Firstly, I would like to know whether it is mandatory to bring issues of life insurance
into divorce proceedings. The particular case under consideration involves a wife who left her husband and is filing for divorce. Both spouses have comparable (and separately sufficient - each earns well into six figures) levels of income. During the course of their marriage, the couple had three children, all of whom are still minors. The wife, for her part, does not plan on having any more children than the three she's already had with her first husband. After a separation of several years, and with the divorce finally imminent, the husband plans to soon remarry and will very likely have more children. As part of their divorce proceeding, the wife wants her estranged husband to name their three children as irrevocable beneficiaries of a considerable life insurance policy that he will be required to purchase and provide proof to her that he has done so. Might this arrangement present difficulties for a second spouse and any future children if, say, due to health matters, the husband is unable to take out another policy to provide for his second family in the event of his demise? Before the divorce agreement is finalized, should he insist on adding a clause naming as beneficiaries any future children?
Firstly, I would like to know whether it is mandatory to bring issues of life insurance
into divorce proceedings. The particular case under consideration involves a wife who left her husband and is filing for divorce. Both spouses have comparable (and separately sufficient - each earns well into six figures) levels of income. During the course of their marriage, the couple had three children, all of whom are still minors. The wife, for her part, does not plan on having any more children than the three she's already had with her first husband. After a separation of several years, and with the divorce finally imminent, the husband plans to soon remarry and will very likely have more children. As part of their divorce proceeding, the wife wants her estranged husband to name their three children as irrevocable beneficiaries of a considerable life insurance policy that he will be required to purchase and provide proof to her that he has done so. Might this arrangement present difficulties for a second spouse and any future children if, say, due to health matters, the husband is unable to take out another policy to provide for his second family in the event of his demise? Before the divorce agreement is finalized, should he insist on adding a clause naming as beneficiaries any future children?