What is the name of your state (only U.S. law)? FL
I established a 20 year term life insurance policy when I had 2 kids so the idea was for it to be split between them 50/50 and expire when they were in college.
Now I have 2 more kids from my second marriage and my ex from first marriage is saying that if something happens, that money is for the first 2 and I need a new policy for the second 2, not to split among all 4. I see his point, but I can't afford another policy, and/or I don't want to change the policy because the rate will go up significantly with me being older now.
If something happens to me before the policy goes to term, I don't want my ex and husband fighting over who gets what. I want it to go 1/4 to each kid (50/50 to each dad) without a battle. If I have each kid designated 25% can they take that to court and dispute it based on what it was at policy inception, or is it a done deal since I said what I wanted?
Also, I want to ensure my ex (who is bad with money) can not waste the money on things that I am not intending it for. I am OK with him buying things to support the kids (house in nice area, safe car), but not go overkill (mansion, ferrarri, quit his job and live off the payout). I want him to stretch the 50% to support them until they are in college, which can be done if you are financially savvy but not if you squander. I have full custody of the kids so he lives with his mom in an apartment now. My husband says that he would want the girls to keep staying with him if I died, but I know there would be a huge fight about that and I told my husband that unless something happens to my ex before me, then that won't happen (even though stability-wise, they would be better with my husband, but their dad (although has issues) wants to be in their life).
Any guidance on any or all of these topics? Thanks guys.
I clicked close after posting on the other one and couldn't figure out how to delete
I established a 20 year term life insurance policy when I had 2 kids so the idea was for it to be split between them 50/50 and expire when they were in college.
Now I have 2 more kids from my second marriage and my ex from first marriage is saying that if something happens, that money is for the first 2 and I need a new policy for the second 2, not to split among all 4. I see his point, but I can't afford another policy, and/or I don't want to change the policy because the rate will go up significantly with me being older now.
If something happens to me before the policy goes to term, I don't want my ex and husband fighting over who gets what. I want it to go 1/4 to each kid (50/50 to each dad) without a battle. If I have each kid designated 25% can they take that to court and dispute it based on what it was at policy inception, or is it a done deal since I said what I wanted?
Also, I want to ensure my ex (who is bad with money) can not waste the money on things that I am not intending it for. I am OK with him buying things to support the kids (house in nice area, safe car), but not go overkill (mansion, ferrarri, quit his job and live off the payout). I want him to stretch the 50% to support them until they are in college, which can be done if you are financially savvy but not if you squander. I have full custody of the kids so he lives with his mom in an apartment now. My husband says that he would want the girls to keep staying with him if I died, but I know there would be a huge fight about that and I told my husband that unless something happens to my ex before me, then that won't happen (even though stability-wise, they would be better with my husband, but their dad (although has issues) wants to be in their life).
Any guidance on any or all of these topics? Thanks guys.
I clicked close after posting on the other one and couldn't figure out how to delete