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Life Insurance in Divorce

The Maine Divorce Group > Divorce > Life Insurance in Divorce

Life Insurance & Divorce in Maine

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.

Handling Life Insurance in a Divorce

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.  

Questions to Ask Your Maine Divorce Group Attorney About Life Insurance

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:

  • What should happen to your life insurance policies after your divorce?
  • What insurance obligations will you have after your divorce is complete?
  • How can you verify that your soon to be ex-spouse is insured?
  • How do you evaluate the necessary amount of life insurance?
  • How do you know if you are eligible for life insurance?

Trust The Maine Divorce Group with Your Divorce and Life Insurance

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 of 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 today to schedule your consultation with a well-versed attorney.

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