As you head toward your Michigan divorce, you may be counting on child support and alimony to keep you from going under once everything is final. If you have opted or agreed to stay at home with the children while your spouse maintained a successful career, the judge may consider it your spouse’s responsibility to make sure you are able to become self-sufficient. His or her ability to pay may affect you significantly, and while a major life change may warrant a modification, a death may destroy your financial stability if the proper steps are not taken before you head to divorce court.
According to The Huffington Post, your agreement with your spouse should include an adequate amount of life insurance to provide for you and your children if he or she dies. Alimony is often temporary, and child support typically would last until your children have graduated from high school. With this in mind, it may not be too difficult to assess how much is needed to cover any missing payments, or to take care of yourself while you increase your earning potential through education, training or experience.
If you do not trust your spouse to keep you as the beneficiary of the insurance or to maintain the payments, you may request in your settlement that you must be the policy owner. You may also have the option to be notified by the insurance company if a premium payment is missed. This information about the role of life insurance policies in a divorce settlement is general in nature; it should not be interpreted as legal advice.