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What to know about alimony insurance

Those in Texas who are supposed to pay alimony to their former spouses could have difficulty doing so after they have passed. Therefore, it may be a good idea for couples to talk about getting alimony insurance before they decide to divorce. Having this type of insurance policy may ensure that a person is better able to pay bills and generally enjoy a financially secure retirement. The cost of alimony insurance depends on variables such as a person's age.

Healthy individuals who are in their 30s or 40s could get a $1 million policy for about $1,000. In some cases, it may take more than $1 million to live or support a family. Typically, a policy has to be in effect for at least two years before a beneficiary is entitled to the full payout amount. Either spouse may be the owner of the policy, but it is generally best for the beneficiary to own it.

This is because the beneficiary is more likely to make policy payments in a timely manner. Failure to make payments could cause the policy to lapse. If the paying spouse is the one who owns the policy, the beneficiary gets permission to receive updates about its status. This could maximize the chances that premium payments are being made as required.

In a divorce settlement, an individual may be entitled to alimony, and the amount of each payment is generally determined by multiple factors. For instance, those who were married for 20 years may get more than those who were married for just a couple of years. Spousal support may also be based on a person's ability to find work after his or her marriage is officially over. An attorney may help a person obtain as much support as he or she may need.

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