There are two main and different considerations in regard to life insurance and divorce proceedings. First, if the parties have minor children and/or a party is obligated to pay child support, maintenance (also known as alimony) or property payments then the court may order or the marital settlement agreement will likely include language that requires a party to obtain or maintain life insurance for the duration of the financial obligation to the other party. While this may seem like an unfair obligation, the courts have determined that the burden placed on the party who has a duty to make the payment far outweighs the possibility of the other party or family members to seek state or federal government aid after the death of a party that still has an existing obligation.
Second, if a party has no financial obligations to the other party after a divorce, then each party must also keep in mind that obtaining a divorce in Illinois does not automatically remove the former spouse as a beneficiary to a policy and each life insurance policy should be awarded to one party. It is important to ensure that settlement terms are clear as to which party is being awarded which life insurance policy, as changes (such as beneficiary) will have to be made after the case is finalized. Oftentimes, there are also cash values or monthly payments that must be made to ensure continuing coverage or payout, so clear guidance from a family law attorney on the life insurance policy aspect of a divorce is important since the long-term future ramifications can be significant. Contact the knowledgeable attorneys at WARD FAMILY LAW, LLC, to learn more about life insurance in divorce.
I'm grateful!! Unmatched support and guidance from start to finish in modifying an old child support order.
Five stars! Jennifer and Emily were responsive, knowledgeable, and supportive throughout my divorce proceedings.
Choosing Ward Family Law was the best decision I made during my paternity case. Their dedication to achieving the best outcome for their clients and the kids is unmatched.
A big thank you!! The dedication and professionalism throughout my divorce proceedings - truly grateful. I couldn't have asked for a better legal team.
A big thank you!! The dedication and professionalism throughout my divorce proceedings - truly grateful. I couldn't have asked for a better legal team.
I appreciated the attention to detail and commitment to achieving the best possible outcome in my case. Highly recommended!
I cannot thank Jennifer and Emily of Ward Family Law enough for guiding me through a difficult divorce process. Their expertise in family law made all the difference.
Exceptional service from start to finish. The team at Ward Family Law handled my divorce case with professionalism and compassion. Highly recommended.
Jennifer is a strategic thinker with a remarkable ability to anticipate and address potential challenges. Her attention to detail and thorough preparation were evident in every aspect of my paternity case. This meticulous approach translated into a successful resolution of establishing the father-child relationship and financial responsibility that comes with that. I felt well-represented both inside and outside the zoom courtroom.
I was referred to the firm for their expertise in handling complex business divisions during divorce proceedings. As someone entangled in a high-stakes divorce involving substantial business assets, I can attest to their unparalleled skill, strategic acumen, and unwavering commitment to securing the best possible outcome for their clients. From the business valuation to the creative distribution, thank you.
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