When the court issues a child support order in your Supreme Court case, you should be prepared for the court to require you to provide life insurance for your child(ren). The purpose of life insurance is to ensure that your child continues to be supported in the event of you the death, or that of your spouse. While it is more common to see the paying spouse being responsible for procuring life insurance, that obligation is something that can be levied against both parents.
Typically, the life insurance amount is matched to the amount of future support you will have to pay for your child, plus a reasonable amount for college expenses.
In order to save money procuring this type of insurance, you will want to make sure that you do not use this insurance as a mode of investment. So, you may want to purchase term insurance, which is the cheapest option for you to get the coverage you need for your obligation.
Now that you have this information, you can help turn fear into power when negotiating your life insurance obligation. If you have more questions about your obligation to provide life insurance to your child within your own divorce, schedule a legal strategy session with me today.