09 Jul Are Your Alimony Payments Insured?
Alimony is an important tool used to ensure that both spouses can maintain their quality of life after a divorce. But it’s important to understand that alimony payments terminate when the person making the payments dies. If you have been counting on spousal support as a significant portion of your income, you could be facing serious financial hardships if your ex-spouse dies unexpectedly.
Fortunately, you can insure your alimony payments. This can easily be accomplished through a life or disability insurance policy you carry. Just make sure these policies include benefits that are sufficient to cover the value of the spousal support payments you receive. By insuring your alimony, you can safeguard your financial well-being in the event of an unexpected death.
If your divorce agreement doesn’t contain a stipulation requiring your ex-spouse to carry life and disability insurance, then you may want to consider purchasing the policy yourself. Better safe than sorry.
Jeffrey M. Bloom is a family law attorney with more than two decades of experience helping individuals in the West New York area. He can guide you through the process of insuring yourself against the loss of alimony so that you don’t encounter unexpected financial hardships in the event of an untimely death.
Please contact the Law Offices of Jeffrey M. Bloom today to schedule a family law consultation. Mr. Bloom serves clients in the West New York area.