Life Ins

iVillage Member
Registered: 02-09-2005
Life Ins
5
Tue, 07-12-2005 - 7:29pm
We have a Life Ins policy together..insured on each other..kids beneficiaries on us..
Since I am referred to as spouse does thispolicy need to be changed too?
Unreal what sticking your d*&k where it doesn't belong can cause.
iVillage Member
Registered: 06-09-2005
In reply to: betrayed131
Tue, 07-12-2005 - 7:34pm

Hi Betrayed,

I'm sure someone will have a boetter answer than me, but I think as part of your divorce each of you should be carrying lif insurance with the ex spouse as a trustee for the kids but I'm not sure.

iVillage Member
Registered: 02-19-2004
In reply to: betrayed131
Tue, 07-12-2005 - 8:29pm
It's optional. It's always a good idea to have life insurance and if you are going to have it, it's fine to ask your spouse to have it and putting it in the divorce decree is a good idea. It can't be mandatory because not everyone can get life insurance (if they have a certain medical conditions for example). Also, you don't have to have your ex spouse be the trustee for the child (for life insurance or any other assets you may leave to your child). My ex is horrible with money, and if something happens I'm going to set it up so my sister is in charge of the money. She can determine how much my ex would get each month for expenses and how much can be spent on educational costs as she grows up or saved for college and things like that.

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iVillage Member
Registered: 02-19-2004
In reply to: betrayed131
Tue, 07-12-2005 - 8:30pm
You might want to ask the insurance company if the policy can be split it two, so you can pay your portion and he pay his. I'm sure they'd know how other divorce couples handle it.

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iVillage Member
Registered: 03-15-2004
In reply to: betrayed131
Tue, 07-12-2005 - 10:57pm
I did NOT put my X spouse as a trustee for my policies ... b/c i DONT trust him with money.

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iVillage Member
Registered: 02-09-2005
In reply to: betrayed131
Wed, 07-13-2005 - 5:33am
I am with you on that. I don;t know who I would make trustee. I really only have a cousin that I am close with. No other family. He is horrible with money. The apt he is taking is already more than what it should be. I am afraid he will put a financial strain on himself and it will affect me and the grils.
He is going to have to explain where 5K of my youngest's went to. He has always been the "guardian" on their accts. Never included me. I never thought about any of this earlier in the marriage because you trust them. Part of the divorce will be a demand that the girls accts are changed to a joint sig format. We each get a statement and the $ cannot be touched without 2 sigs. Hopefully there is such a thing.