Covid-19 remains a challenging, life-altering situation for all of us. Among other things, because the virus is so deadly, the existence of Covid-19 has caused many divorced parents ensuring their life insurance remains intact by reviewing their Marital Settlement Agrements and contacting their former spouses. It sounds morbid, but the last thing you want is for the children to experience the loss of their other parent, only to be followed with the terrible news that your ex-spouse let the life insurance lapse.
Under New Jersey law, divorced or separated parents are required to maintain life insurance for the benefit of the minor children. In the event of death prior to graduating college, there is a fund of money to replace the deceased parent’s share of financial support, typically managed by the surviving parent.
If a parent fails to maintain life insurance, the impact on children can be devastating. In addition to day-to-day expenses, the ability to attend college, fund non-insured medical expenses, pay for a first car or even extracurricular activities may be lost.
Simply stated, now is the time to check and make sure your life insurance coverage and that of your exspouse is valid. Nothing morbid about it. If you are not sure of how to accomplish this or your exspouse is resisting, then it is best to contact a New Jersey divorce lawyer who will review your Marital Settlement Agreement and assist you with same.
