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Life insurance an important consideration during divorce process

On Behalf of | Apr 9, 2020 | Divorce

The dissolution of a marriage in Virginia can understandably be emotionally challenging. However, the divorce process can also be financially complicated due to its moving parts. One financial aspect of divorce that is often neglected is life insurance.

When speaking with an attorney, people who are going through divorce would be wise to consider why they bought life insurance from the start. The attorney can then help them to determine the purpose of their existing life insurance policies and possible new policies in light of the marital dissolution. One important question to ask an attorney is what to do with current insurance policies following the divorce.

The attorney may also provide insights into the insurance obligations that individuals may have following their divorces. In addition, they might provide guidance regarding how to verify that their future ex-spouses are insured. An attorney may further help with determining if a divorcing individual is insurable, as well as how to calculate an appropriate life insurance amount to cover financial needs in the years following a divorce proceeding.

In addition to addressing an individual’s life insurance needs during the divorce process, an attorney in Virginia can help with tackling financial matters such as property division. For instance, should he or she keep the family home or choose other assets instead? In addition, the attorney can help with pursuing alimony, if appropriate, as well as tackling child support. The attorney’s chief aim is to help his or her client to achieve a divorce outcome that will financially be in his or her best interests long-term.

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Attorney Harvey S Lutins