When most people in Texas think about life insurance, they think about protecting their loved ones in the event of their death. However, there are other times when life insurance can be a crucial asset – such as during a divorce. Here are five reasons why you need life insurance during a divorce.
1. Life insurance can provide financial security for your children.
If you are the primary breadwinner in your family, and you die during or after your divorce, your spouse may not be able to support the children on their own. Life insurance can help ensure that your children will continue to receive the financial support they need even if you are no longer around.
2. Life insurance can provide money for alimony and child support payments.
In many divorces, one party is required to pay alimony or child support payments to the other party. If you are unable to make these payments due to death, life insurance can help ensure that your former spouse and children still receive the money they need.
3. Life insurance can provide money for legal fees.
If you are in the middle of a high-stakes divorce, you may find yourself facing some hefty legal fees. If something happens to you and you are no longer able to pay these fees, life insurance can help ensure that your spouse is still able to afford them.
4. Life insurance can provide money for living expenses.
In many divorces, one spouse is forced to move out of the family home. This can often lead to a significant decrease in income, as well as increased living expenses. If you die during a divorce, life insurance can help ensure that your spouse has enough money to live on until the divorce is finalized.
5. Life insurance can provide money for a divorce settlement.
When two people get divorced, they often have to divide up their assets and debts between them. If you die during a divorce, your spouse may be entitled to receive a portion of your estate as part of the settlement. Life insurance can help ensure that they are able to do so.
If you are going through a divorce, it is important to make sure that you have adequate life insurance in place. It takes care of your children, your ex-spouse, and people you love when you are not in the position to.