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  1. #1
    Join Date
    Jan 2013
    Posts
    1

    Default Life Insurance to Cover Alimony

    My question involves a marriage in the state of: NC. I am paying Alimony for 8 more years, and our divorce decree calls for me to maintain life insurance to cover outstanding Alimony obligations. It further says that if I do not have life insurance in force, then she has a claim against my estate. My old policy expired and I am experiencing issues getting affordable new coverage due to health related issues. I have enough money in my estate to cover my Alimony obligation. Can I still be forced to take out life insurance?

    thanks!

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Life Insurance to Cover Alimony

    You mean, if the court has ordered you to carry life insurance and your ex- learns that you let the policy lapse, can she take you back to court to ask that its order be enforced? Yes, and she's likely to get that relief.

    One option would be to negotiate a lump sum payoff of your remaining alimony balance. Another (which would involve a lawyer and annual tax returns) might be to set up an irrevocable trust that disburses the alimony from an account until the obligation ends, with any residual balance returned to you or your estate.... There's probably something you can work out.

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