EVERYTHING
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Single Parenthood
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Let me pose a question you may have already pondered, perhaps even fantasized about on occasion: What would you do if your ex-spouse suddenly died? Your first concern would be about the emotional impact on your kids. But if you’re the parent RECEIVING child support, your next thought surely would be a financial one. If child support payments suddenly stop and they will if the paying ex-spouse dies many single parents would be in the poorhouse. “If you’re dependent on that support as a source of income, the only way to take care of that risk is through life insurance,” advises Violet P. Woodhouse, a family law attorney in Newport Beach. What most single parents think is an unlikely scenario, really did happen to a friend recently. One fateful day, her seemingly healthy, 46-year-old ex-husband dropped dead at work from a heart attack. Fortunately, he had life insurance naming her as the beneficiary. Even after their divorce, they remained friendly, so it was an easy detail to work out. But my ex wouldn’t be as cooperative. The last thing he wants is for me to profit from his death. He thinks he already gives enough blood every month through child support. “This isn’t about enriching anybody. It’s about ensuring that the children’s needs are going to be met,” Woodhouse points out. Now that my ex is remarried, I’m certain he’s named his new wife as his beneficiary. But what about our kids? Can I be sure she’ll continue the flow of support should my children’s father suddenly die? Heck, no . . . which is why I’ve taken out a life insurance policy on him with a little help from Family Court. (The courts view this as a reasonable request, says Woodhouse.) I pay the small monthly premium and have named myself the beneficiary. I’m now in complete control of my kids’ future, and it feels good. Whatever fate may come, at least both of my preteen children will be supported until they’re 18. Woodhouse agrees it’s the best way to go. “The custodial parent should own the policy because you have total control over the amount, who the beneficiary is and whether premiums are paid.” On the flip side, if the non-custodial parent paying child support owns the policy, there’s that risk he won’t pay the monthly premium and the insurance will be cancelled without your knowledge. You don’t want any surprises should that fateful day ever come when you’d need to cash in. So ask your ex if he’ll cooperate with you in taking out a life insurance policy on him. If he won’t, consider consulting a lawyer to see if it’s wise to go to court. If you can’t afford one, Woodhouse recommends you see the family facilitator at the justice center. It’s free. Now, if only there was marriage insurance, we’d all be rich. Violet Woodhouse can be reached at 949.640.8861 or by e-mail: Violet@vpwlaw.com. Lynn Armitage is a senior writer. |
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