The following article about New Jersey Death and Divorce is featured on New-Jersey-Lawyers.com
This article was written by New Jersey Lawyer Theodore Sliwinski, Esq.
1. Why is life insurance such an important consideration in a divorce case?
One of the main considerations in any divorce case is life insurance. If a father or a mother dies then how can the child support be paid. Moreover, if a dependent ex-wife relies on alimony to survive, it can be disastrous if her former husband dies. One of the main considerations in dealing with the possibility of a party’s dealt is life insurance protection. Often family courts require the parties in divorce proceedings to obtain life insurance to guarantee the continuation of payments ordered by the court for alimony, child support, or to pay for the college education for the children.
The amount of life insurance that the court may require depends on the financial condition of the parties. In my experience the court requires relatively poor families to obtain $100,000 worth of term life insurance for each child. For a middle class family the normal range is $150,000 worth of term life insurance for each child. Finally, for the more affluent families the courts require $500,000 worth of term life insurance for each child.
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