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Life Insurance Policy On Divorce Settlement Agreement.

| Nov 23, 2015 | Uncategorized

Q: My former suppose and I agreed in settlement that we will both purchase and keep life insurance policies on which our kids will be beneficiaries, and my ex will be an owner of my policy and I will be an owner of his policy. My ex policy is a group policy owned by the company so they can’t add anyone else as an owner.
He keeps loosing jobs every year and once he leave his employer they don’t continue the life insurance policy so I suggested him getting private one – he disagrees (as always). What to do in situation like that? Also we had a deadline to obtain policies and he missed that deadline by month.

A: David’s Answer: If he’s defaulted on the agreement, then send him a default notice letter in the manner prescribed by the agreement (usually certified mail, return receipt). If he doesn’t cure the default, file an enforcement action. Call a White Plains Family Law attorney to schedule a consult for a full assessment.

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