Life insurance policies can ensure that surviving spouses remain financially sound in the wake of a loved one’s death. However, some people opt to take insurance policies out on exes as well, which can be beneficial when it comes to spousal or child support. At the Cincinnati, OH, firm of O'Connor, Mikita & Davidson LLC, the divorce attorneys have experience with a range of issues related to the dissolution of marriage. They share their expertise on the less common topic, discussing why you might consider getting life insurance on your ex.

Covers Child Support Payments

The death of a non-custodial parent typically spells an end to child support payments. From a financial perspective, this can ravage a family that’s already reeling from an emotional loss.

By getting a life insurance policy on your ex, these necessary payments will continue until the child in reaches adulthood. Both parents have an obligation to provide financially for their children. In cases where sole custody is established, this compensation is often crucial to ensure kids have all their basic needs met.

Ensures Spousal Support Won’t Suddenly Stop

You can also take out a policy to cover spousal support payments. Recent cases have shown that many courts believe the spousal support should not necessarily end when a former partner dies, but rather continue until the total financial obligation has been met.

A life insurance policy will help in that endeavor, as it kicks in upon the death of an ex-spouse and offers what funding is deemed necessary by the court. Because this can be a complex matter, it’s best to work with an experienced divorce attorney on the particulars.

If you and your spouse are separated, and you’re interested in protecting you and your family’s financial future, turn to the talented divorce attorneys at O'Connor, Mikita & Davidson LLC. Backed by over 20 years of experience, they have the skill to provide quality legal counsel and represent your best interests. Call (513) 793-5297 today to schedule a consultation with a top divorce attorney. You can also visit their website to learn more about their practice areas, including bankruptcy and personal injury.