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Including life insurance during child support negotiations

One of the most common aspects of a Massachusetts divorce between two parents involves a determination of financial support for shared children. That support helps the custodial parent provide for the needs of the child or children, and is an important part of a post-divorce budgeting plan. Parents often fail to consider what would happen if those child support payments were to suddenly end due to the death of the paying party.

Without protective measures in place, the receiving party could be in serious financial trouble if the other parent were to pass away before the youngest child reached the age of maturity. Child support helps to cover costs related to housing, food and other necessities. If those payments stop, it can be difficult to make up for the lost income.

A life insurance policy for the paying parent can help ensure that the children are properly cared for in the event of the death of that parent. That can provide a degree of financial security for one's children. The hope is always that both parents will live long and healthy lives, but insurance provides a safety net, just in case.

The best time to broach the topic of life insurance is during the property division and child support negotiations. Adding a life insurance policy might add an initial up-front cost to the overall division of assets. However, in the event that the policy ever needed to be called into action, the value of the policy would far outweigh the cost for Massachusetts residents.

Source: CNBC, "Headed for divorce court? Here are your top 5 financial musts", Andrew Osterland, Dec. 22, 2016

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