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Life insurance should be reviewed before finalizing a divorce

07/28/11

While getting a divorce may typically be an unpleasant situation for anyone involved, it is important to take several financial factors into consideration before making any final decisions.

People usually name their spouse as the beneficiary to a life insurance policy, but in the situation of a divorce they may want to change that to their child or other loved one.

If an individual does not change their beneficiary on a policy and they die suddenly their ex-spouse could still potentially receive the financial windfall of a life insurance policy. How policies are divided usually depends on the state in which a couple resides, with some determining how property will be split up and others are equitable distribution states. The latter would require that the cash value from a whole life insurance policy be equally split between the couple, according to the East Oregonian newspaper.

It is important for couples to determine an adequate amount of life insurance that they need to carry because if one of the parents is paying child support and dies unexpectedly, the other could possibly be left as the only provider for their child.  

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