Is Life Insurance Included as Marital Property?
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Life insurance is a marital asset and if it exists at the time that a divorce proceeding is initiated, that asset can be distributed to one party or the other. Often times when there are children, we can negotiate provisions in the property settlement or the separation agreement which will allow for a continuation of existing life insurance or for that matter, imposing upon the non-residential parent the obligation of getting life insurance for at least the duration that that party’s obligated to pay child support. This is not a situation however, where the court can require a party to get life insurance. It’s something that needs to be negotiated.
This informational blog post was brought to you by Randy H. Gugino, an experienced Buffalo NY Divorce Lawyer.
