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  • Writer's pictureAlan Jacobs

Life Insurance and Divorce

Divorce mediation often deals with decision making in the event of the death of one spouse or both. Here the analysis can, and should be, quite expansive. It is important to first analyze existing coverage and the original rationale for purchase. Let’s say the couple purchased a policy to provide for mortgage payoff and there is no longer a mortgage on the real estate, this coverage may no longer be warranted. Further, it is important to consider not only the after death protection that needs to be provided, but the cost of the coverage.

The central questions can be reduced to a short list.

  • What expenses/obligations require protection in the event of death and how do they change over time?

  • In what manner can we afford to provide this coverage and how will the obligation be paid?

Mediation offers a forum in which the analysis of what kinds of protection exist, be it insurance and/or assets, is conducted in a thoughtful and thorough manner. Some couples find they are, in effect, over insured, whereas others are under insured or uninsured. The process enables couples to separate emotion and fear from reality. Planning for death protection at the time of divorce has different priorities and objectives than at the time of marriage. With the guidance of a knowledgeable and impartial mediator, the couple is able to distill fact from fantasy and fear and plan ahead based on a real-time analysis of the family’s present and future need for protection in the event of death.

If you or someone you know could benefit from assistance in decision making during a divorce, contact Falmouth Mediation at 508-566-4159 for a free, no-obligation, private, confidential consultation. We will be happy to discuss the key details of your situation, address any concerns, and help you decide if divorce mediation would be beneficial.

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