divorce agreement

Recipients of alimony should pay attention to term life insurance

In many divorce agreements, one spouse is ordered to pay alimony to the other. When this is the case, the divorce agreement usually includes a provision that requires the spouse who is responsible for making the alimony payments to obtain and maintain a predetermined amount of life insurance that will protect the financial structure of their former spouse in the event of death. However, as is the case with so many portions of the divorce agreement, fulfillment of this provision extends far beyond the finalization of the Massachusetts divorce. When the dust of the divorce settles, some individuals find that their former spouse is unable to obtain the required level of insurance. This can come about due to health issues, or if the former spouse allowed his or her policy to lapse and is now unable to renew as a result. In such cases, it becomes difficult or even impossible to resolve the issue, which could have a big financial impact of the spouse who is receiving alimony. Financial advisors note that the time to address insurance issues is before the divorce is final, during the negotiation stage. The first step is determining the correct level of insurance needed, and then checking that your spouse’s current policy is sufficient to cover all of the obligations that would exist if he or she were to die before those obligations were satisfied. You can also ask the insurance provider to notify you if the premiums are not paid. Perhaps the best insurance

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Another Hollywood high net-worth divorce is finalized

As many in Massachusetts are well-aware, divorce often involves a lot of complicated issues that are not easy to resolve. Frequently, there are contentious issues relating to the division of marital property and the equitable division of assets. This is especially true in a high net-worth divorce where the financial assets involved may be exceedingly difficult to unravel. Those involved in or seeking a divorce may be interested to learn that actress Olivia Wilde recently finalized her divorce. The 27-year-old actress married a man with whom she eloped when she was 18. However, the two separated earlier this year after being married for eight years. Additional information concerning what lead to the separation — including if it was for irreconcilable differences or for some other reason — was not available. The divorce was finalized when a Los Angeles Superior Court judge signed the necessary papers in late September. Although a news report did not list any details about the divorce agreement, it presumably involved a complex division of assets. Even over the course of eight years, couples accumulate items such as shared bank accounts and shared residences that are not always simple to split 50-50. However, the difficulty with dividing marital property in an equitable fashion is not limited to just high net-worth divorces. In any divorce in Massachusetts and elsewhere, those involved may well benefit from seeking the advice of an experienced divorce attorney. The attorney may be able to ensure not only that the final divorce agreement is

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