Legal Question in Real Estate Law in Maryland

Consult with a family law attorney with any specific questions about a marital settlement agreement.

As far as estates go, if the decedent promised to support a minor child in such manner (by having life insurance or otherwise allowing a claim against the estate) it would be prudent to maintain such insurance at all times during their life. Typically term life policies are inexpensive for young parents without major health issues.

Analyzing what would happen IF a parent who had an obligation to provide life insurance or pay out of his/her estate failed to maintain such insurance is well beyond the scope of an online post.

Generally speaking people can buy assets with others and creditors can only attach the part owned by the person who owes the debt. However, when someone with a pre-existing legal obligation transfers their assets to someone else for less than fair market value so that the assets are out of reach of a creditor (say by putting someone else's name on a deed or bank account or whatever) the transfer could be attacked as a fraudulent conveyance and the other party could seek to "reverse" any such transfer. That being said, assets held jointly by a husband and wife are usually protected from the claims of creditors of only one spouse.

While I hope the general legal information helps, it does not take the place of personal legal advice specific to your situation.