Legal Question in Family Law in New Jersey
Life Insurance Policy? As part of our divorce, my estranged wife is asking that I provide a $2 million life insurance policy on my life and to dedicate $500,000 to each of our 2 children naming her as sole trustee. Is this normally done?
3 Answers from Attorneys
Providing life insurance is a normal part of a final divorce decree. The amount is different from case to case depending on the issues involved, including the amount of child support and/or alimony that will be paid and other assets that may be distributed.
Keep in mind that this information is given based on the scanty facts that you have provided. And no one can rely on advice from an attorney who has not been retained. In order to be able to rely upon any advice, you need to meet with and retain a Family Law attorney, who will be able to give you advice after a full and comprehensive interview. Before you do anything, you should contact an attorney for a full consultation. Good Luck! Rob Gleaner
Yes, but millions is very, very rare. You should have an attorney. Going without one is probably not a good idea for you.
I agree with the other attorney, $2Million is not normal for a middle class family.
You should have a lawyer to guide you on this. And the cost of the life insurance policy is a lot of money, but the cost of a bad decision in child support or alimony or dividing the money and the house could cost you a LOT more. Get a lawyer.
Please give me a call. The telephone discussion will be free of charge, and I will let you know what I believe I can do to assist you further. My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.
Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.