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Split Time: Kids, Custody And Insurance

Each year, the amount of life insurance that's required is adjusted downward to remain in line with Dad's current financial obligations, McGinnis says.

Another issue to settle is who will be the beneficiary on any existing life insurance policies you had prior to the split. No matter what you put in a will, your life insurance policy will pay out to the beneficiary named if you don't change it after a divorce.

Some divorced couples who have children together keep their exes as the beneficiary for the benefit of the kids. If you're not comfortable with this arrangement, you can set up a trust for the benefit of the children and name it as beneficiary of the life insurance policy.

Work with an attorney and contact your life insurance company when you're ready to change the beneficiary. Another tip: don't forget to make changes on all your policies, including group life insurance you may have through work.

Homeowners insurance after a divorce

Homeowner insurance is linked to the property and who is listed on the mortgage. So if the home is in both your names, the insurance typically should stay in both your names, says Mary Bonelli, a spokesperson for the Ohio Insurance Institute. If that's the case, you should have a written agreement outlining who is responsible for the mortgage and insurance payments.

If you move out of the family home and move to an apartment, you should get renters insurance to cover your belongings, as well as your children's personal items,  and for additional liability protection - even if you are still named on home insurance policy, says Bonelli.

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