This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs