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The role that insurance plays during a Colorado divorce

Many Colorado spouses spend a great deal of time negotiating the details of child support and alimony payments. Few, however, take the time to consider what would happen if the spouse tasked with making those payments passed away before the payments were scheduled to come to an end. For many families who have gone through a divorce, that outcome would lead to financial devastation. A measure of protection is called for, and can be found in the form of life insurance. 

By including life insurance in the divorce settlement, the receiving spouse has the ability to protect against the loss of child support or alimony payments. That can make a huge difference in terms of paying for a mortgage, covering tuition or tutoring, or simply taking care of normal living expenses. A life insurance policy can provide the full value of any lost payments, which can preserve the financial stability of the receiving spouse. 

The process of negotiating life insurance is different from one family to the next. Often, the spouse who is expected to make support payments is also expected to cover the cost of life insurance, although that is not universally true. Each couple will have the ability to work out the details according to their specific set of needs. 

Life insurance is something that all Colorado spouses should consider during the course of a divorce. The cost of life insurance is often minimal when compared to the potential benefits. When it comes to providing for the continued support of one's children, there is little doubt that such a precaution is worthwhile. 

Source: CNBC, "Headed for divorce court? Here are your top 5 financial musts", Andrew Osterland, Dec. 22, 2016

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