My ex is a gold digger, on high of being financially wealthy. Our son had mind most cancers for 4 and a half years. I took care of him his total life from age 10, together with the 4 and a half years of mind most cancers as an grownup alone.
I have to know if my ex of 38 years is legally allowed to take out an insurance coverage coverage. He was by no means, ever concerned in our youngsters’s lives. He disappeared when our sons (twins) had been 10 years outdated. We didn’t hear from him till our sons had been 18.
My ex even professed to say he “didn’t know him” after our son was buried and my ex left. I paid for my son’s life, school, funeral and burial bills, and so on. Due to this, I by no means had any cash left over to take out a life insurance coverage coverage on any of my youngsters and even myself.
Can I get any cash from my extraordinarily wealthy ex of 38 years? Can my ex of 38 years take out and accumulate on any life insurance coverage insurance policies on the twins and daughter and me?
ALL he thinks about is cash. He lives in a gated Florida group the place homes are $800,000 to $100 million. ALL his second spouse thinks about is herself. Even at my son’s funeral she considered solely herself. Is there any cash or advantages from my ex for me?
-J.
Expensive J.,
You’ve skilled a heartbreaking loss. I perceive why you need to make certain that your ex-husband didn’t revenue off the demise of your son, particularly since he’s led a lavish life-style when you struggled as a single father or mother.
To take out a life insurance coverage coverage on another person, you’ll want to have an insurable curiosity of their life. What this implies is that you just’d endure monetary hurt within the occasion of their demise. Mother and father are presumed to have an insurable curiosity within the lives of their minor youngsters. Actually, some mother and father and grandparents purchase complete life insurance coverage for infants as a hybrid financial savings car and insurance coverage coverage.
Spouses are additionally presumed to have an insurable curiosity in one another’s lives. Ex-spouses do as properly in some circumstances. For instance, some divorce decrees would require an ex-spouse to purchase life insurance coverage and make the opposite individual the beneficiary in the event that they’ve been ordered to pay youngster assist or alimony. However to purchase life insurance coverage on an grownup, you additionally want their information and consent.
Basically, right here’s what all this implies for you and your youngsters: There’s an opportunity your ex may have taken out life insurance coverage in your youngsters after they had been minors. However he would have wanted their permission to purchase a coverage on them as adults. As for you, he wouldn’t have been allowed to purchase insurance coverage in your life until you consented to it or it was ordered as a part of a divorce settlement.
There’s all the time the small probability your ex-husband may have taken out a fraudulent coverage. In case you suspect that this occurred, you possibly can contact your state’s insurance coverage bureau or use the MIB’s web site to seek for a coverage in your title. (MIB is an insurance coverage client reporting company beforehand often called the Medical Data Bureau.)
Sadly, it doesn’t sound like you’ve a lot recourse for getting cash out of your ex-husband after 38 years. But when he didn’t make court-ordered youngster assist or alimony funds, it could be value consulting with a household legal professional.
Additionally, because you say your ex is rich, you could possibly accumulate extra Social Safety based mostly on his document, moderately than your personal. The truth that he has remarried is irrelevant. In case your marriage lasted no less than 10 years and also you’re not married, this might be an possibility.
It doesn’t sound like you’ve any motive to be concerned together with your ex-husband in case your youngsters are all adults. Attempt to restrict the knowledge you obtain about him and his second spouse. Resist the urge to Google them or look them up on social media for those who can. What you discover will solely make you indignant. In case your youngsters have any contact with them, you possibly can ask that they solely relay info on a need-to-know foundation.
As exhausting as that is, I believe you’ll want to let go of any hope that this man will make you financially complete. You stepped up in your youngsters and did the job of two mother and father. I hope you’re taking delight in that.
Robin Hartill is a licensed monetary planner and a senior author at The PNW. Ship your difficult cash inquiries to [email protected].