You and your former spouse went through the divorce process, and, in the end, a judge ordered you to supply financial support for your children. No big deal; you were expecting it. Now, months or years down the line, you've experienced a change in circumstances, so making that child support payment is not as easy as it once was. Is there anything you can do to reduce your obligation?
In any divorce where children are involved, child support is a very serious issue. Whether you are the parent paying or receiving child support, you want to ensure that your child will be provided for and receive all the support and benefits necessary for them to live a healthy and happy life. While the paying parent may feel like they get the raw end of the deal, it's important to remember that this money is not for the benefit of your ex-spouse; it's wholly for the benefit of your children.
Life insurance can be a key component of a divorce settlement. This type of insurance is often used to ensure that there will be enough money to support the children if the parent paying child support dies. It is a means of supporting one's children that even death cannot stop. But in order for life insurance to work one parent must have a life insurance policy. If neither parent has life insurance, there may not be a fund from which such support can be paid.
First comes love, then comes marriage, then comes baby in a baby carriage. This sequence of events was once the "norm" in our society, and many continue to follow the traditional route. A growing number of couples, however, choose (or end up with) children before marriage. If these unwed couples break up, they face the same custody and visitation issues faced by married couples.