When an Ohio couple goes through the divorce process, they may also need to think about life insurance. While this can seem like just one more piece of paperwork, it can be important to securing alimony and child support in case of the payer’s death.

Younger people may assume this is not a concern, but tragedy can strike at any age. The life insurance policy should be calculated so that it covers the full amount the ex-spouse would receive in child and spousal support. Parents may also want to think about the cost of the child’s college education and how much each would contribute. They should remember that these costs will be more than just tuition, room and board. Instead, they will be in addition to the child’s regular expenses.

There could be certain complications that arise. For example, the payer might want to ask for a cap on premiums. This could be necessary if the policyholder is partway through a term life insurance period. The premiums might go up significantly when it is time to renew. Another consideration is what will happen if the spouse has health problems and cannot get insured. It may be possible to purchase annuities or to set up the person’s retirement account so that it goes to the other parent. The same could be done with other property.

However, the couple may have to iron out other property disputes before they reach this point. For example, if one partner has a 401(k) and it is supposed to be divided in the divorce, they will need a complex document called a qualified domestic relations order. An attorney could help in ensuring that the correct paperwork is prepared properly. The couple may also need to decide whether one will keep the home or if they will sell it.