I am a Superfox and I Deserve Better!

[cw68]

My insurance agent implored me to make sure that it was in our MSA that my xh have - and pay for - a life insurance policy for which I am the beneficiary so the funds are available for child-raising should he pass before they are adults. The amounts required reduces with their age. Also stipulated in it is that I be notified continually that it is paid and up-to-date should a future (now actually wife, xh and OW got surprised married on tday) decide to not pay the premiums. I wouldn't find out until it was too late that the policy lasped. Every month I know that it's paid and that nothing has changed.

It's really good advice because the moment our divorce was final, the OW was named as sole beneficiary for everything, the kids would get nothing if he died. Ours reads:

"Husband agrees that he shall keep an insurance policy on his life in full force and effect, unreduced by loan balances or other charges, providing death benefit coverage for each child of the parties of at least the following amounts:
From 1 through 18 years (youngest child's age): $xxx,xxx
From 18 through 21 years (youngest child's age): $xxx,xxx (less)

As long as required under this agreement, husband or his employer shall pay all premiums for this policy and wife shall be designated as the primary beneficiary. Husband shall provide documentary confirmation within ten (10) days of a reasonable request by wife. To the extent husband is not in compliance with the provisions of this section on the date of his death, any deficiency in benefits payable to a child shall be a charge in favor of the individual child against husband's estate or any trusts created by husband. if it is determined that the husband's estate has a continuing child support obligation, then any resulting death benefits payable to the children shall be deemed a credit against this support obligation. Husband shall direct that all notices be mailed in duplicate to wife. Whenever either party receives any notice concerning nonpayment of premiums, lapse or cancellation of the policy, or change of beneficiary, that party shall promptly notify the other party.

Any payments made under this paragraph shall be used to offset the responsibility of husband's estate for child support upon his death.

Notwithstanding any other provisions of this section, the obligation as set forth above to maintain insurance for the benefit of the children may be altered by agreement of the parties and shall terminate on the first to occur of the completion of college by both children or November 5, 2024."

I also put in writing that any life insurance I may get while the children are minors will have the children named as at least 50% beneficiaries.

XH pays for their health insurance but that is considered when figuring out support payments. All other medical and job-related child-care costs are split pro-rata, reflecting the large difference in our incomes.

As for taxes/dependents, my attorney figured out what designations would benefit the kids and me more. That happened to be both of us as head-of-household with one dependent (me getting our youngest).