My ex has left 60% of his life insurance to his children ($300K each) and the other financial accts were left to me to cover funeral expenses, household maintenance and to provide for a soft-landing from the loss. I am also the executor of the estate. Now $1500/mo goes to child support by decree from the estate. The remaining child support payments could be over $90,000 which is basically the remaining estate. With no will in place, I assume the estate goes to probate. The support money is placed in escrow and paid out over time. My husband believes that he is leaving me all of the remaining estate but he forgot about the decree. What's the best way to adjust for the child support? My husband is the wage-earner in our household.
2007-01-31 07:21:34 · 6 answers · asked by Confused 1 in Family & Relationships ➔ Marriage & Divorce
We live in the state of Texas. His divorce decree states that the child support will be paid from the estate upon his death. However the wording does include something about social security making up part of it. My concern is that I know his ex would aggressively seek as much of the estate and leave me penniless. (bitter ex). So it is up to my husband to place something in writing to explain is true wishes. So that I don't depend on the state of Texas estate law and a court system to determine what is "fair".
The life insurance % would be paid to his children only, NOT TO his ex. There is no provision for the support of the children so that must be considered separate. She would seek $1500/mo until both kids are 18.
2007-01-31 15:16:49 · update #1
Make sure you speak to a financial advisor about this. Don't be left penniless in the event of his death. The fact that his children will be provided for is great, but what about you? Make sure there is money left to take care of his funeral bills which can run up to 7-8000$. Also I am not sure of your answer...is he your ex or your husband?
2007-01-31 07:28:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Get with a financial adviser/attorney. One suggestion may be to reduce each of the kids share of life insurance and have the difference placed in a trust from which the child support payments will be paid from. Have the kids be the beneficiary of the trust so that when the purpose of the trust ends the kids will get the remaining money.
The result is the kids still get the full amount he intended for them to get and you will not need to worry about the support coming from the assets that were left to take care of you.
2007-01-31 07:47:21 · answer #2 · answered by glibby3 2 · 0⤊ 0⤋
yeah my divorce papers say the same thing.
i would look into that 18 thing though, because if they go to college, he would have been paying for that also, which means she may be entitled to 'until after they complete 2-4 years of college' child support.
you need a will or it will become even more complicated with uncle sam telling you what goes where (to get more taxs of course).
.
2007-01-31 17:18:46 · answer #3 · answered by Yvette B yvetteb 6 · 0⤊ 0⤋
Insurance proceeds usually are not part of the estate
Executor gets a "fee" so you will get a % up front
Child support is what the court says it is but he can change the insurance split
2007-01-31 07:31:46 · answer #4 · answered by idtshadow 6 · 0⤊ 0⤋
$1500 a month goes to child support? how many kids does he have????
I would explain your concerns to him however, if he so chooses to support his children rather then leave you money then I guess you may want to figure out how you will support yourself incase anything ever happens.
2007-01-31 07:31:04 · answer #5 · answered by swtlilblonde31 5 · 0⤊ 0⤋
Get a professional to answer these crucial questions.
2007-01-31 07:29:17 · answer #6 · answered by Mean Carleen 7 · 1⤊ 0⤋