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My predecessor was a gold prospector, except for being financially rich. Our son has brain cancer for four and a half years. I took care of his whole life from the age of 10, including brain cancer in the four and a half years of his adulthood.
I need to know if my 38-year-old ex is legally allowed to purchase insurance policies. He has never been involved in the lives of our children. When our son (twins) was 10 years old, he disappeared. We didn’t hear from our son until he was 18 years old.
After our son was buried and my predecessor left, my predecessor even claimed that he “don’t know him”. I paid for my son’s life, college, funeral expenses, etc. Therefore, I never have any remaining money to buy life insurance for any of my children or even myself.
Can I get any money from my extremely wealthy ex in 38 years? Can my 38-year-old ex buy any life insurance for me and my twin daughters?
All he thought about was money. He lives in a gated community in Florida, where housing prices are between 800,000 and 100 million U.S. dollars. His second wife thought about herself. Even at my son’s funeral, she only thought of herself. Will my predecessor give me money or benefits?
-J.
Dear J.,
You have experienced a heartbreaking loss. I understand why you have to make sure that your ex-husband did not profit from your son’s death, especially because he leads a luxurious lifestyle and you are struggling as a single parent.
To buy a life insurance policy for other people, you need to have an insurable interest in their lives. This means that if they die, you will suffer financial losses. Parents are presumed to have insurable interests in the lives of their minor children.In fact, some parents and grandparents buy Whole life insurance The baby acts as a hybrid savings tool and insurance policy.
Spouses are also assumed to have insurable interests in each other’s lives. In some cases, the same is true for the former spouse. For example, some divorce laws will require former spouses to purchase life insurance and make another person the beneficiary if they are ordered to pay child support or alimony. But to buy life insurance for adults, you also need their knowledge and consent.
Essentially, all this means for you and your child: Your predecessor may purchase life insurance for your child when he is still a minor. But he needs their permission to purchase an adult policy for them. As for you, unless you agree or order as part of the divorce agreement, he will not be allowed to buy insurance for your life.
It is very unlikely that your ex-husband might adopt a fraudulent policy. If you suspect that this has happened, you can contact your state’s insurance company or use MIB’s website to search for insurance policies on your behalf. (Management Information Base It is an insurance consumer reporting agency, formerly known as the Medical Information Bureau. )
Unfortunately, it sounds like there are not many ways you can get money from your ex-husband after 38 years. However, if he fails to pay the child support or alimony ordered by the court, it may be worth consulting a family lawyer.
Also, since you said your ex was rich, you might be able to Collect more social security According to his records, not your own records. The fact that he remarried is irrelevant. If your marriage has lasted for at least 10 years and you are not yet married, then this may be an option.
If your children are adults, it sounds like you have no reason to have a relationship with your ex-husband. Try to limit the information you receive about him and his second wife. If you can, resist the urge to search for them on Google or find them on social media. What you find will only make you angry. If your child has any contact with them, you can ask them to pass on information only on the basis of need to know.
Although this is difficult, I think you need to give up any hope that this person will make you financially complete. You stood up for your child and completed the work of two parents. I hope you are proud of it.
Robin Hartill is Penny Hoarder’s certified financial planner and senior writer.Send your tough money questions to [email protected].
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