Exclusive Focus In Family Law for Over 10 Years

Do I need to provide security for a former spouse’s maintenance?

On Behalf of | Aug 16, 2018 | Alimony |

When there is an order of spousal maintenance in Colorado, there are many different factors that must be considered by all parties. The obvious issues are how much will be paid, the duration of the payments and if it can be modified as time passes. Other issues will also be important, including whether the paying spouse will be required to provide security for the maintenance they owe. Knowing what the law says about this is important as the case is negotiated and decided.

The order for the paying spouse to provide security for maintenance is made so the receiving spouse can be covered in the event that the paying spouse dies before the term of maintenance concludes. This can include, but will not be limited to, maintaining life insurance with the receiving spouse as a beneficiary. There are certain considerations that the court will weigh when it determines if there should be security on the spousal maintenance.

The court will think about the following: how old the paying spouse is and whether he or she is insurable; how much life insurance will cost; the amount of time for which maintenance is to be paid; if the parties had life insurance while they were married; what the prevailing interest rates are when the order is given; and if the paying spouse has other obligations.

Spousal maintenance can be one of the most worrisome factors for a couple when they are divorcing. This applies to both the spouse who is expected to pay and the spouse who is expected to receive payment. Should there be concerns that the paying spouse will die before the term of maintenance ends, security could be ordered. With maintenance and other family law matters, having legal help is crucial from the start.