Back to school time- checkups aren’t just for kids

This is a good time for people who have completed a divorce to review their separation agreement.

Many items need to be reevaluated as time goes by.

Most people are so happy to get their divorce completed that they never want to look at their separation agreement or permanent orders again. While you might hate to do it, there are good reasons why you need to review your orders to deal with changes in circumstances.

Most recently, I reviewed a divorce agreement drafted when the child was not yet 2 years old. Now that the child is 13, her needs are different and the length of time for which child support will be paid is different. In this case one parent died suddenly and the twelve year old orders failed to address significant concerns of the family.

Most permanent orders or separation agreements require one or both parents to maintain life insurance in a particular amount and for a specific amount of time. If the time period for which a maintenance and/or child support obligation expires then typically the amount of coverage required to be maintained also goes down, or may no longer be required at all.

The court will not automatically reduce the amount of life insurance or the duration for you. This requires a modification to the original agreement, if it was not covered initially and a completion of change in beneficiary documents.

It's also important to keep in mind that insurance proceeds can not be paid directly to a minor.

This is especially important in cases of remarriage and/or subsequent children.

Just because you review it doesn't mean you have to change anything, but better to have thought it through and decided it was ok as is rather than to look back and wish it had been updated after it is too late.