Real Estate Divorce Planning©

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For accurate figures, consider these options: ● Consult a lawyer: They can analyze your specific situation and calculate the appropriate amount based on all relevant factors. ● Review New York's official guidelines: These provide detailed information on how child support is calculated in the state. Additional things to know: ● The guidelines consider factors like several children, parents' incomes, and childcare costs. ● Deviation from the guidelines is possible under certain circumstances but typically requires court approval. ● Open communication with your ex-partner can help facilitate a smooth and fair outcome.

Remember: Your child's well-being is paramount. Seek accurate information and professional guidance to ensure their needs are met through appropriate child support arrangements.

Securing Child Support with Life Insurance: ● Understanding the Need: While child support typically ends upon the death of the paying parent, life insurance can offer financial security for your children in such a scenario. ● Court Order & Agreement: In many cases, a court order may require the paying spouse to maintain life insurance to benefit the children. Alternatively, both parties can agree to this during the divorce proceedings. ● Policy Details: The life insurance policy should be designed to cover the remaining child support obligations until your children reach a specific age or become financially independent. ● Beneficiaries: It's essential to clearly name your children as the beneficiaries of the policy, ideally with a named trustee responsible for managing the funds on their behalf until they reach maturity. Resources: ● Consult a Family Law Attorney: They can guide you through the legal aspects of securing child support with life insurance, draft the necessary documents, and represent you if needed. ● National Association of Child Support Enforcement Administrators (NACSEA): https://www.ncsea.org/

● American Bar Association Family Law Section: https://www.americanbar.org/groups/family_law/

DISCLAIMER This plan does not provide legal, tax, accounting, or therapy advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal, tax, accounting, or therapy advice. You should consult your own professional before engaging in any transaction. ***Remember, this information is for general guidance only and cannot substitute for professional legal advice. Consulting with a qualified family law attorney in your jurisdiction is crucial to ensure the life insurance policy effectively protects your children's future and complies with all legal requirements***

Ray Pearson Broker/Owner, Cobbleridge Realty Corp (631) 320.5849 www.Cobbleridgerealty.com

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