Received home equity pay-out from divorce decree lasting 20 yrs. How do I or what should I do to ensure payment if ex-husband passes. Currently have 18 yrs. remaining and know he will never sell the home. Also how do I protect myself with alimony. Social Security will replace alimony when I turn 62 which is several years away. I pay for a life policy on him though feel he needs to also have a life policy for the equity and time period before receiving Social Security benefits. Feel my lawyer failed me miserably.
It's a little unclear from your question, but I am going to assume that you are supposed to be receiving maintenance or alimony instead of a pay out from equity in the home. Generally, in a divorce proceeding when a person has to pay out anything to another person over a long period of time, it should be drafted into your separation agreement to have a life insurance policy to cover that if the payee passes away. It sounds to me like your separation agreement doesn't have that. I would contact an attorney and bring with you a copy of your separation agreement to see if there is a way to modify it. Maintenance can be either modifiable or non-modifiable, and this may make a difference in your case. However, you should know that generally once property has been divided pursuant to a separation agreement adopted by the Court, there may not be a way to change it. My best advice is to contact counsel and see if there is a way to possibly clean this up for you.
Legal disclaimer: Answering this question does not establish an attorney client relationship. This answer is for educational purposes only. You should consult an attorney in your state for your circumstances.
You question would require a review of your documents. You need a consultation with an attorney.
I agree with the other two attorneys that there is insufficient information to fully answer your questions and you should consult with an attorney who can review your paperwork and adequately advise you on what your options are. However, I will add that if you are entitled to an equalization payment from the proceeds from the sale of the marital residence and your ex-husband passes away before paying you, you would likely have a claim against his estate.
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