If you are getting alimony, it is important to make sure you have life insurance or some other type of backup plan in place in case your ex-husband suddenly dies on you.
During the divorce negotiations, establish the life insurance policy so that if something does ever happen to him, you will receive a tax-free lump sum to replace the alimony. You can then hire a financial professional to turn that tax-free lump sum into cash flow. Another backup plan is, instead of life insurance, you could become the irrevocable beneficiary of his 401K. There are many creative options to go about this.
Lastly, when you are negotiating this, make yourself the payer of the policy. It will not be that expensive and you will have the assurance that it is getting paid. You do not need to be the owner of the policy, just the beneficiary and payer. This way, you will be in control.
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