I'm posting on behalf of a non-mn friend. She's looking for advice on a situation she's found herself in with her ExH.
As a bit of a background, her exh left her and their three young children very suddenly. Within a few months of leaving, he had found someone else and announced they were having a baby. My friend was devastated.
This all happened about four years ago (their youngest was a newborn), and they didn't finalise the divorce until recently because of so many financial issues. He is contributing very little and my friend really struggles financially as she only works part time.
So, fast forward to this week, and he has now announced that - as well as not being able to pay all the maintenance agreed - he wants her to contribute a significant amount to HIS life policy, which he has taken out to support all of his children in the event of his death
She is upset and worried, as she fears he will pull even more of his financial support if she doesn't agree.
To put his financial position in perspective, he works full time as does his new partner.
I think she should say no, but have also suggested she takes out her own policy anyway. What do others think?
As I understand it, the beneficiaries are his four children (the three with my friend, and one with the new partner).
It's a very good point you make about administering the estate and how it will be divided and I don't know the answer to that. I'm not even sure she's seen the documents - would they have needed her signature? I don't know ...
Shje cannot be made to do so. Some women who live on male earnings do choose to insure their ex husband so they are protected if he dies. In a sense it is great this man is thinking ahead and providing for the chidlren but he cannot force the wife to pay for the policy.
She could take out her own policy on his life she pays and it is in trust for her children if he dies (so that it is not subject to inheritance tax - all the life companies have forms for that) although if his assets will be below inheritance tax then the trust bit would not be needed and instead the policy could pay out to her on his death. I would have thought that would suit her better and give her more control.