Often times when a couple divorces, a court will order one party to pay spousal support in Ohio and/or child support if there are minor children involved. And while it can seem that every, last detail from property division, to health insurance and retirement benefits is hammered out in the final decree, there may be an area that is too often overlooked.
What happens if the party obligated to pay child or spousal support suddenly becomes unemployed? Then what?
The Great American Insurance Group now offers Marital Settlement Agreement Insurance (“MSAI”), to insure divorce obligations during periods of unemployment. The program, which has been 40 years in the making, was developed by Richard S. Zizian, J.D., of the Zizian Agency in San Diego, California. It is now available in all states except Hawaii and Alaska.
Insurance Group Offers Spousal Support And Child Support Payments During Times Of Unemployment
In order to qualify, a person must be a full-time, W-2 wage earner. The holder can choose to pay the premiums annually, quarterly or monthly. The policy pays up to 24 weeks of benefits per year for child and/or spousal support payments. In addition, it covers obligations ranging from $450 to $9000 … Read More... “New Insurance Product to Guarantee Child and Spousal Support Payments During Unemployment”