In a recent decided alimony case captioned Shimer v. Corey, the Florida Court of Appeal held that the lower court made a mistake when it required the Husband to purchase a life insurance policy as part of the alimony award in this case. The Florida statutes permit a court to require a party to maintain a life insurance policy to secure alimony payments. In making a decision as to whether a payor should be required to purchase insurance to secure an alimony award the trial court should consider the following factors.
First, is insurance needed? Second, is insurance available? Third, what will the policy cost? Fourth, what will be the financial impact on the payor of requiring the purchase of life insurance? In the case at bar, the lower court failed to conduct the aforementioned analysis, and the case was reversed. Additionally, the appellate court independently reviewed the record and determined that life insurance was not appropriately awarded in this case.
To speak with an alimony attorney in Palm Beach Gardens, contact Matthew Lane & Associates, P.A. at (561) 651-7273.