Author: Kaitlyn Lapi
Under New Jersey law, parents are presumptively required to provide for the financial support of their unemancipated children. While many parents believe child support automatically terminates when a child reaches age 18, this is not true in New Jersey. Child support terminates upon a child’s emancipation. Importantly, the definition of emancipation varies by state, making it extremely pertinent parents are aware of their state’s laws.
Many divorce agreements require the maintenance of a life insurance policy to secure a party’s alimony and/or child support obligation. Typically, the parties will agree to take out a specific amount of life insurance on their lives, naming their former spouse or children as the beneficiaries. They must also periodically provide proof that they are paying the premiums. Life insurance offers important protection but is not foolproof since the proceeds may be lost for various reasons.