There are many considerations that will be part of a Colorado divorce. When there is an order for one spouse to pay alimony - also referred to as spousal maintenance - to the other, it must be paid in full and on time. For some, there are other factors that must be accounted for so the receiving spouse get what he or she is owed. One is whether the paying spouse is required to pay security for the maintenance. For those who are ordered to pay security or a former spouse who wants the paying spouse to pay security, having legal advice is important.
The security is generally used if the court is concerned that the paying spouse might die prior to the conclusion of the maintenance term. It can include reasonable life insurance with the receiving spouse listed as the beneficiary if the paying spouse dies before the term ends. The court will consider various factors when deciding if there should be a payment of security.
The following will be considered when the court determines if there should be security: how old the paying spouse is; the paying spouse's insurability; the cost for the life insurance; the term for which the maintenance must be paid and its amount; if, during the marriage, the parties had life insurance; the interest rate when the order was made; and if there are other obligations that the paying spouse is responsible for.
When a couple divorces, one of the biggest issues in dispute will be spousal maintenance. If a paying spouse is ordered to pay maintenance and is required to post security on it, or a receiving spouse is concerned that something might happen to the paying spouse before the term of maintenance ends and wants security, it is wise to have legal help. A lawyer will have experience in helping with divorce, maintenance and other issues in a family law case.