Facts: Husband and Wife divorced after 24 years of marriage. Wife served as a stay-at-home mother while Husband worked in his medical practice.
The trial court equally divided the marital property, with each party receiving assets totaling $3.4 million.
After finding that Wife had suffered economic detriment for the benefit of the marriage, the trial court awarded Wife alimony in futuro of $5000 per month plus alimony in solido of $4500 per month for 10 years. Husband was also ordered to maintain a $1 million life insurance policy to secure payment of Wife’s alimony awards.
On Appeal: The Court of Appeals modified the trial court’s ruling.
Tennessee Code Annotated § 36-5-121(l) gives the trial court the authority to order a party to maintain life insurance to secure the payment of an alimony obligation. Specifically, the statute states:
To secure the obligation of one party…
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