Your lenders might also agree to freeze interest and charges on your debts. If your debt management plan is agreed, you'll start making these new, lower repayments, but over a longer period of time than you originally agreed with your lenders. Click here to see how a debt management plan is set up. debt management plan will damage your credit rating for up to six years-because you'll be making lower payments to your lenders than you agreed to originally. If your lenders agree to freeze interest and charges on your debts, it could reduce the amount of time it takes to repay them.
For example, in a 10 1/2 year marriage, the court could set alimony for half the duration of the marriage and then, at the halfway point, put alimony at zero unless the supported spouse comes into court before that date, seeks and has a hearing on continuation of alimony.
Life insurance policies can also be maintained for longer periods of time if the parent so chooses. If life insurance is required to guarantee alimony, it may continue for as long as the alimony payments are required. When negotiating your divorce settlement, it is important to designate who will be the owner of the life insurance policy. This is a key factor because the owner controls the policy and has the right to name the beneficiaries.