If you already own a home but you do not consider it to be your dream home, you could use a home improvement loan to enhance its market value, sell home and repay your home improvement loan and then buy your dream home. Home improvement loans are secured against your home equity, thus, protecting lenders interests.

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However, transferring an existing cash value policy (as opposed to a term policy, may carry with it burden of federal gift tax, unless you transfer policy prior to divorce. Be sure to discuss this option prior to finalization of your divorce.

- Don’t overlook possibilities life insurance may provide for dealing fairly with children from your previous marriage. If you’re paying alimony to your previous spouse and have a second family with your new spouse, adult children from your first marriage may sue your estate after you’re gone if they aren’t dealt with at least as fairly as children from your subsequent marriage(s).

A permanent life insurance policy can be an immediate "estate replacer" to children from your first marriage -- it helps you replicate accumulated assets that you wish to pass on to children of your first family -- but can’t afford to without neglecting needs of your new family. Essentially, you purchase a permanent life insurance policy on yourself and designate your adult children as beneficiaries. When you die, proceeds bypass probate process and pass directly to your adult children. Your immediate spouse and any children from that marriage are left with your accumulated property and assets -- so you’ve provided for both families.

If you’re contemplating divorce, don’t forget options you may have with respect to your life insurance coverage. Divorce is tough enough -- don’t overlook flexibility and security this valuable asset can provide..