In a Decision – Chernin v. Chernin, (an "Unreported Decision") >> the Court Held:
The Appellate Division affirmed the Trial Court Decision to impose an $800,000.00 bond based upon Husband’s failure to maintain Life Insurance..
The Appellate Division found no error in the Trial Court’s imposition of an $800,000.00 bond on Husband. Husband voluntarily agreed in the settlement incorporated into the judgment of divorce to "maintain life insurance insuring his life naming [defendant] as beneficiary . . . to the extent of $800,000 for so long as his alimony obligation shall continue." Wife never released Husband from that obligation, and Husband never went to court to be relieved of it. Husband simply violated the judgment of divorce and let the policy lapse. A Court may determine whether Husband has the means to satisfy his contractual undertaking in another manner, i.e. by bonding it or establishing a trust to secure the payment.