Getting a divorce can be a very emotional experience, but you have to stay focused on so many details. From collecting documentation to filing motions, it’s a challenge to keep on top of everything. Have you thought about the changes in insurance coverage that can result from a divorce? Divorce and insurance issues play an important role in the overall process. You want sufficient coverage that satisfies any legal requirements. As you begin checking different policies, keep these insurance types in mind.
Divorce and Insurance: Five Types of Insurance To Change
1. Health Insurance
Taking care of health insurance is very important, so we cover the topic in-depth with our post detailing how divorce can affect your health insurance. There are four other types of insurance that need to be addressed during the divorce process. By dealing with them now, you can head off problems that might arise before your final divorce settlement.
2. Disability Insurance
This type of insurance pays a portion of your income when you’re injured or sick and unable to work. A supporting spouse often chooses this type of coverage to make sure financial obligations can be met if they become incapacitated. If you don’t think you need disability insurance, consider Social Security Administration statistics.
3. Life Insurance
In divorce cases, the supporting spouse can be required to carry life insurance. The intent is to cover child support or alimony in the event of the supporting spouse’s death. Often, this can be taken care of with term insurance coverage. If you already have a life policy, it’s wise to adjust it so that it reflects the changes in your marital status. Some states do not allow changes in a life insurance policy until after the divorce settlement has been reached. Please check with a divorce attorney to know the laws in your state.
4. Homeowners Insurance
Contact your homeowner's insurance company to discuss updating your policy. If one spouse moves out, your agent will want to know. Renters insurance is highly advisable if you move into an apartment. This type of insurance covers personal property and provides liability coverage in case of damages or injuries to another party.
5. Car Insurance
Once car ownership is settled, you each need separate policies, but be prepared to shop around. Often, a couple loses discounts that come with owning multiple vehicles or homeowners insurance with auto insurance, so you may have to pay a little more than expected. If you have teenage drivers in the family, determine who will carry them on the new car insurance policies.
Our Experience at Your Service
Your insurance companies are your best resources for detailed information regarding policy changes. Keep your insurance agents up to date, and always consult with your divorce attorney too. If you’d like more information about divorce and insurance policies, feel free to contact us here at Cheshire Family Law.
When you need a trusted Florida divorce lawyer in West Palm Beach, call our offices at (561) 677-8090, or contact us online. We’re always at your service with more than 25 years of experience. Let us resolve your legal issues with effective, compassionate solutions.