Divorce is a complicated affair – one that can affect various forms of your life beyond the common ones such as child custody, support, and alimony. For example, you should take steps to ensure that you will still have your existing insurance coverage beyond the divorce settlement date. Here are three forms of insurance coverage, and what you should do about them if divorcing:
Life Insurance
There are two directions your life insurance policy can take if you are divorcing. It may make sense to remove your former spouse as a beneficiary or you may be ordered to leave their name there (or even clear a policy and name your former partner as a beneficiary). Removing your ex-partner from your life insurance policy makes sense if you are under no obligations to continue providing for them. If you don't remove your former partner's name from the policy and you die, they will inherit the package even if it that would not have been your wish.
Health Insurance
Your health insurance determination will depend on whether you were the one paying for the coverage or you were reliant on your partner's coverage. There is no complication if you were the one paying for the coverage. However, if you were reliant on your partner's health insurance policy, you may lose your insurance coverage if you aren't careful. For example, if your partner gets their health insurance coverage from their employer, you can't stay on that plan forever after you are divorced. A good way to protect yourself is to put your insurance coverage as part of the divorce settlement so that your partner helps you pay for it. Otherwise, you may have no choice but to buy independent health insurance coverage.
Auto Insurance
It is not difficult to dissociate yourself from your former partner's car insurance coverage after your divorce. You just need to inform your insurance companies of your divorce so that you can remove your partner from your policy or have them remove your name from their policy (assuming you were insured under one policy). After that, you just source for quotes from different insurance companies and buy separate coverage. As for your kids, they will probably need to be listed on both of your insurance policies, especially if you have joint custody because they will be staying in both of your households and driving both of your cars.
Contact a professional like Marlene Dancer Adams to learn more.
Share10 January 2018
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