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Insurance concerns after finalizing your divorce

When going through a divorce, there are a lot of details - legal, personal and financial - that need to be attended to. Because this is such a busy, uncertain time, it is easy to accidentally overlook certain matters that, while important, are not immediate concerns. One of these issues is insurance.

Divorce may require you to make changes to nearly all of your insurance policies, including auto, health, homeowner's (or renter's), disability and life insurance. We'll discuss some of those changes in today's post.

Plans need to be split up and one of you may lose coverage

Here are some important reminders:

  • Car insurance: If each spouse keeps a car in the divorce, you should take your ex-spouse off of your vehicle after the divorce is finalized. Teen drivers may need to be added to both policies.
  • Homeowner's insurance: Whichever spouse keeps the marital residence should change the policy into his or her name only. If you move out and into a rental property, you may want to invest in renter's insurance.
  • Health insurance: If you are on your spouse's employer-sponsored insurance plan or vice versa, one of you will likely be losing coverage after the divorce. It is important to plan for this in advance so that your coverage never lapses.

Some types of insurance may be required in the divorce settlement

If you have ongoing financial obligations that will occur as a result of the divorce (child support and/or spousal support) it may be necessary to have life insurance or disability insurance coverage. Divorce settlement agreements sometimes require policies to ensure that financial obligations can still be met even if one spouse unexpectedly dies or becomes unable to work.

Even if insurance is not something you feel you need to worry about, please have a discussion about it with your family law attorney, and perhaps a financial planner as well.

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