Consider Insurance Policy

How Divorce affects insurance policies

In a divorce what often does not get mentioned in a marital settlement agreement is insurance. 

When ending a marriage it is important to address all the different insurance policies the family has invested.  The most common insurance policies are life insurance, car, homeowners, health and property insurance (hurricane insurance).  Some families have invested their resources in other types of insurance such as, accidental insurance or business insurance.  

 At the Marin Law Firm, P.A., we help you navigate all the components of divorce, including insurance issues.   When considering the different types of insurance you and your spouse have purchased for your family, please consider the following information.   The insurance issues should be included as a part of the divorce settlement negotiations.

1.     Health insurance for spouse. It is important to research the costs versus benefits. The law allows for the spouse who may no longer qualify for the other spouse's employer insurance plan to purchase COBRA. 

2.     Health insurance for children.  Which spouse health insurance plan is benefits the children most and is it still affordable.

3.     Life Insurance.  Consider the spouse who will be paying child support to get an insurance policy in the event he/she predeceases before the children reach 18 years of age.   Furthermore, if you have any pre-existing life insurance policy, don't forget to change the beneficiary. 

4.     Automobile insurance.   Once separated it is generally best to have separate plans.   If one spouse needs help paying for automobile insurance they may want to consider this expense as part of a spousal or alimony settlement.

5.     Homeowners insurance.  Homeowners insurance should be reevaluated post divorce.  As you and your spouse split the assets in the home a new policy should be sought to those changes and will most likely get reduced so you may pay less.  

Please call attorney Carmelina Marin at The Marin Law Firm, P.A. at 407-207-1902.



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