When couples go through a divorce, there is often a lot of emotion to deal with. That can make it difficult for the two parties to consider every aspect of their property division, and where everything will fall once the dust settles. One of the most common examples of forgotten assets in a Florida divorce is insurance. That is because a spouse is sometimes dropped off of the other spouse’s insurance once a couple is divorced.
There are several steps that need to be taken when it comes to maintaining insurance throughout a divorce. It is important for anyone who may be losing his or her health insurance to secure another policy. It is also vital to make sure that the kids will still be covered by health insurance. Also, any insurance company should be made aware of an address change if the divorce is causing a spouse to move.
Once the division of assets, such as the cars and home, has been determined, it is important for the couple to get separate policies. If the home is to be jointly owned, both parties should be listed on the home insurance. If one becomes the sole owner, the other’s name should be removed. There is also renter’s insurance for anyone who decides to rent instead of purchasing another home.
As far as life insurance is concerned, in some cases, you may choose for it to remain as it is. While some may wish to change beneficiaries, others may simply want their life insurance to go to the surviving ex, to be passed on to their children. This can be specified in the settlement.
There is a lot more to consider when going through a divorce in Florida or any state. An experienced family lawyer can help the client to ensure that insurance is considered in the property division. This attorney can help make sure that nothing is left out of the settlement in regards to making sure that the children and the client are protected by insurance throughout the divorce.
Source: ajc.com, “How to Split Insurance in a Divorce“, Barbara Marquand, June 23, 2017