August 17, 2012 (Press-News.org) What Happens to Insurance and Social Security Benefits After Divorce?
Divorce can be overwhelming. Legally and emotionally untangling a lifetime of accumulations, especially for couples who have been together for many years, can be challenging on several levels. Many baby boomers are experiencing how confusing divorce can be for themselves. The rate of divorceamong couples in their 50s and 60s has increased significantly -- the only age group to see an increase. Common concerns for these couples include what happens to their health insurance, life insurance and Social Security benefits after divorce.
Health Insurance
An ex-spouse cannot stay on his or her ex's health insurance policy. However, children who qualify can remain on a divorced parent's health insurance plan. In addition, under the Consolidated Omnibus Budget Reconciliation Act, or COBRA, ex-spouses can obtain coverage for up to 36 months.
Life Insurance
Life insurance is another important consideration for those undergoing divorce. If one ex-spouse is paying alimony or child support to the other, obtaining life insurance is key to protecting the recipient should the paying person unexpectedly die. Alimony ends upon the death of the paying ex-spouse, and he or she likely would not plan for the recipient spouse in his or her estate plan.
As part of the divorce agreement, the parties may agree for the paying spouse to purchase and maintain life insurance for the benefit of the recipient spouse. However, the recipient ex-spouse may want to take out his or her own life insurance policy on the paying ex, just to ensure that the premiums are being paid.
Social Security Benefits
Social Security benefits are available to a former spouse if he or she:
-Was married for at least 10 years
-Is age 62 or over
-Has not remarried
-Is not entitled to a higher Social Security benefit on his or her own record
Unlike alimony, eligibility for Social Security benefits does not necessarily end upon the death of a former spouse. An ex-spouse can receive benefits upon the death of the former spouse if he or she is at least 60 years old, or if disabled is 50 years old; was married for 10 years; and is not eligible for higher Social Security benefits from his or her own work.
People contemplating or undergoing divorce should contact an experienced divorce lawyer to discuss how divorce may impact these benefits.
Article provided by Becker, Kellogg & Berry, P.C.
Visit us at http://www.beckerberrylaw.com
What Happens to Insurance and Social Security Benefits After Divorce?
Common concerns for divorcing couples include what will happen to their health insurance, life insurance and Social Security benefits.
2012-08-17
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[Press-News.org] What Happens to Insurance and Social Security Benefits After Divorce?Common concerns for divorcing couples include what will happen to their health insurance, life insurance and Social Security benefits.