Post Divorce Insurance Plans Are Important For Splitting Couples

If your marriage is ending, you should consider what your insurance coverage needs to look like in single life.

2012-10-20

October 20, 2012 (Press-News.org) If you're heading toward divorce, you likely have a lot on your mind. With all the other things going on in your life, it's possible that you haven't given a lot of thought to how your insurance needs will change as a single person.

But, insurance is important in the wake of divorce. Knowing how to handle your health, life, home and auto insurance policies correctly can not only save you thousands of dollars, it can ensure you don't lack the coverage you need at a critical time.

Health Insurance: Getting Your Own Coverage and the COBRA Safety Net

In discussions pertaining to post divorce insurance, health insurance usually gets most of the attention. Considering the skyrocketing cost of healthcare, this focus is not unwarranted.

Typically, you won't be able to continue to be covered on your ex's health insurance policy after divorce. Your children, however, can and probably should. As for yourself, if you do not already have your own health insurance policy, you will want to find one as soon as possible after the divorce, or more likely prior to the finalization of the divorce, but at least prior to the date your coverage will cease. You may qualify for government-sponsored COBRA coverage for up to 36 months if the divorce is forcing you off of your ex's health insurance plan, but you should be careful about relying on COBRA for too long; if you develop a condition while on COBRA, some insurers may view it as a pre-existing condition and use it to justify higher premiums or to decline coverage.

Life Insurance: More Than Changing Beneficiaries

If you make no change to your life insurance policy after the divorce and your former spouse remains listed as a beneficiary, Florida law automatically makes any life insurance proceeds pass as if your former spouse preceded you in death. Of course, you should still change your beneficiary designation as needed to avoid any confusion. However, there may be more to life insurance in divorce than simply reevaluating your choice of beneficiary.

Often, life insurance policies are used to secure alimony and/or child support payments. This makes it extremely important to ensure that the spouse responsible for paying the premiums will not default, and also raises the issues of duration of coverage (for instance, will the policy be allowed to lapse when child support obligations end?) and amount of death benefit (i.e. is the death benefit sufficient to secure the entire obligation?).

Finally, you may want to change the amount of your life insurance coverage. Financial situations can change dramatically after divorce, and your life insurance policy should take these changes into consideration.

Reduced Rates for Homeowner's Insurance or a Renter's Policy?

If you remained in the family home after the divorce, you may want to shop around for a more cost-effective homeowner's policy. If your former spouse has taken a large proportion of the marital property, you should be able to get lower premiums.

On the other hand, if you are planning to rent after the divorce, you will want to explore a renter's insurance policy. The good news is that renter's insurance typically costs far less than homeowner's insurance, running on average between $15 and $30 a month, according to the National Association of Insurance Commissioners.

One Vehicle Policy May Have To Become Two

Simply put, if you formerly had two cars on one auto insurance plan and these vehicles move to two difference residences, you and your former partner will have to get separate auto insurance policies. Of course, your individual rates should be somewhat lower than what you were paying for a dual plan.

Talk To a Florida Family Law Expert for Help With Your Divorce

Your post divorce insurance needs necessarily depend largely on the structure and content of your divorce agreement. You divorce attorney can provide additional insight and advice into the insurance arrangements that would be best for your individual circumstances, and should ensure that certain provisions and obligations pertaining to various types of insurance are included in your marital settlement agreement or final divorce judgment. If you haven't done so already, speak to a Florida divorce attorney, preferably a Board Certified Specialist in the area of Marital and Family Law.

Article provided by Lewert Law Offices, P.A.
Visit us at www.lewertlaw.com

ELSE PRESS RELEASES FROM THIS DATE:

Town Ordinances Can Be Problematic for Texas' Registered Offenders

2012-10-20

It has become increasingly common for towns across Texas to establish ordinances that greatly restrict the movement of registered sex offenders. The ordinances often force offenders out of towns entirely due to lack of housing far enough away from public areas where children are present. These ordinances go beyond Texas sex offender laws and can greatly impede on the rights of sex offenders to find adequate housing. Rash of Ordinances Appear in Texas Towns The state of Texas allows municipalities to enact town ordinances that restrict the movement of sex offenders ...

Medical Debt Responsible for Increasing Share of Texas Bankruptcies

2012-10-20

It is a sad and unfortunate truth that medical expenses have skyrocketed over the last several years. The fact that so many people have lost their jobs -- and thus their health insurance -- during the recession has only made matters worse. Of course, a serious illness or injury can be financial devastating, even for people who have insurance. Between copays, deductibles and benefit caps, it does not take long for the bills to spiral out of control. Indeed, medical debt is now one of the leading causes of consumer bankruptcy, both in Texas and throughout the United States. According ...

Serious Car Accidents More Likely During Holidays and the Summer

2012-10-20

To a certain extent, the risk of encountering a dangerous or deadly traffic accident is always present. No matter what day it is, some drivers will make the choice to get behind the wheel after drinking alcohol, taking drugs or not getting enough sleep. Others will take their eyes off the road to send a text, program their GPS or play with the stereo. Add in speeders, red light-runners and a whole host of other dangerous but common behaviors, and it begins to become clear why 1,200 people were killed and another 12,800 were seriously injured in New York motor vehicle accidents ...

Supreme Court Reverses Third Circuit's Decision on Credit Bidding

2012-10-20

The Supreme Court of the United States has reversed a ruling of the Third Circuit Court of Appeals on a Chapter 11 bankruptcy issue known as credit bidding. The Supreme Court unanimously ruled that Chapter 11 reorganization plans cannot sell the property of a secured creditor without giving that creditor the opportunity to credit bid on it. Two Important Terms: Credit Bidding and Cramdown In order to understand the Supreme Court's recent decision, it is necessary to understand two key Chapter 11 bankruptcy terms: credit bidding and cramdown. In the Chapter 11 bankruptcy ...

Female Crash Test Dummies Now Used in Car Safety Tests

2012-10-20

Car accidents have the potential to cause very serious injuries. Although nothing can completely erase the risk of harm that comes with a crash, good vehicle design can go a long way to minimize the severity of crash victims' injuries. Most people are probably aware that automobile manufacturers use crash-test dummies to measure the risk of injury in a car accident. These measurements are then translated into consumer safety ratings. However, many people may be surprised to learn that most of these safety rankings apply only to average-sized males. Until recently, automakers ...

National Safety Groups Promote Construction Fall Prevention

2012-10-20

Construction zones are inherently dangerous, with job duties that often require working at extreme heights. Every year, 225 construction workers die and another 10,000 are injured in preventable falls. In 2010, 264 out of 774 total construction worker deaths were caused by falls. Now, several safety agencies, including the Occupational Safety and Health Administration (OSHA), have launched campaigns to prevent falls and construction worker deaths. Safety Groups Team Up for Construction Fall Safety OSHA, the National Institute of Occupational Safety and Health (NIOSH) ...

Possession of Child Pornography Sentences Often as Severe as Sexual Abuse

2012-10-20

The sexual abuse of children is a serious matter. Public discussion has most recently centered on the Penn State scandal as many within the media debate the proper punishment that should be served not only against Jerry Sandusky but against the university as well. While this discussion is taking up media attention, another related discussion is gaining momentum among legal and legislative professional communities. This controversial topic focuses on the fact that over the past 22 years federal sentences for the possession of child pornography have increased dramatically, ...

Uninformed Students Have Highest Risk of Credit Card Troubles

2012-10-20

There's no doubt about it, going to college is expensive. Between rent, food, books and the ever-increasing price of tuition, many Texas students find it hard to make ends meet. Since few students have the time to work as many hours as it would take to support themselves and still do well in school, many go into debt to pay the bills. When student loans don't provide enough support, they turn to credit cards. Although credit cards can be helpful for college students, they can also be very dangerous if not used carefully. A few mistakes or missed payments could start ...

More Employers Failing to Pay Proper Wages and Overtime in Florida

2012-10-20

American workers are filing more lawsuits against employers than ever before. In 2012, wage and hour lawsuits are the highest they have been in 20 years. As of March 31, 2012, there were 7,064 federal wage and hour cases filed compared to the 1,184 cases filed in 2000. What are Wage and Hour Lawsuits? The federal Fair Labor Standards Act (FLSA) and Florida state's employment laws dictate an employee's rights, as well as the legal remedy to enforce those rights. For example, in Florida: - Workers must be paid a minimum wage of $7.67. - Employees who receive tips ...

State Farm Under Investigation for Texas Hurricane Ike Insurance Denials

2012-10-20

When you purchase insurance and pay your premiums every month, you expect that the insurance company will uphold its end of the bargain when a loss occurs. Unfortunately, this isn't always the case. Like all businesses, insurance companies are concerned about protecting their bottom lines. Sometimes, they try to save money by wrongfully denying valid claims. When it comes to dealing with insurance companies, small injustices happen every day. However, when a big event hits, it is much easier for insurance bad faith to be brought into the light. As a case in point, ...

Post Divorce Insurance Plans Are Important For Splitting Couples

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: