December 06, 2012 (Press-News.org) Divorce and insurance: knowing how it is split can help save headaches
Divorce is difficult for every couple. Couples must come to terms with the fact that a romantic relationship is ending while also dealing with how assets will be split. In addition to balancing these issues, couples should also keep in mind that their insurance will likely be impacted by the divorce.
First and foremost, it is important to know that once a Petitioner for Marital Dissolution (a divorce) is filed in California, the party who filed it (the Petitioner) may not cancel or change the beneficiaries of any existing insurance policy until the case is over or he or she goes to court and obtain permission to do either. As soon as the Petition for Dissolution is served on the other party (the Respondent) the same rules apply to him or her. Additionally, some courts interpret the rule against cancelling insurance to mean that the one who is paying the premiums must continue to do that until the case ends or he or she goes to court and obtain permission to stop paying for the insurance.
A recent Reuters article points out that the four primary types of insurance policies to review prior to completion of the divorceare:
-Health
-Life and disability
-Auto
-Home owner's
Some health insurance plans allow the company to continue providing insurance for an ex and the couple's children, others may drop an ex-spouse from coverage without notice and still others may only provide coverage for a certain period of time before cancellation. As a result, it is important to look over each individual plan to see how ex-spouses are treated under the policy.
If a policy does not offer coverage for an ex, a COBRA plan is often an option. COBRA is a federal program that can offer temporary coverage until a new policy can be found.
In addition to reviewing a health insurance policy, it is also important to look over any life and disability policies that each individual carries. In addition to changing the beneficiary of these policies to ensure that the ex-spouse does not receive payments from the policy in the event of their death, it is also important to be aware that if the life insurance policy is provided by the ex's employer the policy could be dropped. As a result, an additional policy may need to be purchased to ensure coverage.
While checking to make sure that coverage will continue, it may also be wise to double check how much coverage will be needed post divorce. Many people find that their life insurance needs increase with the end of a marriage, particularly if they are now in the role of a single parent.
Auto insurance policies should also be reviewed. In most cases, vehicles located at separate homes cannot be covered under the same plan. As a result, a new auto insurance plan may be needed.
Finally, take a moment to look over a home owner's insurance policy. The amount of coverage offered by this policy may be more than needed, since the property within the home was likely split during the divorce.
Navigating through the various assets and insurance issues to consider during a divorce can be overwhelming. If you are going through or contemplating a divorce, it is wise to contact an experienced divorce lawyer to discuss your situation and better ensure your legal rights are protected and that you know your obligations.
Article provided by Law Offices of Jonathan W. Fein
Visit us at http://www.feinlaw.com
Divorce And Insurance: Knowing How It Is Split Can Help Save Headaches
Health, life and auto insurance are just a few policies that can be impacted by a divorce.
2012-12-06
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[Press-News.org] Divorce And Insurance: Knowing How It Is Split Can Help Save HeadachesHealth, life and auto insurance are just a few policies that can be impacted by a divorce.