While a married couple files for divorce, dealing with matters such as child custody, spousal support and the division of marital assets and debts will likely be the soon-to-be ex-spouses’ primary concerns. However, a number of other issues – such as changes to insurance coverage – will also need to be dealt with and can have serious consequences if not properly handled. Here is a look at how insurance coverage will change, as well as what divorcing parties can do to protect themselves, when filing for divorce:
- Ex-spouses will not be covered by their former spouse’s health insurance, which means that individuals who are not covered by their employer (or who otherwise do not have health insurance coverage) should secure their own coverage. Not having adequate health insurance coverage can put someone in serious debt in the event they are injured and have to undergo extensive (and expensive) medical treatments (in fact, this situation is one of the most common circumstances that causes people to file for bankruptcy). For divorcing couples with children, the children will most likely stay on the insurance policy of the spouse with better coverage.
- When one former spouse retains residency in the marital home, (s)he should get a new homeowner’s insurance policy that is only in his or her name. This will prevent future possible complications in the event that a claim is made on this policy after the divorce has been finalized.
- When it comes to life insurance, ex-spouses should consider whether they want or need to change the beneficiary on their life insurance policy in the event their former partner is listed as the beneficiary. Additionally, the parent who retains primary custody of the children after a divorce should consider taking out a life insurance policy (if (s)he doesn’t already have one) to ensure their children are protected in the unfortunate event of their death.
Clearly, there is a lot to consider when filing for divorce. Because the dissolution of a marriage is one of the most stressful times in a person’s life, it’s critical that divorcing parties work with the experienced Colorado divorce lawyers at the Law Office of Mike Hulen. Our trusted legal professionals provide personalized, top-notch legal representation to our Clients, and we will work relentlessly to ensure that our Clients’ rights and best interests are fully represented. For professional advice on how to move forward with your family law matter, contact us by calling (303) 932-8666.