The Importance of Understanding & Addressing Insurance Policies During Divorce
During stressful times as going through divorce proceedings, it is common to let important issues and accounts, such as insurance coverage, fall by the wayside. However, during this time, it is extremely important to take a close look at any and all insurance policies in order to foresee whether your insurance policies may be impacted once your divorce is finalized – in order for you to strategically prepare. Below, we discuss the two main types of insurance that are typically relevant during divorce: health and life insurance. Health Insurance When a couple is married, frequently, one spouse is covered in terms of their own health insurance on the other’s health plan. In order to help the spouse that does not earn an income after divorce, the purpose of the Consolidated Omnibus Budget Reconciliation Act (COBRA) is to allow them to continue the coverage under their ex’s plan for three years afterward. However, while COBRA is convenient in terms of continuation of existing coverage, it is not necessarily the most affordable option. In addition, the time limit makes it somewhat impractical after a certain amount of time has passed. Now that the Affordable Care Act has been passed, there may very well be cheaper health plans available for those who either don’t have their own health insurance through an employer and/or do not make enough income to purchase their own private plan. You can explore all of these options with a variety of advisers, including your divorce attorney. Life Insurance Life insurance is also important consideration during divorce, especially if spousal support is relevant to you. While spousal support stops when the payer passes away, typically, these payments can continue pursuant to a life insurance policy on the payer. In addition, sometimes your attorney can ensure that the life insurance policy is a required part of your divorce settlement. If this is of interest to you, you will want to make sure that you own the policy so as to retain control over that policy and ensure that changes are not made and payments regularly occur. Life insurance needs to be arranged for before the divorce is finalized because the payer spouse ends up being uninsurable, in which case adjustments may need to be made to the divorce decree in some circumstances. In addition, existing policies may be considered a marital asset under some circumstances. Contact Our Florida Divorce Attorneys To Find Out More Like every other issue that you have to deal with before, during, and after divorce, figuring out how to address and deal with insurance policies may not be very straightforward. However also like everything else, you must be aware of all of the policies and details going into the divorce so that you are aware of what you might want to adjust for your divorce settlement. If you live in Florida and have any questions about divorce, including insurance policies before and after, contact our experienced Tampa divorce attorneys at HD Law Partners today to find out how we can help. Resource: forbes.com/sites/catherineschnaubelt/2019/04/29/insurance-issues-to-consider-in-a-divorce/#e9dbaf0b5d1e Posted in Divorce, Insurance Litigation | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us