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Make Changes to Your Insurance Coverage After Divorce
One of the most practical details to consider during divorce is insurance. You likely have auto, health, homeowner’s, and life insurance with your spouse, but divorce will change all that. Get an idea of what to do about your insurance coverage when you get divorced.
If you each have a car with a shared insurance plan, you need to let your insurance provider know about the divorce, just as you likely did when you got married. Not surprisingly, if you switch from two cars to one on the plan, your payment should be cut in half. If one of you agrees to pay for the coverage for both cars, you should still let your provider know about the divorce. Otherwise, you may find out your coverage has been cancelled when your provider finds out about the divorce from someone other than you.
The same goes for dealing with your health insurance. You might assume the divorce does not need to be reported if you want your spouse to stay on your plan, but you risk having it cancelled when you really need it if you do not mention this life event. If your spouse is leaving your plan, he or she may be eligible for health insurance from the state until his or her job starts offering insurance. In the worst case scenario, you may decide to stay separated for a while before getting divorced, at least until your spouse is able to get a separate insurance plan.
If your spouse is the main policyholder, but you have an attached policy, you should consider getting your own separate plan. This is because you cannot change anything about the coverage unless you are the primary policyholder. Therefore, if you get remarried or want to change details in the future, you would have to ask your ex-spouse. Throughout life, you may want to change the amount of coverage you have, so it is important that you have that ability. In general, it is important that you and your spouse discuss your life insurance policy. You can also talk to your insurance agent to find out the best plan of action, and of course you should also consult your divorce lawyer.
Homeowner’s or Renter’s Insurance
Like your other policies, you may end up paying less on homeowner’s insurance when you get divorced since you will presumably have fewer possessions in the home to cover. This is why it is good to contact your provider when you get divorced. If you are moving out and want to rent, you should not have to pay homeowner’s insurance anymore, but you will need renter’s coverage instead. This ensures that the assets you got during the divorce are covered in case of theft, fire, or other problems. Therefore, you should not forget to change the insurance coverage on your dwelling.
If you have questions about changes to your insurance policies during divorce, you should talk to your lawyer. You can also talk to your insurance agent to get some advice. Of course, you will also need to talk to your spouse to make sure you are on the same page when it comes to changing your coverage.
Fault grounds for divorce include adultery, constructive abandonment for at least one (1) year, cruel and inhuman treatment, and imprisonment of a spouse for three (3) or more years. Prior to October 2010, other than a legal separation agreement that was filed with the court, divorces were based on fault.
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