When a couple divorces there are several personal and financial matters that need to be sorted out. Many couples get bogged down in the more emotional matters of a divorce including child custody, alimony and child support and forget about some of the other important decisions that must be made. For example, couples who divorce will need to make decisions regarding their health, life, home and car insurance policies.
Insurance and divorce -what divorcing couples need to know
Continue reading Insurance and divorce -what divorcing couples need to know
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Who stays on the family's insurance plan after divorce?
When a couple's financial situation permits it, many families prefer to have one parent stay at home to raise the kids while the other spouse goes to the office to bring home the paycheck. As long as the marriage lasts, that approach can be effective, but the stay-at-home parent may face numerous complications if the couple decides to divorce.
One of the things many individuals in Old Bridge are concerned about is whether they will be able to stay on their spouses' insurance policies after the divorce is finalized. In short, the answer is, "No." Although your children may stay on the policy, you must find a new insurance plan.
Understanding what happens with your life insurance after divorce
The trickiest aspect of dividing assets during divorce proceedings is handling long-term assets and other holdings that won't come in to play until years after the divorce. Because divorce settlements need to be conducted in the best interests of both sides, the issue of life insurance needs to be addressed, particularly because it is often misunderstood.
Couples in New Jersey need to understand that life insurance occupies two statuses within the realm of divorce settlements: it is both a wealth accumulation tool and a risk management tool.
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What happens with the car and car insurance after divorce?
The divorce process is mired in paperwork, phone calls and other processes required to separate one couple into two individuals. In New Jersey and elsewhere in the United States, divorcing couples are required to inform their car insurance company that their marital status has, or is about to, change.
State laws and company policies may vary on the specific requirements, but in general, you should inform you insurance provider of your divorce within 30 days of it being finalized.
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