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Tips On How To Determine Your Insurance Needs After A Divorce

| September 25, 2017

Dealing with a divorce or separation is never easy. Many facets of your life will change, some for better and some for worse.

Before the papers are signed, make sure to take a look at how your insurance needs will change and what updates need to be made after your divorce is finalized.

If you become overwhelmed with all the needed updates or are just not sure where to start, our team at Marriage Financial Solutions can help!

Consider looking into all areas of your life where insurance policies are needed: auto, health, homeowners/renters, life, and disability.

Here are some things to consider:

  • Health
    • Find out when you will no longer be included on your spouse’s insurance
      • You may qualify for COBRA coverage from your spouse’s employer
      • Check out the insurance exchange policies that may be available to you
    • Auto
      • Make sure to remove your spouse from your current policy at the appropriate time
      • If you are keeping a vehicle, confirm the insurance information is accurate
    • Life & Disability
      • Update your beneficiaries immediately
      • Make sure you are the policy owner and responsible for the premium payments, not your spouse
    • Homeowners/Renters
      • If staying in your home, revise the personal belonging items that need to be insured, as your spouse may have taken items from the home in the divorce agreement

Divorce is challenging, but the changes that need to be made to your insurance plans don’t have to be.

Our advisors at Marriage Financial Solutions do not sell insurance, so we can objectively help you understand where to start and how to make sure your insurance needs are met.

Reach out to us today to see how we can help!

Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.