Although there are exceptions, most married couples fall under the same insurance plan. What happens, though, if the couple then goes through a divorce? Is each party then responsible for their own insurance, or is there a way to continue coverage on a spouse’s plan? Are there other alternatives for disadvantaged spouses who may not otherwise have insurance? The following offers some advice on how to manage your insurance plans after divorce, including when and how to find new insurance if you will no longer be covered after divorce.
Health Insurance After Divorce
If you were covered under your spouse’s insurance plan during the marriage, you can attempt to maintain coverage under your spouse’s workplace plan through COBRA. Unfortunately, this is rarely a cost effective method for maintaining insurance; you may be better off paying for private health insurance. Alternatively, you can seek insurance through your own employer, the health insurance plan marketplace, or you can apply for Medicare or Medicaid (depending on your age). Note that your children may still be covered under your spouse’s plan, but you may be required to help cover a portion of it.
Homeowners Insurance After Divorce
If you and your spouse are both planning to stay on the title for your home until after the kids grow up, it is recommended that you both remain listed on the homeowner’s insurance policy. However, if you will be taking ownership of the home, then your spouse would be removed from the plan. Alternatively, if you are renting and your spouse is taking ownership of the home (or it is being sold), you might want to consider renter’s insurance to protect your property in the event of a fire or another catastrophic event.
Life Insurance After Divorce
Life insurance is one of the most commonly overlooked insurance types, but it can also be the most critical – especially if you and your spouse share minor children. Another important aspect to consider is whether your spouse should have a life insurance policy to cover child support or alimony payments that may go unpaid, should something happen to your spouse before the term of the agreement has ended. Keep in mind that it is generally better for the beneficiary to hold the policy, that way it is protected from accidental (or intentional) lapses.
Contact Our DuPage County Divorce Lawyers
Divorce is a complex process, with many factors and aspects to consider. Mevorah Law Offices LLC can help. With over 200 years of combined experience, we have the knowledge and skills to assist with even the most contentious of cases. Schedule your free consultation with our DuPage County divorce lawyers to learn more. Call 630-932-9100 today.
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