How Different Types of Insurance are Affected by Your Florida Divorce
When you are going through a divorce, you are likely very concerned with the many financial aspects of your divorce. However, it’s not uncommon for people to forget about insurance. This can be life insurance, health insurance, and even car insurance. When you retain a knowledgeable Boca Raton divorce attorney, he or she will walk you through the entire process and help you think about all the things you need to do after the divorce, including any needed changes to your insurance.
Here’s a look at how your Florida divorce can affect various types of insurance.
Car Insurance
When you get divorced, it can affect your car insurance in multiple ways. Previously, you likely had multiple cars insured under the same policy. Depending on what your property settlement agreement says, you may now be down to one car and need a new policy. This can have a huge financial impact on your life as you will lose many of the discounts you previously had.
Some factors that can influence your car insurance premiums include whether you or a man or woman. Men typically pay more than women. Are you moving to a different city or state? Where you live might impact your rates. You will be losing multi-driver discounts, or discounts for having multiple policies together. If you cannot afford a policy like you previously had, you may find yourself choosing a higher deductible in order to pay lower premiums.
Health Insurance
Most states do not allow you to remain on your ex-spouse’s health insurance policy once your divorce is finalized. You may need to contact your own employer to look into options there. A divorce will qualify as a “life-changing event” that will allow you to enroll in your company plan within a certain deadline. Otherwise, you’ll need to look at insurance on your own or wait until open enrollment.
Do your research on whether your ex’s company offers COBRA coverage. Since they aren’t subsidizing your portion, it’s often ridiculously expensive, however. You may be able to get coverage on your own for a lower premium.
If you have children, it can be an easier process to keep them covered. The Affordable Care Act allows parents to insure children under their policy until they are 26 years old.
Life Insurance
Life insurance is something that can be negotiated in your property settlement agreement. If you have a policy together, it’s important to find out who will be providing financial support to maintain it. Or, you may need to consider a new policy on your own. If you have children, part of your divorce may include a stipulation that you or your ex has to maintain coverage for a certain time frame after the divorce. You may need to speak with a financial advisor on what options are best for your situation.
Contact a Florida Divorce Attorney
Divorce can affect you in numerous ways. Don’t go at it alone. Let an experienced Boca Raton divorce attorney be there for you and protect your rights. Contact the Law Offices of Schwartz | White today to schedule an initial consultation.
