Insurance Plans in Divorce
Insurance is an expensive but necessary component of one’s budget. Many families in Florida receive health insurance coverage covered under one spouse’s employer-sponsored plan. When a married couple decides to divorce, the other spouse may be uncertain of how to replace their health insurance coverage. If they cannot obtain insurance through their own employer, other options may be available. In addition to health insurance, many couples hold policies for homeowners insurance, automobile insurance, life insurance, and more. Before reaching a settlement in a Florida divorce, it may be helpful to discuss any concerns regarding insurance plans with a West Palm Beach divorce lawyer. At the Law Office of Jessica Mishali, P.A., we can examine any related insurance plans in divorce and assist in determining an appropriate solution.Insurance Plans in a Divorce
Most married couples share the cost of insurance coverage as a joint expense. In the event of a Florida divorce, being prepared may soften the financial impact of changing your insurance plans and prevent you from losing coverage altogether. This includes addressing any and all insurance policies that you and your spouse currently hold, including health insurance, homeowner and rental insurance, car insurance, and life insurance.Health Insurance
Generally, a divorcing couple’s children can remain covered under an employer-sponsored health insurance plan if the parents are in agreement. An ex-spouse, however, cannot stay on the other ex-spouse’s health insurance plan after a divorce. Once the divorce is finalized, the non-employee spouse may qualify for temporary coverage under COBRA, although the premiums are typically much higher. In addition, Medicare coverage may be available for people who are 65 or over. Medicaid may also be an option, if certain income requirements are met.Homeowner, Rental, and Auto Insurance
The policy holders on insurance plans for real property, including the couple’s primary residence, may need to be changed when the couple divorces. If ownership of the family home is transferred to one spouse, the other spouse will need to be removed from the home insurance policy. If the house is owned jointly, both names are typically left on the insurance policy, even if one spouse no longer lives there. The cost of insuring a different residence following the divorce should be considered, if necessary. The spouses must change their auto insurance policies to avoid liability issues after a divorce. If the couple has teenage drivers, they may need to be listed on both parents’ car insurance policies.Life Insurance
Many married couples have life insurance to ensure that a surviving spouse is not left with a devastating financial blow, in addition to the unexpected loss of their spouse. In the event of a divorce, you will have to consider whether you want to keep your ex-spouse as the beneficiary of your insurance policy. In some cases, life insurance coverage may be included in the divorce decree to protect dependents from lost child support or alimony should the policyholder pass away. If the beneficiaries do change, it important to change your policy and complete the paperwork with your insurance company.Discuss Insurance Plans in Divorce with a West Palm Beach Lawyer
If you are worried about how to handle joint insurance plans and future coverage following a divorce, you can seek advice from a West Palm Beach attorney. At the Law Offices of Jessica Mishali, P.A., we can provide compassionate legal guidance regarding insurance plans and other issues before, during, and after a Florida divorce. Attorney Jessica Mishali represents clients located throughout Broward, Martin, and Palm Beach Counties, particularly Indiantown, Boca Raton, Boynton Beach, Jupiter, Hobe Sound, Plantation, Stuart, Palm City, Wellington, Coral Springs, Hollywood, Delray Beach, Pembroke Pines, Davie, Jensen Beach, Royal Palm Beach, Pompano Beach, Hallandale Beach, and Fort Lauderdale. Schedule a free consultation regarding a divorce or family law matter by calling (561) 833-2772 or submitting our contact form online.