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Monday, May 25, 2020

Handling Insurance in a Divorce

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Going through a divorce is extremely difficult. It’s a process that’s fraught with emotion, even as practical considerations must be hashed out: division of assets, child custody arrangements, and insurance policy adjustments.
 
We are here to help as you work through your various insurance policies and consider them in the context of the divorce. Here are some items to contemplate as you begin:
 
The amount of money wrapped up in insurance policies can sometimes exceed your other assets. As a result, be sure to familiarize yourself with each policy, what is covered and what is not, premium due dates, and beneficiary information.
 
Life insurance is one type of insurance in which beneficiaries are particularly important. Talk to your agent about updating this information, as well as whether you have a term life or permanent life policy. The cash value of the policy should be negotiated as part of the divorce settlement, and some couples may opt for new life insurance policies as part of the divorce.
 
Auto insurance premiums may change as a result of the divorce. Talk to your agent about how coverage limits and deductibles are affected, and notify your agent immediately if cars change ownership. Decide which spouse will continue to cover any teen drivers on their policies.
 
Home and property insurance should be adjusted to match the changes in your living situation. Be sure to maintain your home insurance coverage even if you move out as part of the separation, and talk to your agent about renters insurance if that is applicable.
 
Here at AAA, we can sort of these policy details and the nuances of your insurance needs with you. Give us a call or come in today
 

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