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Insurance Concerns of Divorcing Couples
Fewlife changes are of more consequence than a divorce. In addition to thefinancial and emotional difficulties, you'll face special concerns about yourinsurance coverage. Planning for these changes should begin long before thedivorce is final. The selection of life and health insurance beneficiaries mayhave to be revised. If you have children, many of your insurance concerns willcenter on whether you are granted custody. And because it's common whilemarried for one spouse to maintain health insurance for the family, the breakupof a marriage can have serious insurance consequences for the other spouse, especially if he or she was not employed outside the home. Protecting alimony and child support paymentsThespouse given custody of the children (custodial parent) should make sure thatthe life of the noncustodial parent is insured. If you're the custodial parent, you don't want to end up in a position where child support payments suddenlyend because your ex-spouse dies. The same thing applies to alimony payments. Life insurance can protect you and your children in case of untimely death. Some agreements require the noncustodial parent to pay for a policy on his orher life and to name the custodial parent as beneficiary. Your agreement shouldalso state that you periodically receive proof that the policy is still inforce. If you're the custodial parentIfyou're receiving alimony or child support payments, purchasing a life insurancepolicy on your former spouse is the easiest way to protect yourself and yourchildren. If you can't get new insurance on your former spouse, have his or herexisting policies transferred to you as the new policyowner and beneficiary. This can be planned as part of the divorce agreement. Make certain that you aredesignated as the outright policyowner or as the irrevocable beneficiary. Ifyou have trouble paying the policy premiums, you can petition the court to havealimony and child support payments increased to cover the cost of insurance. The court may even require your former spouse to pay the premiums. In thiscase, monitor the policy periodically to make sure that the payments are beingmade. If you're the noncustodial parentEventhough you don't have custody of your children, you'll want to ensure that theyare protected financially. You may also have certain responsibilities to yourformer spouse. Insure your obligations by paying for a new policy on your lifefor the custodial parent. That way, you can keep any policies you currentlyhave and protect your children's future at the same time. The policy can begiven to your former spouse free from gift tax if given either before or aspart of the divorce agreement. If the policy is entirely in your formerspouse's name, any premiums you pay will likely be considered alimony forincome tax purposes and are tax deductible. You should also insure the life ofyour former spouse. Remember that if he or she were to die, you would mostlikely gain custody of the children, increasing your expenses dramatically. Naming life insurance beneficiaries at divorceChangingthe beneficiary on a life insurance policy is as easy as calling up the insurerand requesting the appropriate paperwork. You can designate any person orentity to be the beneficiary, although some states require that the beneficiaryhave an insurable interest in your life (i. e., someone to whom you have afinancial obligation). But after a divorce,timberland footwear uk, your choices may be somewhatlimited. Ifa court has ordered, for instance,puma shoes girls, that you must continue an existing policywith your former spouse as beneficiary, you cannot change it. If you're underno such constraints, however, your choice usually boils down to either yourestate, your ex-spouse, or your children. Designating your estate asbeneficiary will tie up the insurance proceeds in probate. And unless you needto protect alimony or child support payments, you probably have no need ordesire to name your ex-spouse. Designating your children as beneficiaries maybe your best course, but doing so can be very complicated if they are minors. One solution is to create a trust for the children and name the trust asbeneficiary. Consult an experienced insurance professional before proceeding. Health insurance coverage and divorceOften, one spouse participates in a group health insurance plan at work that providescoverage for both spouses. When a divorce occurs, coverage for the nonemployeespouse will often end, unless the divorce decree requires continuation ofcoverage. If there is no such requirement, temporary protection may be providedby the Consolidated Omnibus Budget Reconciliation Act (COBRA). This federal lawprotects employees of companies with 20 or more workers and their dependentsfrom losing group insurance coverage as a result of job loss or divorce. Certain governmental and nonprofit enterprises are exempt. If your formerspouse maintained family health coverage through work, you may (at your ownexpense) continue this group coverage for up to 36 months, or until you remarryor get coverage under another group health plan. Several states have enactedlaws that may provide a former spouse with more generous rights than thoseunder COBRA. Disability income insurance and divorceIfyou receive alimony or child support,tory burch shoes on sale, another risk to your income may arise ifyour former spouse becomes disabled. If he or she has no disability insuranceand is unable to work, the court may modify the alimony and child supportobligation,buy puma, reducing or eliminating payments to you. With a disability policy, your ex-spouse will receive benefits each month and may be capable of payingthe same amount of alimony and child support. Planning for disability insuranceshould be completed before the divorce is final. Unlike life insurance, youcan't own a disability policy on someone else. So, the divorce decree mayrequire that your ex-spouse pay the premiums on a policy and that you areentitled to regularly receive proof that the policy is in force. Property insurance and divorceRealand personal property must be insured by the actual owner of the property(e. g., a car registered in your name must be owned by you). So, propertyinsurance policies must be modified or rewritten to reflect the proper owner asthe insured. Also, if a husband and a wife enter into an agreement coveringtheir property rights, and divorce occurs within a specified period, alltransfers of property are considered made for full consideration and are notsubject to gift tax. With respect to married homeowners, the house can be soldimmediately and the proceeds divided. Or, both spouses can continue to own thehouse jointly with a view toward a future sale. Another alternative is for onespouse to keep the house and buy out the other's interest. Or, the court mayaward the house to one spouse without trading assets while the title is held byboth spouses. If the ownership is changed, a new deed should be drawn up toreflect the new arrangement, and the homeowners policy should be updated. Ifyou move into an apartment (even temporarily), you should buy renters insuranceto cover your possessions. Written byMoney For College | Financial Aid: BeamaLife.Topics related articles：


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