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Why it's important not to overlook insurance during a divorce

When the difficult decision is made to pursue a divorce, a couple has a multitude of pressing issues that they will have to address from how they want to proceed with the dissolution of marriage to their living arrangements during the pendency of the proceedings. This is not to mention, the intense range of emotions with which they must cope after finally electing to move on from their marriage.

Indeed, in all of the tumult created by a divorce and the attempt to resolve divorce-related issues like child custody, child support, spousal support and property division, it can be relatively easy to lose for couples to lose sight of seemingly smaller -- but highly important -- issues.

By way of example, consider the issue of insurance. While this might seem relatively unimportant while in the midst of divorce proceedings, the failure to address it can actually result in very real headaches for the former spouses further down the road.

Life insurance

If a person is going to be relying heavily upon child support and/or spousal support payments, it might make sense for them to make the procurement of life insurance by their former spouse a priority during negotiations. This would provide peace of mind in knowing that both they and their children would be provided for in the event of the ex-spouse's untimely demise.

If a spouse is indeed required to secure life insurance as part of a divorce agreement, they will likely want to secure a term life policy, which is a relatively inexpensive way to provide the desired safety net for a set number of years (anywhere from 5 to 30).

Lastly, if the procurement of life insurance is not an issue, either spouse that has a preexisting life insurance policy -- perhaps through their work -- will likely still want to consider changing their beneficiaries once the divorce is finalized in order to prevent their ex from reaping a sizeable sum upon their demise.

Car insurance

While car insurance probably seems like an incredibly mundane and perhaps even trivial concern during divorce proceedings, it's something that soon-to-be former spouses really should keep in mind. That's because their premiums will likely go up post-divorce owing to the loss of discounts (i.e., marriage, multiple cars, etc.) and the need to independently cover any teen drivers in the home.

Even if car insurance is not a concern, newly single people will likely benefit from shopping for quotes rather than blindly re-upping with the same carrier.

We'll continue this discussion in our next post …  

In the meantime, if you have questions or concerns relating to the divorce process or a divorce-related issue, consider speaking with an experienced legal professional as soon as possible.

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