Even if the divorce is the best possible solution for a couple’s futures, there is no promise that the marriage will end amicably. With that in mind, many divorcing couples must navigate numerous compromises that will require several meetings and hurt feelings on both sides. Ranging from property division and debt division to child support and a parenting plan, the divorcing couple must move forward through the legal process smoothing over trouble spots along the way.
After struggling through multiple serious discussions centering on financial strength and wellbeing, the former couple will likely happily move past the legal process. Unfortunately, they must address numerous other serious considerations before finalizing the process, including:
- Medical insurance: It is not uncommon for the couple to share medical insurance. Whether this is through one spouse’s employer or a shared expense, the partners are linked. After the divorce, however, the individuals must investigate the option of finding their own independent source of health insurance. Former spouses must remember to alter their coverage.
- Homeowners insurance: Based on how the property division process ends, likely only one spouse will retain ownership of the matrimonial home therefore both parties do not need to be on the homeowners insurance policy.
- Vehicle insurance: Like the insurance policy on a house, a vehicle’s insurance policy will likely only impact the former spouse who retains ownership of the car, truck, boat, recreational vehicle or motorcycle. After the divorce, both parties must organize the policies, so they reflect the new reality.
Additionally, it might be wise to explore your life insurance policy following the divorce. You will likely want to remove your ex-spouse from the policy and choose another beneficiary.
Based on the division of property and other financial terms, the court might order you to maintain the status quo for a certain adjustment period. It is wise to follow the court’s direction when making any changes to ensure you remain in compliance.