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Insurance needs could change after a divorce

On Behalf of | May 9, 2019 | Divorce |

When a couple’s marriage is ending, both spouses might be covered by a single health insurance plan. A couple in Connecticut may also have purchased a life insurance policy prior to the divorce. It is important to review these policies and how they may change after a marriage comes to an end. In some cases, a life insurance policy may be considered a marital asset depending on when it was purchased.

Life or disability coverage may also be worth purchasing during the divorce process itself, and it can be especially important for those who will receive spousal support. It can make sure that a recipient is paid even if the payer dies or is too hurt to work. Typically, the recipient will make premium payments as it gives that individual more control over the policy after the marriage ends.

In a divorce, an individual who was covered by a former spouse’s employer-provided health insurance policy may no longer be allowed to remain on that policy. Therefore, it will be necessary to either participate in COBRA or buy a policy through on an exchange . While COBRA allows an individual to stay on the employer plan for up to three years, it may be more expensive than an ACA policy.

The end of a marriage may represent a period of significant change in a person’s life. An attorney may be able to help a person take stock of these changes and prepare for them in a timely manner. A financial and estate planning professional may also be worth consulting with during this time of transition.