Insurance and the protection of future assets in divorce

Insurance and the protection of future assets in divorce

On Behalf of | Apr 30, 2019 | Divorce, Firm News |

The end of a marriage requires both spouses to address many complex legal and financial issues. During divorce, a Wyoming couple may find they are primarily concerned with things such as what will happen to the family home or which spouse will get financial support. However, it is smart not to overlook other important issues that could affect a person well into the future, such as insurance.

After a divorce, a person may wonder if he or she is able to stay on the ex-spouse’s insurance plan. Because many couples share an insurance plan offered by one of the spouse’s employer, divorce could leave one spouse without necessary health coverage. Thanks to the Consolidated Omnibus Budget Reconciliation Act, it is possible for a spouse to remain on an ex-spouses plan for up to three years. A person would be wise to learn if and how this law can benefit him or her.

Another important consideration in divorce is life insurance. Sometimes, a divorce settlement can address this type of insurance, but this varies from situation to situation. It is prudent for a person to carefully evaluate his or her situation and work for a final resolution regarding these insurance policies that is fair and reasonable.

Divorce will change virtually every area of a person’s life, and it is smart to be keep the focus on what will be best long-term, not necessarily short-term feelings. When it comes to insurance matters, taking the time to learn about insurance laws and potential policy changes can ensure a person is not left without critical coverage. Before agreeing to the terms of a final settlement, it can be smart to seek an evaluation of the case with a Wyoming legal professional.