After a divorce, many aspects of your life will change, and dealing with administrative issues like insurance may not be at the front of your mind. However, being on top of this issue may save you some financial headaches down the road.
Whether you moved into a new home or stayed in your home after your spouse moved out, you will need to change your home owner's insurance policy to reflect your situation. Insurance is also available if you are renting, advises Forbes, so you may want to look into a policy even if your living situation is only temporary.
Life insurance is another area where you will likely want to make some changes post-divorce. Depending on your circumstances, you may wish to remove your ex-spouse as your beneficiary if you do not want them to receive a payout in the event of your death. On the other hand, if your ex is paying you child support or spousal support, you may want to make sure that you remain his or her beneficiary so that you will continue to be provided for if he or she were to pass away.
You will also need to look into your health insurance coverage. If you were on your spouse’s plan through his or her job, you will need to look into obtaining your own separate coverage. You may also want to make sure that your car insurance policies are separated so that your name remains only on the car you drive. Finally, you may want to obtain disability coverage if you do not already have it. Since you will be depending on only one income, it becomes more important than ever that you are insured in case you have become unable to work.
Tags: Divorce
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