Written by guest writer, Gwen Packard, CRISP Insurance Advisors
Person signing a legal document
In the throes of a divorce, and with the stress and raw emotions that accompany it, it’s not likely that either party will be thinking about the insurance implications of the dissolution of their marriage. But many times, one spouse will lose their insurance advisor in the divorce process, leaving them with lots of unexpected questions and no one to turn to for answers. Rather than trying to navigate the insurance process on their own, it’s imperative to find a specialist who will effectively address these complex needs, while showing the utmost concern and respect to both of the divorcing individuals and their privacy.
The following are some insurance-related considerations for both divorcing parties and their attorneys:
- The spouse paying child support or alimony may be asked to purchase life and/or disability insurance.
- The party moving out of the marital home may require a new insurance designation.
- Collections are often part of an insurance program – and an enormous pain point in a divorce.
- The vehicle policy will likely need to be altered.
- The spouse who leaves the marital home needs to concern him/herself with personal insurance.
For a breakdown of the above bullet points please read the full article on D and D Family Law here