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Consider the insurance needs of the parties in a divorce

With all of the issues that require resolution when an Illinois marriage ends, it could be easy to miss the need to deal with insurance issues. Car insurance and health insurance are just two types of insurance that require consideration in a divorce. Each party needs to consider the fact that they may go from combined policies to individual policies, which could cost more.

An auto insurance company will need to be notified that a vehicle on the policy is being moved to another location since rates may change. In anticipation of finalizing the divorce, each party could shop around for an affordable policy. If a teen driver is in the family, it might be necessary for both parents to list him or her on their individual policies.

If an Illinois couple has children, they can remain on the employee health insurance plans of the parents. The other spouse, however, will more than likely have to either pay full price for that coverage or buy his or her own policy. If one spouse was on the plan of the other, but has access to a plan through his or her employment, that could also be an option. Many people end up not being able to afford health insurance after the divorce based on income, so Medicaid might be available.

During the divorce proceedings, an attorney can help ensure that all forms of insurance coverage are discussed. In some cases, one spouse may make the premium payments for the other party as part of the settlement depending on the circumstances. Any agreements or arrangements made by the parties need to be included in the settlement to make sure they are enforceable in the future.

Source: ajc.com, "How to Split Insurance in a Divorce", Barbara Marquand, June 23, 2017

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