Divorced Parents Can’t Afford To Be Insurance Poor
Reasonable minds can disagree about which things are fun to shop for and which ones are stressful. Some people like to smell every perfume in the department store, while others scroll through real estate listings even when the money in their bank accounts isn’t enough for the earnest money they would need in order to put an offer on the properties they are eyeing. For every boring mom or dad who enjoys adding cooking gadgets to their Amazon cart, there is one whose idea of fun is to go to a luxury car dealership or jewelry store to window shop. People who enjoy shopping for insurance, however, are few and far between, even though “Don’t be insurance poor” has been a popular maxim in the world of personal finance for decades. Carrying insurance coverage is especially important when you are recently divorced, since the first few years after divorce are usually a financially precarious time, especially if you have minor children. A Boca Raton divorce lawyer can help you adjust to a new kind of financial stability, one where you depend only on yourself.
Removing Your Ex-Spouse From Your Insurance Policies Can Save You a Lot of Money
Removing your ex-spouse’s name from jointly held insurance policies is one of the tasks that is easiest to procrastinate after a divorce; it ranks up there close to revising your will. You will find, though, that your expenses become less when you do this. If your ex was hell on wheels, you will find that your car insurance is a lot cheaper when you are no longer responsible for insuring your ex’s driving mistakes. Likewise, if the court awarded the valuable jewelry or artwork that you and your ex owned together during your marriage to your ex, you can remove those items from your insurance policy after your divorce.
Which Parent Will Pay for the Children’s Health Insurance After the Divorce?
In your marital settlement agreement (MSA), you and your spouse will have to indicate which of you will be responsible for carrying health insurance coverage for your children. It should be the spouse whose employer provides better and more affordable coverage. Although only one ex-spouse carries the policy, in practice, the parents will share the costs of children’s healthcare; the court will account for this in the child support order.
Buying a Life Insurance Policy Can Give You Peace of Mind in Times of Uncertainty
When one parent has an unpredictable income, the court might order him or her to carry a life insurance policy with the children as beneficiaries. You should buy such a policy whether or not the court orders you to do it and whether you pay child support or receive it. Life insurance is dirt cheap when you are young and healthy, and it is worth it to know that, in the worst-case scenario, your children will have a source of financial support.
Contact Schwartz | White About the Financial Aspects of Divorce That One Can Easily Overlook
A South Florida family law attorney can help you consider the aspects of post-divorce finances that go beyond alimony, child support, and possession of the marital home. Contact Schwartz | White in Boca Raton, Florida about your case.