Health insurance: combating hidden financial effects of divorce

Georgia residents know that getting a divorce is often not an easy affair. Making the decision to dissolve a marriage involves more than just the loss of a partner. Some spouses may lose their home or other shared belongings during the divorce mediation process. Separating physical assets is only the beginning. In a divorce there are many long term effects that can arise after the separation.

One often overlooked consequence of a divorce is the cost of health insurance. Many families rely on one spouse whose job solely provides a health insurance plan for the whole family. In situations such as these, divorced partners may lose out on insurance coverage rates due solely to their separated status and single plans can be expensive.

Future health care coverage can prove to be a major factor in a divorce. Identifying personal needs early in the process can help avoid future hardship. Making these decisions while also planning for a future that will benefit both parties can be a tough task. Leaving yourself at the mercy of court proceedings can delay and drag out an already emotional process. Mediation offers a neutral third party to help efficiently plan for and resolve issues that may stem from a separation.

It is essential to take care in planning for your future from the very start of a separation. Establishing a professional support team can be a vital piece to the puzzle when ending a marriage. Contacting a trusted financial advisor and a family law attorney who handles divorce cases can aid greatly in ensuring your matter is effectively resolved.

Source: Science Codex, “Divorce costs thousands of women health coverage,” Nov. 12, 2012

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