Insurance — always relevant — can be a central divorce focus

Insurance is something that seems to require close attention throughout a person’s life, and the concept is seldom a fixed and simple thing. As a person’s age and circumstances change — moving from a teen to an adult; getting married; having kids; buying a home; and so forth — so, too, do the types and policy amounts of various insurance policies.

And, as most of us know, those policies can be many, including insurance coverage for health, automobile, home, life and a host of other possibilities.

Experienced divorce attorneys and family law experts readily point out that insurance coverage can be a point of central negotiation during a divorce proceeding, since changed family circumstances — child custody, child support, alimony and other considerations — often necessitate readjustments in protective requirements.

The continuity of health insurance, for example, is especially important where kids are involved. Some family law commentators note that this is generally not an area of angst or great uncertainty in a divorce proceeding; typically, the parent who has customarily maintained insurance through work will continue to do so. Expenses outside policy coverage do need to be agreed upon, though.

Car insurance for teens in a different matter, since a judge is unlikely to recognize a teen’s entitlement to have a car and coverage.

Life insurance, too, is something that many families need to take a close look at. Notwithstanding what a will or other legal document stipulates, an insurer will pay out in accordance with the beneficiary provisions in effect in an insurance policy.

Other insurances, too, such as homeowners and renters, can be centrally relevant in a divorce.

An experienced divorce attorney can answer questions concerning divorce-related financial considerations, including matters relating to insurance.

Source: Fox Business, “Split time: Kids, custody and insurance,” Susan Ladika, Dec. 6, 2012

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