After a divorce, insurance is likely the last thing on your mind. But when you’re ready, there are a few important steps to take to protect yourself, your family, and your assets. Need help navigating your divorce and insurance questions? Read these tips.
- Separate your auto insurance policies. If your vehicles will be parked at different addresses, they should be listed on different car insurance policies.
- Determine who will cover your young drivers. If you and your spouse have kids who can drive, decide whose policy they’ll be placed on. Normally, whoever has custody will list them on their policy at their residential address. But if you have joint custody, consider where their cars will be kept most often.
- If you move, insure your new residence. Whether you relocate to a home, condo, or apartment, make sure it has the coverage you need. Then, make sure your name is removed from the existing home insurance policy.
- If you stay at home, make sure your homeowners insurance is in your name. If your spouse no longer lives at your address, remove their name from the insurance policy.
- Update your life insurance beneficiary. After a divorce, you’ll likely want to leave your life insurance benefit to someone else, like a child or parent. Consider who would struggle to face the future without your financial support and update your policy accordingly.
- If you don’t have life insurance, talk to an expert. If something were to happen to you, could your spouse cover all your kids’ expenses, or vice versa? With life insurance, you can financially contribute to their care and education, even after you’re gone. Another thing to consider: If something were to happen to your spouse, would you struggle without their alimony or child support payments? Setting up a life insurance policy on them would protect the extra income you rely on.
- Revisit your estate plan. If you have a will or a trust, there may be changes you wish to make. Work with an expert to talk through these changes and make timely updates.
Navigating divorce and insurance is made easier with the right support. Talk to a local, independent agent for expert guidance and expertise today.
This content was developed for general informational purposes only. While we strive to keep the information relevant and up to date, we make no guarantees or warranties regarding the completeness, accuracy, or reliability of the information, products, services, or graphics contained within the blog. The blog content is not intended to serve as professional or expert advice for your insurance needs. Contact your local, independent insurance agent for coverage advice and policy services.
