Divorced? Be Sure to Change Your Insurance Policies
If you are recently divorced, you likely have no desire to tackle anymore paperwork, sort through forms, or sign your name one more time on the dotted line. But, while your divorce may be final, your life post-divorce is just beginning and it is important to take a few steps to ensure that it gets off to a positive start.
Are you listed as a dependent on your spouse’s employer-sponsored health plan? Once your divorce is final, you are no longer covered on that policy since you are no longer considered a dependent. So it is imperative that you gain medical coverage if you do not have your own health insurance policy. There are several options available to you including:
- Join your employer’s health insurance plan
- Continue coverage on your ex-spouse’s plan by paying for benefits
- Obtain a new health insurance policy from a state health plan or private health insurance company
If you are in the process of divorce, research your medical insurance coverage options and have them in place to become effective once your divorce is finalized.
Change your beneficiaries
If you were married for a while, you may have forgotten which insurance policies you have and their terms. Now is the time to become reacquainted. A life change such as divorce warrants an assessment of all those things that involved you and your spouse as a couple, including insurance policies. Your spouse was likely listed as the beneficiary for all of your accounts; immediately update them with your new designees. Be sure to check the following:
- Retirement accounts and 401(k) accounts
- Life insurance policies
- Bank accounts
- Other financial accounts
Set aside time to contact the bank, insurance company, or your employer’s human resources department to notify them of the change and obtain the required paperwork. Submit the completed forms as soon as possible and follow up to make sure the change has been made if you have not received written confirmation.
Change your will
Do you have a last will and testament? It needs to be changed to reflect your new marital status. Don’t have a will? Now is the time to put one together. Neither of these tasks take a great deal of time but they do require thoughtful consideration. Specifically, you should consider:
- Who will be the legal guardian of your children if any of them are minors
- Who will serve as the executor of your estate
- Who will inherit your property
Divorce is a difficult process and facing these additional decisions regarding your future may seem like more than you can bare. However, with the appropriate legal counsel, they can be addressed efficiently and you will have peace of mind knowing that you took steps to ensure the proper care for your children as well as protect your property.
Have more questions about life after divorce? Give us a call
Divorce – like marriage – is a major life change. If you have questions regarding divorce, child custody, alimony, or other family topics, contact our team. The experienced Murfreesboro divorce attorneys at Dotson & Taylor Attorneys at Law are knowledgeable in all aspects of the divorce process, providing dedicated, compassionate counsel to our clients every step of the way. Contact us today at 615-890-1982 or online to arrange a free confidential consultation. We are happy to answer your questions.0