Updating Your Insurance Policies After a Divorce

One of the first steps you will want to take after you receive your divorce decree is to go over your insurance policies and make any necessary updates. The following are some tips for how you should handle specific insurance policies you may have:

Car insurance

You can continue to use a joint auto insurance policy, but if you would rather move forward with your own policy, make sure you review your policy documents before moving forward. Some insurance companies do not allow you to take a person off your policy without his or her consent, so this may be something you want to have addressed in your actual divorce judgment. Otherwise, you’ll need to get your former spouse’s permission to cancel the policy.

Note: Do not cancel the policy until each spouse has already obtained new coverage, as you are required by New York law to carry auto insurance if you drive.

Life insurance

There are several options for life insurance after a divorce. If you had a joint policy and wish to maintain it, you’ll need to work out an arrangement for paying the premiums. Your divorce judgment will include information related to the division of benefits. If one spouse chooses to maintain the policy, that person may be required, under the terms of the divorce, to pay back past premiums to the other spouse.

If you have your own life insurance policy, you likely had your spouse listed as the policy beneficiary. You will need to contact your insurance company to change the beneficiary designation.

Health insurance

If you were on your spouse’s health insurance, you can qualify for continued coverage for up to 36 months under COBRA. However, the costs of COBRA insurance can be prohibitive, so you may wish to look at other options, such as obtaining health insurance through your employer, going through Affordable Care Act insurance plans or finding your own private insurance coverage.

For further guidance on the steps you should take before, during and after a divorce, contact a trusted Long Island family law attorney with Bryan L. Salamone & Associates.