One of the most common things that couples may be unaware of when finalizing their divorce is what happens to their insurance policies. We frequently see questions like “What happens to my auto insurance?” or “How do I stay covered with medical insurance?” While no two divorce cases are exactly alike, let’s take a look at a few things you can generally anticipate with your insurance after your dissolution is completed.
You likely will have divided ownership of your vehicles during your divorce negotiations, so now you simply need to contact your company and remove your ex as a driver and the cars you no longer have possession of from your policy. This may result in a change in your premiums, as you may lose some discounts, like multi-car. This means that you may want to consider using this opportunity to shop around for better coverage if you feel you are paying too much.
If you are receiving health insurance through your employer, it will continue as normal. However, you will want to remove your ex from the policy (and your children if your parenting plan says they will be getting it from a different source). If you were receiving your coverage through your ex’s policy, you can either purchase your own through the private market, sign up for your own employer’s insurance, or maintain your previous coverage through Missouri’s COBRA laws. These allow you to essentially extend your previous policy for up to 18 months, but you must pay for it in full.
Whichever spouse takes possession of the home after a divorce should immediately remove their ex from the homeowners’ policy, making themselves the sole beneficiary. This won’t change the price, but if you ”bundled” your insurance like many companies offer, you could see a price increase due to a lost car or other piece of insured property that was initially included. The spouse who moves out may wish to take out some form of a temporary renters’ insurance policy in order to ensure they are covered in the event of any unforeseen major expenses.
If you have any questions regarding your insurance policy or any other aspects of a divorce, a skilled St. Louis divorce attorney from the Kallen Law Firm may be able to help you. Our team of dedicated legal professionals have a detailed knowledge of the laws surrounding divorce in Missouri and can provide you with award-winning service for all of your family law needs.
Call The Kallen Law Firm today by dialing (314) 441-7793 and let us evaluate your case for free!