Insurance & Divorce: Proper Protection (Guest Blog: Andrew Ceo, Hemlock Insurance Group, LLC)
After divorce, your new life requires the insurance protections which meet your new needs. Guest blogger, Andrew Ceo, CIC, LIC, BA, Principal and Vice President of the Hemlock Insurance Group, LLC, identifies areas where your change in marital status may require you to update your insurance coverage:
As with many facets of divorce there are innumerable details to unravel. Insurance is often amongst the top of that list as it can cause immediate and future financial detriment to both the adults and children of divorce if not handled correctly. When we consider divorce, possessions may be given back or sold, resident locations may change, jobs may shift, and coverage gaps may be created inadvertently. The fear is that these become known only when it is too late rather than ideally being addressed with a proactive and collaborative approach. With potential effects across a variety of lines of Insurance (Auto, Home, Health, Life, etc.) make sure to consider the following questions and scenarios to help direct conversations and narrow the gaps to ensure proper protection as you navigate a divorce;
· How has Income Changed?
· How have Assets Changed?
· Were Valuables Given Back or Sold?
· Where are you Moving and Garaging Vehicles?
· What Parent maintains Primary Custody of the Children?
· Any Personal Property Newly Acquired, Stored, or Moved?
· Will Life Insurance be required to satisfy Alimony or Child Support?
· Who will carry the Health Insurance and will they be Compensated?
· What is the Consensus on Personal Injury Protection and New Reform Choices?
PLEASE NOTE: This blog is not intended to constitute legal, financial or tax advice. We do not recommend making important decisions of the type addressed in this article without specific legal or professional financial advice in advance. We at Banfield Couling Law and Mediation PLLC are here to help navigate your legal matter at any stage of your divorce