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Don't forget insurance coverage as part of divorce settlement

When it comes to divorce legal issues, many couples in Ballantyne focus on disputes regarding custody, financial support and division of assets. For example, couples may spend weeks or months negotiating how much money a parent will receive for child support, evaluating the income that each parent has, the number of children, who has physical custody and the statutes in North Carolina regarding the matter. What many people do not even give a thought to in their divorce settlement is insurance coverage.

As part of the property division it is important for spouses to keep in mind what their needs may be in the future and that involves security through insurance policies. Spouses receiving financial support should ensure that life insurance policies, disability insurance, long-term care insurance and others contain provisions that will cover the spouse if the other spouse is unable to work due to illness or injury or dies.

If a spouse has their name on car policies, home policies, and health insurance, it is important for them to have their ex-spouse’s name removed from those policies upon finalization of the divorce if they were not included in the property division notifications. Failing to do so could result in additional problems later on.

When a person goes through a divorce, it is important to take the time to thoroughly examine every document, insurance policy, and other benefits that exist. In order to avoid missing something important, a person may want to consult with an experienced attorney. The attorney can help that person obtain the support they need and achieve the settlement that they are entitled to by law.

Source: Fox Business, “How to Uncouple Your Insurance in Divorce,” Michele Lerner, May 31, 2013