If you are in the midst of a divorce, or just finalized one, the last thing you may want to do is tackle more paperwork. However, if you have not yet updated your insurance policies, it is important that you set aside time to do so. Spouses usually list each other as contacts for everything from emergency medical care to financial policies; make sure your insurance policies reflect your new marital status going forward.
Designate new beneficiaries
Check your insurance policies and financial accounts and update them with new beneficiaries. Be sure to review the following policies:
- Retirement accounts, such as 401(k) and IRA
- Life insurance policies
- Bank accounts
- Brokerage accounts
Automobile insurance policies
Chances are, you and your spouse are both listed on one car insurance policy. Contact your insurance company and change the policy to one that is in your name alone. If you need to acquire a new car insurance provider, request prices from several so you can compare. You will learn that some of the discounts you received as a married couple – such as multiple drivers on one policy – will no longer be available.
Spouses who are listed as dependents on employer-sponsored medical insurance policies will no longer be eligible for that coverage once the divorce is final. Plan ahead and explore your options to determine which solution best suits your needs. This may include:
- Remaining on your ex-spouse’s employer-sponsored health plan and paying for the continued coverage
- Enrolling in a health insurance plan provided by your employer. Even though the open enrollment period may have closed, you can still enroll due to your lost coverage
- Gain coverage directly from a private health insurance company
If you are remaining in your home, change the homeowner’s insurance policy to list only your name as the homeowner. If you are renting an apartment post-divorce, purchase renter’s insurance to protect yourself and your belongings.
Review your will
Your last will and testament specifies who you would like to inherit your property in the event of your death. It also should list an executor for your estate as well as a legal guardian for any minor children. Review every aspect of your last will and testament to make sure it reflects your life status change.
Our New Jersey family lawyers are here to help
The family law attorneys at Lomurro Law in Monmouth County have a track record of success helping New Jersey families through divorce, child custody, alimony, and other family matters. If you are contemplating divorce or are starting a life post-divorce, we are here to help you through the process. Contact our office at 732-482-9285 or online to arrange a free confidential consultation with a member of our team. Our offices are conveniently located in Freehold and East Brunswick.