Retire financially safe: How divorcees can save their insurance plans

By Benjamin Beckwith

Divorce is no doubt one of the most gruesome life-changing events of the people. This may well affect the personal insurance coverage significantly. As a result, newly crowned divorcees should find out the basic information in relation to their insurance policies that’ll define the success of their retirement plans.

Is it possible to drop my spouse from my auto insurance policy?

Till the time, your divorce decree hasn’t been pronounced by the court, your financial advisor isn’t authorized to strike off your spouse’s name from the auto policy or the car itself with respect to the coverage without prior written consent of the parties involved.

What if the insurance bills sent to my spouse doesn’t pay, then in that case will my insurance get terminated as well?

The answer is yes. This is why it is important for you to get in touch with your insurance advisor and allow him to reach out to you whenever he needs you. The reason is you are liable to make all the payments on time and fulfill all the terms of the insurance agreement you are entitled to.
However, if you face difficulty in making the payments, then consult about this issue with your attorney. Your attorney should be able to help you to follow an affordable payment schedule.

What if both of us own separate cars with separate title, then is it possible to get different auto insurance coverage?

Yes, you can get a separate auto insurance policy, if this is the scenario in your case. Nevertheless, it is advisable to consult your attorney for better advice, based upon your individual need. The fact is ‘joint property’ laws of a state may turn your car’s registration invalid when both of you are fighting a divorce petition.

In this case, if either of the cars falls under the purview of joint property, then of both of you will have to hold a single insurance policy, until the time your divorce has been finalized by the court. Moreover, the property should have been a separate asset of either of you. Here, too your attorney will act as the best help to sort out this issue legally.

If my spouse doesn’t reimburse me for his/her policy’s share, then do I need to pay for his/her share of the insurance policy?

Primarily, you are allowed to avoid making any payment for your spouse’s insurance policy. Still, beware of the legalities involved so as not to get messed up with the law. This is because being a co-signer on the insurance policy along with your spouse, you’ll be held liable for failing to abide by the coverage terms. Your attorney may help you to balance out all the financial details, in this regard.

What is imperative of you is to keep the insurance policy valid and in force. To achieve this objective, you’ll have to pay off the premiums you are billed for.

Share on facebook
Share on twitter
Share on linkedin

More Posts

President Trump has done:

President Trump has done:

Dude has been in office for 3½ years…. what has he done? Other than dodging the darts the media and Pelosi have thrown?!? What has PRESIDENT TRUMP and his cabinet accomplished…..Here you go:

Send Us A Message