Why divorcing couples should consider insurance coverage

Divorce in Wisconsin often takes a heavy toll on families. It causes different kinds of stress, and there can be so many details to notice that some things go overlooked. Many soon-to-be exes forget to consider how the family insurance coverage will look after the divorce. Typically, the two most important types of insurance coverage in a divorce are life insurance and health insurance.

Life insurance may be especially important if one of the spouses expects to receive spousal support. Most of the time, spousal support is terminated upon the death of the paying spouse. The stream of support payments may be continued by taking out a life insurance policy on the payor spouse. In some cases, life insurance is made mandatory by the terms of the divorce settlement. The recipient ex should own the policy and be responsible for paying the premiums so that they are in control.

Health insurance coverage for both spouses might be provided by the work health plan of one spouse. This employer may provide health care coverage for the entire family. Under the Consolidated Omnibus Budget Reconciliation Act, a spouse who is not earning income may extend coverage under their ex-spouse's plan for as long as three years. However, this may not be a cost-effective solution. The Affordable Care Act has created insurance options that are better than COBRA in some cases.

A Wisconsin resident who is considering a divorce may want to speak with a lawyer. A lawyer with experience practicing divorce law might be able to help by identifying separate and marital assets or by negotiating the terms of property division. Legal counsel could draft and file documents to initiate the divorce or argue on the client's behalf during family court hearings.

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