Divorce in Tennessee: Dealing with insurance policies

Going through a divorce is not easy in Hamilton County, especially if you have been married for several years. There are generally a number of assets that must be divided, custody arrangements to negotiate, and financial support to hash out. However one thing that you may want to pay attention to in your divorce is your insurance policies.

In order to do this, you should put together an inventory of all the different kinds of insurance policies that you and your soon-to-be ex have and then look at what your future needs will be. You may be able to include some types of insurance policies in your divorce settlement but other insurance policies you will need to make sure are changed to reflect your new single status.

Insurance negotiation

According to Fox Business, there are three types of insurance that you should consider as part of your property division settlement and these are disability, life, and long-term care. In the case that you receive spousal support and your ex is injured in an accident and is unable to work, you could find yourself in a tough situation. Therefore, you may want to make sure that there is a provision written into your settlement relating to disability and your financial support to ensure that you will be still provided for.

Life insurance is generally considered an asset because of the monetary value involved. However, what happens if your ex-spouse dies suddenly or you die and you forgot to change the name of your beneficiary from your ex to someone else? If you are the beneficiary, you should consider taking ownership of the policy so that your ex can't remove you from it, denying you that financial cushion in the event of his or her death. By putting the life insurance policies in your divorce settlement, you can make sure that you or your children are cared for.

If you are an older spouse, then you may want to consider long-term care insurance which can provide the financial assistance you will need as a single adult. While you cannot ask your ex to pay for your insurance, you can include it as part of your expenses if you are seeking spousal support.

Changing your policies

The following insurance policy types cannot be considered as part of a divorce settlement, but will require your attention:

  • Auto insurance
  • Home insurance
  • Health insurance

When it comes to these policies, you should notify your insurance company as soon as possible in order to avoid any complications such as a policy cancellation or may affect the terms of your own insurance coverage according to Reuters. If you are going through a divorce, you should speak with an experienced attorney to make sure that something in your settlement is not overlooked.