Ending a marriage can be complex, as the process has not only emotional but also financial implications. In light of this, it is easy to forget to tackle some pretty basic items, such as health and life insurance. Nevertheless, being prepared for how these types of insurances will change following one’s divorce in Minnesota is critical.
For starters, thanks to COBRA, those who get divorced but were under their spouses’ employer-based medical insurance plans can stay under these plans for up to three years. This buys them time to secure their own insurance plan, but the downside is that COBRA coverage is costly. Still, with the Affordable Care Act, more insurance coverage options are available today and thus may be worth exploring first.
Getting a life insurance plan on one’s ex-spouse is also a wise move for anyone who will be getting spousal support. The reason for this is that alimony stops when the person paying it dies. A life insurance plan payout can help to replace the support payments in this situation so that the person who was receiving the spousal support can still stay afloat financially.
Going through the divorce process can be challenging on a number of levels, and unfortunately, a single mistake can have negative long-term consequences. Fortunately, though, an attorney in Minnesota can provide the guidance needed to make informed decisions. The main goal of the attorney is to ensure that the client’s rights are protected during all stages of this type of family law proceeding.