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Butler, Thiessen & Metzinger | Family Law Specialists

Focused, Dedicated, Determined since 1986

Remembering insurance policies during divorce

On Behalf of | Apr 4, 2016 | Firm News, High Asset Divorce |

Insurance is often seen as an infuriating expense to those who must pay its premiums. For example, a California resident may have to pay hundreds of dollars every year in order to maintain mandatory insurance for his vehicle. That money may seem like it could be put to better use, but if that individual is ever involved in a car accident, his insurance may save him from being personally liable for hundreds of thousands of dollars.

Health insurance, life insurance, and home insurance are other divorce  forms of insurance that Stockton families often carry. When couples divorce, however, the maintenance of those insurance policies can be put into question. Divorcing spouses may not know who will be responsible for maintaining coverage for the property and children that they shared during their marriages.

Insurance policies should be considered when a couple is working through its property settlement. In some cases a former spouse may be required to maintain health insurance for his or her former partner as well as the children they shared in their marriage. An individual may have to continue to make insurance payments for a home even if he or she is removed from the title of the residence; these costs should be considered when the relative value of the couple’s settlement is finalized.

An individual may assume that if he is no longer legally linked to another person that he is no longer responsible for helping that person maintain necessary and important insurance policies. Depending upon the breakdown of a divorcing couple’s property settlement, this assumption may or may not be true. To learn more about how insurance policies and their payments may be dealt with in a California divorce-based property settlement, readers may consult with family law attorneys.