On behalf of The Law Office of Gustavo E. Frances, P.A.
You might not think of it while in the throes of divorce but you will likely lose most of your insurance coverage once the divorce agreement is finalized and approved by the court. If you are named on all of the insurance policies in your marriage with your spouse you will need to secure your own coverage after the divorce goes final. This is especially true if you are changing your name. Our Fort Lauderdale alimony lawyer recommends using alimony payments to purchase new insurance policies after a divorce.
Don’t Risk it All
Going through life without insurance of any kind is a huge risk. Don’t risk losing everything you have because you fail to purchase new insurance coverage following your divorce. If you are receiving monthly alimony payments it’s a good idea to use that money to purchase new policies and protect yourself and everything to your name. Not having insurance is a risk you should never take.
Homeowner’s or Renter’s Coverage
There are two forms of insurance available for where you live and they are based on your ownership of the property. If you own a home and live in it, you will purchase homeowner’s coverage. If you rent the place in which you live, you purchase renters coverage. A homeowner’s policy covers the structure and everything in it for you. A renter’s policy covers simply your belongings inside the structure.
If you and your spouse owned cars during the marriage you both had auto coverage. It was likely one policy with both of your names on it. That means you will need to purchase a new policy with just your name on it once the divorce is finalized. You cannot drive in Florida, or any other state without some form of minimum auto coverage.
No one should take the risk of living without health insurance. Too much can go wrong with your health that can put you in the hospital. Even a simple ankle sprain could cost you thousands of dollars out-of-pocket if you don’t have health insurance to cover the medical bills. If you were on your spouse’s policy from their employer, it’s time to shop around for your own coverage as this will no longer be viable after the divorce.
Business Liability Insurance
Do you own a business? Did you get to keep the entire business in the divorce? If so, you might want to review the business liability insurance policy once the divorce is finalized. If your former spouse used to be a co-owner of the business they were likely named on the policy. Use the alimony you receive from your former spouse to purchase a new business liability insurance policy so your business is protected.
Alimony payments are an important part of any divorce agreement in Florida. Don’t underestimate how much these monthly payments can help you secure new insurance coverage in different areas of life. Call our Fort Lauderdale alimony attorney at 954-533-2756 today to schedule a consultation so all of your questions about divorce and alimony can be answered.