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Tag Archives: division of property

Insurance Planning Is Vital In Divorce Settlement

In the majority of cases, married couples share their insurance plans with each other. New Jersey couples may be interested to know that at the time of divorce, separation and settlement of the insurance plans has become very challenging. While going through a divorce, splitting up the property is not the only issue. Insurance plan provisions should also be included in the provisions of the settlement agreement. Health, life, auto and home insurance should all be reviewed thoroughly to avoid being over insured, underinsured or uninsured.

Even after divorce, many couples continue with the same health insurance plan. Though this option may seem alluring, if the insurance company discovers this practice then the couple’s insurance may be dropped for insurance fraud. To avoid fraud, it is always advisable for divorcing couples to at least apply for temporary coverage under the spouse’s plan. With time, a separate insurance plan should be investigated. Minor child coverage should also be researched.

A life insurance policy after divorce requires special attention. Because life insurance is in the name of the owner and the spouse is often covered under an attached policy, the owner can make the decision to delete the names of the beneficiaries. Hence, it is essential for the spouse to be released from the policy, adjust details and buy a new policy in order to add the name of a different beneficiary. The insurance coverage may need to be calculated into the divorce settlement. Also, the ex-spouse’s name should be removed from other healthcare directives.

In the case of car insurance, it is advisable to include the repayment amount in the divorce settlement to avoid removal from a joint car insurance policy. If the couple has homeowner’s insurance, it can be reduced by half if the ex-spouse has taken half of the belongings. If the spouse has moved out and has rented a home, a renter’s policy should be considered.

When it comes to divorce settlement, simple property settlement is usually not enough. The long-term interests of the parties should also be addressed. Insurance settlements can be complicated. But a well-planned strategy can help protect the parties’ interests. The divorcing parties should take into account the law of the state they live in as well as professional help while planning for a divorce settlement.

Source: Reuters, “How to Untangle your Insurance Plans in Divorce,” Geoff Williams, Sept. 11, 2012

Family Split By Divorce Claim They All Love Lucy The Dog

It seems suitable that a goldendoodle dog named Lucy would be at the center of a notable family law dispute. How can anything be named Lucy and not be loved, right? In this out-of-state dispute, however, it seems like there is too much love, or something, going around when it comes to the family dog.… Continue Reading

A Prenuptial Agreement Can Be A Helpful Tool

Prenuptial agreements or “prenups” are often used when celebrities tie the knot, but anyone who has personal or business assets to protect could benefit from the use of a prenuptial agreement. In its most basic form, a prenup lists assets that are protected in the event of a divorce. This means that those assets will… Continue Reading

Game Show Winnings Part Of Divorce Division Of Assets

Many New Jersey couples know that asset division is a difficult part of a divorce. The division of a couple’s property, finances, and debts is a very complex area of New Jersey divorce law. An experienced family law attorney can help guide New Jersey couples through this complex legal area with care and skill to… Continue Reading

Building A Winning New Jersey Divorce Team

In our previous post we discussed the need to treat a divorce like a business negotiation to make sure that your financial interests are preserved in the divorce negotiation process. In addition to hiring an experienced New Jersey divorce attorney to help with the property division process and child custody aspects of a divorce, two… Continue Reading

Choosing A New Jersey Divorce Attorney

A divorce is not just an emotional separation for New Jersey couples, but also a financial separation from a former spouse. Many New Jersey couples make financial mistakes during the divorce process that impact them for the rest of their lives. It is best not to treat a divorce as solely an emotional decision but… Continue Reading

Property Division And Home Sales During A Divorce

Real estate is one of the primary assets for many divorcing New Jersey couples. Although deciding who gets the china or a family car may be pretty straightforward, selling a home can be one of the most confusing aspects of the property division process. Demand for real estate agents capable of selling a house during… Continue Reading

Six Reasons To Get A New Jersey Prenuptial Agreement

Prenuptial agreements are not just for aging New Jersey businessmen who want to shield their fortune from young spouses. Prenuptial agreements are contracts between future spouses which determine what each person brought into a marriage and what should happen to those assets when the marriage ends in either death or divorce. “I see a prenuptial… Continue Reading

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