As many Ohio residents know, preparing for and going through the process of divorce can be a complicated and often overwhelming endeavor. Because there are so many details to take care of, insurance can be easily ignored. However, forgetting to plan for and prepare for the changes related to health care or life policies can have major consequences later on.
Health insurance is an important detail that should be addressed during the divorce process. In many cases, one partner is under the higher-earning spouse's employer-based health insurance program. After the divorce, the lower-earning spouse might continue with that insurance through COBRA. However, this option can be much more expensive. Furthermore, it's only a temporary solution that's available for up to three years after the divorce. A more permanent solution is to seek out personal health insurance, which should be available through the national marketplace. The 2010 Affordable Care Act made more accessible for people with preexisting conditions.
Another type of coverage that couples divorcing might look at is life insurance. This type of insurance is particularly important to spouses who receive alimony as that support might not continue if the paying spouse dies. It's generally best to own the policy as that provides more control over decisions and benefits. The spouses should also establish life insurance before the divorce is final.
Couples considering divorce might benefit from seeking legal counsel. While the property division process can be complicated, an attorney could provide valuable guidance. The lawyer could explain how the process works and help a client during negotiations with the ex-spouse.