All sorts of changes occur when one goes through a divorce. These range from emotional, physical and financial adjustments one will need to endure. The iconic Tulsa law firm of Fry & Elder realizes this and wishes to provide you with some additional information and answers to some common questions in regards to Oklahoma post-divorce insurance changes that could transpire after a divorce. These include:
- Health Insurance
- Car Insurance
- Life Insurance
- Home Insurance
- Disability Insurance
What Oklahoma post-divorce health insurance changes may I encounter?
For obvious reasons, health insurance is important. If you have your own health insurance you will be able to keep it active, but it becomes a little tricky if you’re a dependent. There are three health insurance scenarios that you will need to research.
Option 1 would be to buy an Oklahoma health insurance policy from a health insurance company.
Option 2 would be to get a health insurance policy through your employer if it is offered. You will want to talk to your supervisor or human resources director to learn more about the parameters.
Option 3 would be to continue to keep yourself on your ex’s health plan but pay for it yourself. This can be achieved by administering COBRA insurance as your coverage provider. Federal law mandates that individuals who suffer a significant life change such as divorce be given the option to buy continued coverage through the same coverage for as long as 3 years (36 months). If you wish to go with this option, you will want to contact a representative from your ex’s health insurance provider and let them know about the divorce and plans to elect COBRA.
What Oklahoma post-divorce car insurance changes may I encounter?
If you were on your ex’s auto insurance policy, you are going to want to research and shop around for the best policy. Word to the wise: get multiple quotes from different companies. If your ex was on your policy, you will want to notify your insurer about the divorce so that you can remove him or her from the policy.
What Oklahoma post-divorce life insurance changes may I encounter?
Some divorce agreements may force you to buy a life insurance and have your ex named as the beneficiary. This often comes into play because if an ex-spouse dies then the living spouse can use that life insurance policy as a replacement for child support of alimony.
Many who need to go this route will elect to choose term life. Typically, one will select a term in increments of five years such as 5, 10, 15, 20 or more years and then the amount of coverage you will need. The coverage will end once the term you selected ends.
If your divorce agreement declares that you are not obligated to any continuing financial responsibilities, then you might want to consider taking your ex off of an existing life insurance policy.
What Oklahoma post-divorce home insurance changes may I encounter?
You will want to notify your home insurance company once it has been finalized between who is moving out. The policy should be in the name of the homeowner once the divorce is complete.
If you are the one who is moving out of the residence, you might find temporary residency at an apartment or condo. If this is the case, you will want to research and shop around for the best renter’s insurance. Standard Oklahoma renter’s insurance provides liability coverage and covers your belongings.
If you have moved out and are in the process of buying a house, you will want to contact multiple home insurance companies to get the best rate and coverage plan.
What Oklahoma post-divorce disability insurance changes may I encounter?
Disability insurance is an afterthought by many in comparison to life insurance, but studies show it should not be overlooked. Let’s put it this: The average person has a greater chance of going on disability insurance for 90 days or more than the average person does dying before retirement.
Couples should plan accordingly for disability insurance before the divorce is finalized. If you drawing and income from working, you are going to want to have disability insurance. If you are going to rely on child support or alimony as your primary source of income, then you will want put in the divorce agreement that your ex will need to have disability insurance coverage.
Why experience the Fry & Elder difference?
Whatever questions you have in regards to Oklahoma post-divorce insurance changes, the Tulsa law firm of Fry & Elder is happy to help. Fry & Elder has been synonymous with Tulsa family law for over 40 years.
Robert G “Hap” Fry Jr. is one of only 19 Oklahoma attorneys to be a Fellow of the American Academy of Matrimonial Lawyers. He was also selected as the Lawyer of the Year for Family Law in Tulsa for 2016 by Best Lawyers®. Fellow Fry & Elder partners M. Shane Henry, Aaron D. Bundy and James R. Elder, along with Fry, have each garnered the coveted AV® Preeminent Peer Review Rating by Martindale-Hubbell®.
Fry & Elder’s T. Luke Barteaux has been selected as a Super Lawyers® Rising Star™, while Kirsten Bernhardt once won a judgment of over $10 million from Coca-Cola. Lorena Rivas has proven herself to be an authority figure on Oklahoma immigration law, while Katie Egan and Melissa Fell round out a talented staff of attorneys. Collectively, the group has helped Fry & Elder make U.S. News & World Report’s prestigious list of Best Law Firms from 2014-2016. Contact Fry & Elder today to set up a personal consultation with a proven and acclaimed Tulsa trial lawyer.