Bankruptcy Lawyer West Jordan Utah: Insurance in Divorce

Just as it takes time to build a life together in marriage, the process of dissolving that marriage can take time as well. Because we are divorce attorneys, we have seen it all. Often times, separating couples in Utah may be surprised and/or overwhelmed by factors such as property division and child custody arrangements.

INSURANCE POLICIES AND PROPERTY DIVISION

It’s very important to ensure that investments like insurance policies are accounted for at the time of divorce to help ensure savings are secured and both parties are held responsible for their contributions.

Medical/Disability/Long Term Coverage

The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives individuals without their own medical insurance the option to remain on their partner’s plan during the divorce process. Typically, a person may be covered through COBRA for 36 months, which can give them the chance to obtain their own plan. And beyond deciding how to provide for each other’s health insurance needs, divorcing parents must also settle on who will cover the children’s medical expenses.

Similarly, figuring in disability insurance coverage can be helpful too. Not only do both parties need access to disability benefits in the event they become ill or injured after the divorce, but anyone anticipating spousal support should consider how it can be effected by their ex becoming disabled. Likewise, long term care coverage may be a wise investment for older individuals.

Liability Coverage

Many divorcing individuals find that their liability insurance premiums increase once they switch to single plans. Though, it’s crucial that people continue to maintain insurance on investments like the family car and house throughout divorce proceedings to ensure there is no lapse in coverage.

Life Insurance Policies

Many life insurance policies are considered long term investments, and are therefore included as assets when calculating divorce settlements. Furthermore, such policies can be used to safeguard alimony or child support payments if one spouses passes.

WHAT DOES COLLABORATIVE LAW ENTAIL?

If you are confronted by the prospect of divorce, it’s incredibly important to know the legal options and resources that are available to you and your family. Collaborative law is one approach to reaching a divorce settlement that is gaining increasing popularity here in Utah and beyond, as the process encourages dispute resolution without litigation.

As the Utah State Bar Association explains, the collaborative divorce process often begins when you and your legal counsel begin discussing your options for resolving your family law dispute. Depending on you and your family’s unique circumstances, and your relationship with your soon-to-be ex-spouse, your attorney might recommend collaborative divorce mediation. You may find collaborative divorce especially appealing if you are interested in coming to a fair and reasonable divorce settlement without engaging in more adversarial measures, such as court proceedings.

Once you and your spouse decide that collaborative divorce is right for you, you and your attorneys will agree to the terms of the collaborative process. Essentially, that means that all parties agree that both attorneys will withdraw from the case in the event that you and/or your spouse decide to exit the collaborative process in favor of litigation. Next, you and the other three parties involved in the collaborative process will engage in non-adversarial dispute resolution techniques to develop a comprehensive and reasonable divorce settlement.

Your attorney will likely work with your soon-to-be ex-spouse’s attorney to plan the negotiation sessions that you will attend, and set the tone for the meetings. Similarly, you and your husband or wife will be encouraged by both your attorneys to discuss your concerns openly, in order to reach an agreement that accounts for both of your best interests. Of course, the unique nature of every divorce case means that the collaborative process can proceed in different ways. Therefore, this information should in no way be considered legal advice.

Free Consultation with Divorce Lawyer in Utah

If you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will help you.