Which of the following professionals is least likely to be an impartial member of your post-divorce, financial planning team?
3. Insurance Agent
4. Former mother-in-law
A major life-change like separation or divorce often brings about a period of personal and financial reassessment. Putting together a team of professionals to help you through the planning stages is crucial. Insurance protection is an important part of any financial plan and there are a number of insurance issues to focus on when separation and divorce are being considered.
Insurance policies protect assets and are an asset themselves. In all cases, except life insurance, the person who owns the policy receives the financial benefit provided by it. The person who owns the life insurance policy determines its beneficiaries.
If you depended on your spouse’s insurance benefits before the divorce, you will need to replace them. Don’t assume that what was appropriate before is still adequate or available to you. Check all of your coverage needs, and those of your children, as soon as possible. An insurance agent can help you make sure you, your children, your assets, and belongings are properly protected.