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Factoring insurance into a woman's divorce equation

For Colorado women who are facing the end of a marriage, handling all the financial decisions related to that process can feel like an overwhelming task. Statistically, women live longer than men, which means that they may spend more years in retirement and will need more money to last throughout the course of those years. Insurance plays an important role in creating a post-divorce budget that can address both the short and long-term goals of Colorado women.

Health insurance is just the tip of the iceberg and is the insurance concern that most women think of first. This is especially true for women who have relied upon the employment benefits of their spouse to secure health insurance coverage. Once the marriage comes to an end, so does the insurance coverage. For divorcing women, it is never too soon to begin shopping for independent health insurance coverage.

Life insurance is another need that should be addressed during the same period of time as divorce negotiations. For women who have children or others who are dependent upon them financially, it is important to secure a life insurance policy to protect those loved ones in the event of a loss. However, many Colorado women should also consider procuring a life insurance policy on their soon-to-be-ex. If a woman is expecting to receive spousal support or child support payments for a considerable period of time, having the peace of mind of knowing that those payments will be covered can make a world of difference. By purchasing a life insurance policy to cover the paying spouse, the receiving spouse can rest assured that this important source of income will continue, even if she outlives her formal former husband.

For both men and women, handling all of the financial aspects of a Colorado divorce can be challenging. Including insurance within that process is important step in reaching a favorable divorce outcome that will help those involved attain the financial security needed to last throughout the course of their retirement. In many cases, bundling insurance needs with one provider can result in significant savings, and is an avenue that should be explored early in the divorce process.

Source: Forbes, "Gray Divorce: A Financial Double Whammy For Women", Jeff Landers, July 13, 2016

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Brandon Ceglian

Brandon Ceglian's practice focus is family law, landlord-tenant law / real estate, civil litigation, criminal / DUI, and collections. View Attorney Profile

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J. Adam Beckman

Adam Beckman’s areas of focus are family law, adoptions and prenuptial agreements, and criminal law/DUI. View Attorney Profile

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Domenic Nicotra

Domenic Nicotra’s practices primarily in the areas of Landlord-Tenant, Family Law, Criminal, Protection Orders, and Civil Litigation. View Attorney Profile

Daniel J. Zolnikov

Daniel J. Zolnikov

Daniel Zolnikov practices in the areas of HOA, debt collections, landlord tenant, civil litigation and construction law. View Attorney Profile