Washington residents going through a divorce are often advised by a divorce attorney to get a handle on their finances. While many individuals plan for monthly expenses such as rent, food and cellphones; there are often several other important expenses that are forgotten.
Matters related to insurance are typically overlooked by many divorcing individuals. There are those insurance policies that may have been carried by a spouse such as health, dental and vision. When a couple divorces, it's up to each ex-spouse to now provide for their own insurance. Spouses that do not work are often able to either elect continuation of coverage through COBRA or obtain a policy through an independent insurance provider. These options, however, are often more expensive than employer-supported plans.
Other insurance matters frequently overlooked in divorce relate to home and car insurance. Oftentimes couples opt to bundle home and car insurance with one provider. When a spouse moves out of the family home and must obtain their own home and vehicle, however, they must also obtain new insurance policies. The monthly premiums may be higher on these new policies which may catch some individuals off guard.
Retirement and employer-provided 401(k) s are another often-forgotten financial consideration during a divorce. Again this most impacts individuals who have either not worked outside the home or have chosen not to start their own employer-provided 401(k). An individual who was previously relying on the retirement accounts of a spouse will need to take steps to start their own retirement savings. When possible, additional monies should be funded to new retirement accounts to make up for lost time.
Going through a divorce often presents many financial challenges. Being prepared for unexpected costs associated with insurance and retirement matters, however, can benefit an individual while negotiating a divorce settlement.
Source: The Huffington Post, "Six Unexpected Expenses Divorcees Face," Susan Saper Galamba, Jan. 8, 2013
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