What Types of Insurance Policies Do I Have?

Often, people think of property in terms of tangible items, and this is understandable. It’s important not to overlook non-tangible property however – not only things like retirementand pensionaccounts, but also things like insurance policies, which have definite value, and which must be addressed as you prepare to move forward down two separate paths. As you prepare to negotiate and divide your property during the divorce, it can be helpful to maintain a detailed inventoryof all of your existing insurance policies, as well as all of the designated beneficiaries on those policies.

Depending upon the particular circumstances one spouse may be required to maintain the other spouse on their insurance policy for any number of reasons, so it is also important to consult with a knowledgeable and experienced attorney as to your circumstances before making any final decisions one way or the other. In addition, as you prepare for divorce, it can be helpful to begin the process of obtaining quotes for new policies if you will be canceling your old ones. Doing so will save you time and headache in the long run.