Divorce can cause emotional upheaval and affect a family’s financial situation. Former spouses must figure out how to divide their assets fairly, such as savings accounts, accumulated debts, and other properties. They also need to determine how to separate jointly owned or operated benefits, such as health insurance coverage and retirement.
A knowledgeable divorce attorney could help you understand how to obtain or terminate benefits after a Frisco divorce. With our legal team’s assistance, you could feel more secure about your future. Schedule a free consultation today to discuss your situation.
Many spouses choose to have just one health insurance plan for their entire family. Families often elect to subscribe to the employer-sponsored plan of one spouse if it is more cost-effective than paying for premiums on two different policies, especially if they have children.
However, when a couple decides to divorce, the former spouse’s healthcare coverage can be terminated. They might be unable to continue under their ex-spouse’s employer-sponsored insurance program.
A well-informed legal team could help a divorcing person investigate alternative insurance options so they do not experience gaps in their coverage. Meet with a Frisco divorce attorney today to learn more about obtaining and terminating insurance benefits.
A divorcing individual can continue their existing coverage under their former spouse’s employer-sponsored insurance plan with the federal program known as the Consolidated Omnibus Budget Reconciliation Act (COBRA).
To do so, they must notify the insurance provider that they want to continue their existing coverage within a set period of time and comply with COBRA’s strict procedural requirements. COBRA coverage typically lasts up to three years after a divorce and is expensive to maintain once it expires.
Due to the high cost of continuing with COBRA, most people elect to find other health insurance plans. If employed, they can often seek coverage under their employer’s plan. They can also pay for individual insurance or search for plans that best fit their family’s needs under the statewide Health Insurance Marketplace, a platform that offers a variety of health insurance plans at competitive rates.
Although parents might worry that their children’s health insurance could also be terminated, a divorce would not impact a minor’s coverage. The children would be able to continue under either parent’s insurance plan.
Another primary concern of divorcing people is what could happen to accumulated retirement benefits. Some families rely heavily on one spouse’s income throughout their marriage, mainly if one stays home with the children and takes time away from their own job.
During this period, one spouse might be able to contribute more to their 401k or earn more towards their pension. If the couple divorces, a determined Frisco attorney could ensure their client gets their fair share by requesting a court order to divide the retirement benefits fairly.
The issue of obtaining or terminating benefits after Frisco divorce cases is critical. After ending a marriage with your former spouse, you want to be as financially stable as possible.
Work with an experienced lawyer who knows how to practice family law correctly. Our compassionate family attorneys could work hard for a fair outcome in your divorce case. Call us today to learn how we could provide positive solutions to help your family move forward.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.
