Getting Divorced or Separated
Going through a divorce which is laden with emotion is a highly stressful event. We feel for you and your situation. Whether you and your ex-spouse are on speaking terms or not, it helps to have a clear fact sheet that guides you through the rough of settlements and paperwork and provides guidance by giving you a list of things to do. We are here to help when it comes to adjusting your insurance.
Take it step by step, and be gentle with yourself. But be sure to revise your protection plan to your changed needs and to ensure that you have important cover when you need it.
Unfortunately, this is not always easy. Call our team at Crosby Insurance Brokers to help make your transition from having your insurance in joint names to arranging insurance cover in your own name as smoothly as possible. As you consider about this transition in your life, here are some important subjects for you to consider:
Unfortunately, a separation (when you and your partner end the relationship, possibly live apart, but have not yet filed for a divorce) makes matters more complicated: If you have a policy in your own name then you don't need to do anything unless the keeper of the property now lives away from the marital home. For example your partner takes the car, but the policyholder is in your name. Depending on the insurers we can normally leave the policyholder as it is but must inform the insurers who is keeping the vehicle and tell them about the address where it is being kept.
Generally we cannot delete a name on a policy without the written expressed agreement and consent of the Policyholder.
In other words, we cannot make changes to your joint insurance plan when only one of you requests the change.
That said, there are certain steps you can and should take when it comes to your insurance plan:
1. Once you or your partner move out, you should update your existing Motor Insurance policy to show the new garaging address of each vehicle, as well as how far each car is being driven to work. This is usually the first step and keeps your insurers informed, under the rules of disclosure.
2. Whoever moves out they should get home/flat insurance contents for their own new place. The existing home policy cannot be extended to provide limited cover to a new place of residence.
So give us a call 0191 565 7590. We will speak to you confidentially in order to help you find the cover that keeps you adequately protected whilst you find your way through this difficult time. We are here to help! We are here for you.
Your insurance arrangements may not be the most pressing thing on your mind when your family situation is in turmoil but as Motor Insurance is a legal requirement and if you do not inform your insurers of who may now be the main user of a vehilce or it's new garaging arrangement could render your cover invalid. As the insurers may regard this information as material to them providing cover in the first place.
The more pressing matters would be Who will pick your 15-year old daughter up from school and your 17-year old son is need of your support and so on and we realise these are your top priorities. All we are saying is just spend a couple of minutes keeping us aware of who is using the vehicle each day and were it is kept at night can avoid an over sight being a major problem later when your having to deal with really important priorities.
Once your ex-partner moves out, you should update the garaging addresses and commuting distance of all vehicles. This is a vital step and once done you need not have to think about this until the vehicle policy is due for renewal again.
Then, once the divorce is final, you should get separate car insurance policies. Give us a call. We represent a variety of insurance companies and can find the protection plan that best fits your new needs and budget. That said, if you choose to stay with your current insurance company, you’ll be allowed to keep your credits and discounts for being a “Safe Driver” or a “Continuous Customer” even if you have to apply for a new policy.
Unfortunately, once you split the policy, you may no longer be eligible for discounts such as the “multiple car discount” or the “homeowner discount” (if you are now renting) But we would be happy to allow a discount off your home insurance policy if you already insured your motor car with us.
Our team at Crosby Insurance Brokers will help you start building a new insurance plan that best suits your new situation and also works for your new situation and takes into account your budget.
So. This is it. The divorce is final, and you are the one who stays in the home you once shared.
The house is going to feel awfully big and awfully empty. But at least you don’t have to move. Not right away, at least. Maybe you can re-decorate…
Before you head out to the furniture shop, please think of one small thing: Give us a call so we can adjust your home insurance to your name only, subject to completion of a Data Protection Authority form, and make it work for your new needs. (That may even save you money.)
If you are the spouse who is moving out, please give us a call to set up rental accomodation contents cover or homeowner’s insurance for your new address.
The last thing you need right now is unnecessary hassle. Allow yourself the peace of mind that you deserve, and get your protection plan in place. We’re here to help. And we make it easy for you: We shop multiple companies for you, and find you the plan that best fits your new situation and your new budget.
There is a whole new set of questions that comes with a divorce. Are you paying child support? Are you receiving an allowance? Do you purchase life insurance? Do you change your life insurance beneficiary?
All these – and more! – are part of a divorce settlement. Dealing with the finances in a divorce is not easy, and emotions often make things even foggier.
If you have life insurance in place, you might want to consider keeping it in place, with your ex-spouse as the beneficiary, even after the divorce. If you are paying alimony, your ex-spouse might rely on your payments for cost of living and child support. If you delete him or her as beneficiary, you might leave them, and your children, in serious financial turmoil in case of your death. If you have no financial obligations to your former spouse, you may want to continue your life insurance but name a new beneficiary.
You have the option to declare your children to be the beneficiaries of your life insurance, but be aware that minors under the age of 18 cannot directly receive life insurance benefits. In case of your death, the money would either be managed by a court-ordered trustee, or the insurance company would hold the benefit until the child turns 18. Our best advice to avoid these options would be to contact a family solicitor who can establish a trust which can be named as the beneficiary. You can then indicate in the trust which friend or family member will be entrusted to handle the financial issues for your children, and who will serve as guardians. (These can be the same or different people.)
If you are the spouse who receives alimony, you might consider adding a clause to the divorce settlement that the life insurance beneficiary cannot be changed or allowed to lapse without your consent.
Another factor to consider: Keeping your current life insurance in place allows you to lock in your rates and insurability, regardless of possible future health issues. (This is also the reason why you should consider getting life insurance if you don’t already have it.)
A divorce is not easy. Allow us to help you by letting us assist with your new insurance protection plan. We provide you with choices, solutions, and absolute confidentiality when it comes to setting up your new protection plan.
Seek Help from Experts
With so many variables to consider, the best way to make this transition as easy and pain-free as possible is to consult with an expert. Our agents at Crosby Insurance Brokers know all the questions to ask -- and all the right answers to give -- to help you make the right decisions.