Life after divorce can be scary if you do not know what to expect, and for many, that may be the case. If you are approaching a divorce and feel like you do not know what is ahead for you, one of the best things you can do for yourself and your family is to find an experienced divorce attorney that you can trust and lean on throughout the process. With that task accomplished, you can feel confident for what is ahead. Another way you can feel more prepared is by doing research – especially on the items that worry you the most.
One of the items that you may be unsure of as you approach your divorce is that of employer-based benefits. If you have health insurance through your soon-to-be ex-spouse’s employer, will you and your family remain covered? If you are the policyholder through your employer, will you have to keep your ex on your plan? What happens to life insurance, dental coverage, and 401(k) plans? The topic of employer-based benefits is complicated and there is much to keep in mind. Due to this, we have outlined some of the information you may need below:
- Health Insurance
In these times, the maintenance of health insurance is especially vital. Divorcing spouses must ensure continuing coverage during the divorce process, with adjustments being made to the support obligation for such expense. Courts also take into consideration a spouse’s need to obtain insurance coverage after the entry of the divorce decree. While a spouse has no obligation to cover his or her former spouse after divorce, the expense of COBRA, or other coverage, can be addressed by agreement of the parties, or by an award of alimony until such time as a dependent spouse is able to obtain affordable coverage, or until he or she becomes eligible for Medicare. Read more about what to know about health insurance obligations during divorce. - Life Insurance
There are many aspects of life insurance to consider when going through a divorce. These include: maintaining your life insurance beneficiaries, reevaluating the death benefit amount of your policy at the conclusion of the divorce, thinking through how to handle the cash value of a policy as part of a settlement or by way of court order, and considering who will be responsible for the life insurance policy payments pending conclusion of the divorce. Learn more about life insurance and divorce here. - Dental Coverage
In most instances, the courts treat dental insurance as part of the health insurance coverage. Therefore, maintaining such coverage to the conclusion of the divorce will most likely be required. However, adjustments in support occur as a result of the payment of the expenses relating to the coverage.
RELATED: Read about the top divorce questions answered.
- 401(k) Plans
Retirement assets that you earn during your marriage are subject to equitable division in a Pennsylvania divorce. Such assets include retirement savings in 401(k) and IRA accounts and other defined contribution plans. They also include retirement assets that are vested in defined benefit plans, such as traditional pension plans.
If divorce is a new topic for you, getting your head wrapped around it and the many topics involved can be difficult. We hope this information on employer benefits can help you feel more prepared.
If you have questions about this information, or if you would like more information about how our experienced attorneys at Wilder Mahood McKinley & Oglesby can help you in your divorce case, contact us online or call us at 412-261-4040.
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