Divorce signals need to go over single-life checklist

| Jan 11, 2013 | Uncategorized

For many couples in Illinois who get divorced, property division may be at the top of the list of priorities when it comes to hammering out a settlement. After all, each party wants to get what it thinks is fair. However, some people may fail to take the bigger picture into account. After all, while property is important, there will be several ongoing expenses that will need to be dealt with.

For a spouse who doesn’t work, health insurance — as well as dental and vision coverage — often are obtained through the working spouse’s job. Once a couple is divorced, spouses are no longer eligible to be covered this way. A nonworking ex-spouse will have to figure out a way around this — or even go to work to get coverage in his or her own right.

While other kinds of insurance, such as that on a residence or a vehicle, are generally not tied to a job, it can be complicated when assets are distributed. Discounts that previously were available might not be any longer.

Other goods and services that are often part of family plan discounts will have to be evaluated too: gym memberships and cell phone plans, for example, might no longer make financial sense.

One of the biggest adjustments that has to be made is for taxes. Oftentimes one spouse or the other was responsible for compiling all the information. And when children are involved, the two parents might compete over which parent might claim them as dependents.

Source: The Huffington Post, “Six Unexpected Expenses Divorcees Face,” Susan Saper Galamba, Jan. 8, 2013

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