Call now
With regards to divorcing spouses over age 50, important questions arise with regards to life insurance and health insurance.
When determining the allotment of a spouse’s life insurance policy during a divorce, it is generally factored into the award of alimony. The entitlement to life insurance proceeds serves as a means to ensure alimony is paid if the paying spouse dies. However, in Florida, the courts require that the spouse receiving alimony prove up certain circumstances if they want the court to order the paying spouse to list the receiving spouse as beneficiary under the life insurance policy.
As a general rule, an ex-spouse cannot be on the health insurance plan of his/her former spouse’s health insurance policy once a dissolution of marriage order is final. Thus, if you do not yet qualify for Medicare, it is important to plan for health insurance expenditures after being divorced. It is imperative that those going through a later life divorce to carefully consider health insurance cost and availability when determining their financial needs during a dissolution or divorce action. Under the federal COBRA law, a divorced spouse may be entitled to continuation of health insurance benefits consistent with the ex-spouse’s policy, but it only lasts for two to three years and can be very expensive.
Typically, to qualify for Medicare, applicants must be at least 65 years old, but may be eligible to qualify earlier if the applicant is a widow or widower who is divorced and disabled. Eligibility hinges on whether you would be eligible under your former spouse’s Social Security work record.