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Health insurance after New York divorce and post-property split

With the reform of healthcare, many New Yorkers have had questions about their coverage. Many are wondering how Obama-care affects them and their family. These questions are likely even more pertinent with the complex issues associated with divorce. Divorce changes everything financially, especially if you are a divorcee with children.

It is especially important to pay attention to deadlines associated with the healthcare paperwork. There are certain windows of time where people can register for health insurance unless you or your family happens to fall into a "Special Enrollment Period".

Also, taking your time to examine all options available to you is a great way to minimize costs and maximize benefits. Lastly, annual increases in plans should be allocated for in long-term budgets.

These are a few reasons why it is important to understand how your healthcare might change post-split and allow for the expenses associated with healthcare in property division negotiation. Due to the changes with Obama-care, everyone is required to have health insurance or will face a financial penalty from the federal government.

This can be especially costly if you are the primary caretaker for your children and your husband or wife's insurance does not cover their healthcare insurance. Understanding what your monthly, and annual costs will be post-split to cover healthcare is a liability that needs to be accounted for in financial negotiations.

Healthcare is as much as legitimate item on a balance sheet as an asset such as a money market account. Understanding how liabilities like healthcare affect assets in financial divorce negotiation is crucial to prioritizing your needs during this time of change.

If you are a spouse who will be receiving alimony or child support, it is really important that healthcare costs are figured in. If not, you may be looking at expenses you didn't know you had with no external financial support to pay the bills. Those dealing with or other legal divorce issues should take steps to resolve these matters.

Source: Huffington Post, "5 things you need to know about health insurance after divorce," Karen Covy, November 20, 2015

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