Divorce rates rise every year. With nearly half of all marriages failing, divorce is an unfortunate- but very real- event in many people’s lives. When a divorce happens, couples face the troubling task of separating both emotionally and financially. Legal and financial advice will be critical to divorcing couples- especially ones with children. Additionally, divorce can also have a significant impact on your credit, especially if you will be dividing shared debt or have expenses when starting over on your own. Paying close attention to your finances and credit will pay off hugely when you are trying to make a fresh start.
Often, when discussing and dividing finances, a jointly owned vehicle may play a role in the conversation. When a couple decides who will be keeping the car, a change in insurance will need to happen. With a change of insurance, the new sole owner will have to let the insurance company know of other changes, including a change in address, who will be driving the car, and any type or amount of driving that will be done. A change in the aforementioned details could have a large impact on your insurance premium. If a member of the former couple needs to purchase a new car, a new insurance policy will have to be purchased to cover it in order for the car to get registered.
Although divorce is an extremely difficult time, getting your auto insurance in order will help to save you from some of your heartache. If you’re searching for auto insurance advice, or are in the market for a new policy, take a look into W.T. Flynn Insurance. With our Virtual Insurance Office, W.T. Flynn Insurance can walk you through the insurance shopping process and answer any questions or concerns that you may have. Visit our site at www.wtflynn.com or call us at 1.800.763.8039 to learn about your coverage options, or to get a free quote on auto insurance.
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