Just as it is throughout the rest of the United States, high-asset divorces in Massachusetts force parting couples to account for any and all assets that have value so they can be dealt with accordingly during the property division phase. Paying close attention to insurance policies in these situations is vital, as making missteps in this aspect of a divorce could lead an individual to lose a fortune.

Let's start with life insurance. You will want to change the beneficiary -- if you so desire -- after a divorce or re-marriage. The reason is that if an individual divorces, but never removed their ex-spouse as the beneficiary on a life insurance policy, that ex-spouse would acquire all policy funds following that person's death. This can be particularly troublesome if the deceased ex-spouse remarried after the divorce. That being said, it is important to remember to change the beneficiary to specify who you want to receive your fortune not only for life insurance policies, but also all estate planning documents.

Homeowners insurance should remain in the name of whoever is listed on a mortgage. If that is both an ex-husband and wife, the couple should share these insurance responsibilities even after a divorce. If one spouse moves out during the divorce process, they will likely rent an apartment. In that case, it is important to remember renter's insurance to protect assets in that new arrangement.

It is also very important to properly coordinate plan of action when it comes to listing divorcing spouses on auto insurance policies. Pre-divorce, couples might want to continue sharing the auto insurance if they are doing the same with the vehicle. Once they split ownership of vehicles, one will have to take themselves off the policy and adopt a new one. In situations like this, that person needs to ensure their new policy is active before dropping the prior coverage. If they fail to do this, they might drive around unknowingly uninsured.

For an individual wanting to stay on health insurance they received through an ex-spouse, COBRA Insurance can help. Through COBRA, individuals can retain health insurance if they lost it through a major life change -- like a divorce. A person will be able to stay on an ex-spouse's plan for up to 36 months.

Source: MSN Money, "5 post-divorce insurance do's and don'ts," Barbara Marquand, Feb. 7, 2012