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Update Your Planning If a Divorce Is on the Horizon

June 23, 2020

Have you recently filed for divorce or are you in the midst of the proceedings to legally end your marriage? It’s easy to feel like there are plenty of details to think about, but chief among them should be what happens to your existing estate plans. During the divorce is a good time to evaluate any joint accounts, policies, or paperwork that gives your soon-to-be former spouse any level of decision-making power over your future. 

Most people forget in the process of handling all of the paperwork and the life changes that come with a divorce, to update their estate plans accordingly. In fact, it could be weeks or months before you update this necessary paperwork and if something were to happen in between, there’s a good chance that your former spouse is still listed as the person eligible to receive assets or to make decisions on your behalf if you become unable to do so. 

There’s no doubt that this should be a top of mind priority as you approach getting closer to your divorce date. Many attorneys have reported that their office has been busier than usual with contacting questions about updating estate planning documents or getting estate planning done for the first time at all. 

These documents are not static and should remain living and breathing documents that should change just as often as your life does. Health care directives, powers of attorney and beneficiary forms are just a few examples of the documents that should be updated after you get divorced. To ensure that all necessary paperwork is updated with your new life, schedule a consultation with an estate planning attorney to walk through a checklist of what you can anticipate.       

Our law offices are still open and working with clients to ensure that all of your needs are addressed. If you need to set up a time to draft new wills, powers of attorney, or other documents, we’re here to help. 


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Recent Posts
How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

The post 5 Budgeting Myths That Stop People from Saving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more