The divorce is complete, the papers have been signed and you are embarking on a new part of your life. You are leaving your ex-spouse behind you, or are you?
Often overlooked in the paperwork, emotional difficulties and other aspects of divorce is how your divorce impacts your estate planning. However, with a few steps you can ensure that your wishes are respected.
First, you need to verify, and change if necessary, the beneficiary of your life insurance. The beneficiary is the person who receives the pay out of your life insurance policy. Often times the beneficiary is your ex-spouse and unless you affirmatively change the beneficiary with each life insurance policy, the insurance company will pay your ex-spouse. Your divorce decree does NOT make this change. Don’t forget any life insurance policies paid for by your employer. This change is relatively simple to do; contact your life insurance agent as well as your HR Department for further assistance.
This would also be a good time to re-evaluate or even create your will. This is particularly important if your divorce involved a child custody decree. Your will must reflect the child custody arrangements made in your divorce. You may also wish to review your assignment of any family heirlooms or other items of value to insure they do not go to anyone you a longer wish to receive such items. Any family law attorney in our firm can assist you with these changes and review your existing estate planning to insure that your wishes are respected and provided for.
Great post.. Very fascinating to read. Divorce is usually a painful process for all concerned - for the person who makes the decision to leave the family, the other partner, grandparents or other family members. It is the children, who have no say in the decision, who are usually the ones most affected. Presently the divorce rate is increasing at an astounding rate, and close to 50% of children are growing up in a single parent environment. Children need their parents in order for them to develop physically, mentally, and emotionally. Visit Cheap Divorce for more information.
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