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Five Important Changes to Make After Your Divorce is Finalized

The divorce process is not an easy one; all-encompassing and emotionally draining, it can upheave almost every aspect of the lives of all involved. However, changes do not end simply because the divorce is finalized. In fact, there are quite a few critical alterations that must be made shortly after, preferably as soon as the ink on the decree is dry. Failure to do so can have a significant impact on your future and the future of your children. Avoid this all too common pitfall by knowing what you should change (and why) immediately after your divorce. 

Life Insurance Policies and Retirement Accounts

In most circumstances, spouses are listed as the primary beneficiary on life insurance policies and retirement accounts. This remains in effect until you actually make changes. In other words, if you fail to update this document and end up passing away, your ex-spouse will be the one to receive your benefits, not the beneficiaries you may have intended. Note, however, that all changes should reflect the terms outlined in your divorce.

Wills and Trusts

If you have them, wills and trusts should also be altered to reflect the terms of your divorce. Typically, life insurance policies and retirement accounts will override wills and trusts, ensuring that assets through an updated life insurance or retirement policy are distributed appropriately. However, any other assets originally assigned as your ex-spouse's will be distributed to him or her instead of your children or other beneficiaries, should you fail to update your estate plan.

Power of Attorney

Of all the documents to change, few have as heavy of an implication as your power of attorney. Your ex-spouse, who you may or may not have an amicable relationship with, will still be in charge of your finances and medical decisions, should you become medically incapacitated. Needless to say, this could make a significant difference in whether or not these matters are handled according to your wishes. As such, be certain that this important document is immediately updated after your divorce is final.

Get Skilled and Experienced Legal Help with Your Divorce

Experienced in handling all aspects of a divorce, The Stogsdill Law Firm, P.C. can provide you with answers to your legal questions before or even in the midst of filing. Additionally, if desired, we can help represent your rights and best interest during the process. Contact a skilled DuPage County divorce attorney and schedule your free initial consultation today to learn more. Call 630-462-9500.

Source:

http://www.forbes.com/sites/markeghrari/2016/02/26/5-things-most-people-forget-to-do-after-they-divorce/#478025826886

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