The divorce process can be challenging for numerous reasons. Dividing one household into two while protecting the financial future of all involved can be a daunting task. In addition, both parties will likely experience emotional turmoil before, during and after. It is crucial, however, that details about your estate plan do not slip through the cracks.
The development of an estate plan can include numerous documents and a multitude of contingencies. It is crucial to look at your plan and make revisions where necessary to your will, a trust or powers of attorney to ensure the correct people are identified after a divorce.
Removing your ex
It might take some effort, but it is important to go through any estate planning documents and remove your ex. This can also include removing your ex as a beneficiary to your life insurance policy as well as your pension or retirement account. You can replace your spouse with any children, close relatives or a new spouse.
Adding a new spouse
Family law and estate planning overlap in several areas. Not the least of which is your second marriage. It is crucial to ensure your estate plan is updated to include your new spouse and any children from the new marriage.
Provisions for digital assets
In our increasingly tech-heavy world, many couples build a significant online presence over the course of a marriage. Online accounts such as Facebook, Twitter and Instagram as well as email accounts, cloud storage and digital photos on your computer’s hard drives should be discussed after a divorce. Many couples go so far as to include digital assets in their estate plans, and these elements should be revised after a divorce.
Even if divorce is the correct solution for a couple’s future, it can still be an emotional and financial turbulent experience. It is crucial that each party works with a skilled attorney to ensure no details are missed through the process. This can include future financial planning and providing monetary protection for the children through the creation and maintenance of trusts.
