On behalf of Stange Law Firm, PC posted in Property Division on Friday, February 26, 2016.
Getting the final divorce decree might be a relief, a sad moment or somewhere in between. No matter what your emotional reaction will be, keep in mind that it is not the final step in severing ties to your former wife or husband.
Depending on how much you and your ex planned for your future together before filing for divorce, you could have up to five things you need to take steps to change — as soon as possible after your divorce is official.
Here is the list, as provided by Forbes:
- Powers of Attorney, both over property and healthcare decisions
- Life insurance policies
- Retirement accounts
It is likely that at least some of these documents, if not all of them, name your ex as beneficiary or heir. It is possible that you are still okay with that, but more likely that you would want the money to go to someone else when you pass away.
Of course, nobody likes to think about their mortality, but the cost of putting off amending these items could be an estate plan that does not follow your wishes. Again, some people might still want their assets to go to their ex, perhaps because he or she has primary custody of their children. But even that might not be the ideal way to provide for your kids in case the worst happens.
This is generally a post-divorce matter, but making sure you will be financially comfortable after the split is a vital part of the divorce. Depending on your situation, your attorney will help you get an equitable share of the marital property, as well as child and spousal support, if you are eligible.