Those who have gone through a divorce will likely tell you they felt overwhelmed by multiple challenging decisions they had to make throughout the process, although they’re happier now. Naturally, couples with children often find it difficult to agree on child custody arrangements. And regardless of age or parental status, money virtually always enter the equation.
No matter the terms of your settlement, you likely maintain some financial control. Once your marriage ends, a review of your estate plan can help you determine how involved you want your former spouse to be in your life for the years to come.
Considerations for post-divorce estate planning
Among married couples with an established estate plan, the spouse is often the designated beneficiary. He or she is also commonly the individual responsible for making health care decisions for their partner in the event of incapacitation.
Once your relationship ends, however, you’ll likely want to reconsider some of the choices you and your ex made together. Namely, revisit your existing estate planning documents and think about whether you’d like to:
- Name a new power of attorney to manage your financial matters
- Specify someone else to make medical choices on your behalf
- Leave your assets to other beneficiaries
Because your divorce may involve the division of financial accounts, your estate planning attorney can help you honor your decree while allowing you to develop terms for your single life.
After an amicable split, you might not see the need to make changes. However, updating your documents isn’t vindictive. Rather, keeping your estate plan up to date is a wise way to communicate your wishes and protect your interests as you move forward on your own.
