When someone files for a divorce or finds themselves in the middle of the divorce process because their spouse no longer wants to stay in the marriage, they may be flooded with a plethora of emotional, financial and legal concerns. The divorce process can turn someone’s life upside down in many ways, especially for those who are not prepared for the changes that may be coming and the legal topics that may surface. Another way in which divorce can affect one’s life involves estate planning, whether someone creates an estate plan after splitting up with their spouse or decides to take a second look at their plan due to divorce.
If you are trying to deal with divorce-related issues or your divorce is complete, you may need to focus on your estate plan and the different ways in which the end of your marriage could affect this critical aspect of your finances (as well as your loved ones). You may need to remove your former spouse from your estate plan, especially if they were given authority over your estate or they were listed as a beneficiary. You may even need to remove other beneficiaries or add beneficiaries following your divorce.
Divorce can also affect one’s finances in an array of ways, from their financial outlook changing to alimony and child support obligations. When a marriage comes to an end, it can change a family’s dynamic in different ways, prompting someone to rethink their estate plan (especially if children are involved). We realize how difficult estate plan revision and the divorce process can be, and we write more about this on our website.