Estate Planning During a Divorce

Divorce changes nearly every aspect of your financial and personal life, and your estate plan is no exception. The decisions you made when you were married may no longer reflect your wishes or circumstances. Reviewing and updating your plan now ensures your assets and loved ones are protected during and after the transition.

Review and Update Your Legal Documents

Start by reviewing your existing estate planning documents, including your Will, Trusts, Powers of Attorney, and Health Care Proxy. You may need to remove your former spouse from certain roles, retitle jointly owned property, or name new individuals to make decisions on your behalf if you become incapacitated.

Revisit Your Life Insurance Policies

Life insurance often plays a key role in divorce settlements, helping secure obligations like alimony or child support. It can also ensure your children are provided for if your former spouse passes away unexpectedly. If you already have policies, make sure you understand who owns them and who the beneficiaries are. Divorce doesn’t automatically remove your ex-spouse from your policy; you must file a new beneficiary designation directly with the insurance company.

Consider Using a Trust for Support and Inheritance

A revocable living trust can simplify financial arrangements related to divorce, such as alimony and child support. It allows for clear instructions, helps avoid probate delays, and ensures funds are distributed efficiently.

Work With an Estate Planning Attorney

An estate planning attorney is an essential part of your divorce team. While your divorce lawyer focuses on dividing property, your estate planner ensures you and your children’s future are secure.

Call us today to schedule a free initial consultation, (605) 275-5665.