Updating estate plans after a divorce

If you have begun the process of getting a divorce in New Jersey, you are no doubt quickly learning that divorce will touch every part of your life. What to do with your marital home, when you will be able to spend time with your kids, and what assets you will keep or have to give up are just some of the decisions that may have to be made.

Coming to an agreement on a final divorce decree can be challenging but when you do, you can get ready to move ahead in your life. However, before you forge ahead too quickly, it is important that you make sure you have actually addressed other elements of your future. The need to update estate planning documents can sometimes get overlooked in the process of finalizing a divorce settlement. However, not doing this can have serious implications down the road according to Forbes.

Even if you are divorced but your former spouse’s name appears as the beneficiary on your life insurance policy, he or she may well get an inheritance you would have rather gone to someone else. That same person may end up with the power to make medical decisions on your behalf unless you update a power of attorney. Wills, trusts and retirement beneficiaries should all be reviewed during or after you get a divorce to prevent these types of situations.

If you are interested in learning more about how to make sure your future is properly protected after a divorce in New Jersey, please visit the estate planning after marital dissolution page of our family law website.