Divorce results in numerous changes for you and your family but it also results in changes to your life in ways you may not immediately consider. Estate planning and benefits are usually not top of mind when you are finalizing your divorce, but they should be.
If your former spouse is listed as the beneficiary on your life insurance, investments or bank accounts, you will want to have that amended as soon as possible. Some people believe that once you are divorced, the former spouse is automatically eliminated on your financial beneficiary documents but that is not the case. You must make arrangements with your financial institution and your benefits provider to change the name of your beneficiary.
If you had your will drafted when you were happily married, it probably includes instructions for the disbursement of material possessions and maybe even the custody of your children that are not reflective of your wishes post-divorce. It is critical that you take the time to review your will and have legally binding changes made that reflect your current wishes as to your children and your property.
Signatories On Your Bank and Investment Accounts Contact your banker and any financial advisors that you have to make arrangements to have our former spouse removed as a signatory on any banking, investment or retirements accounts that you may have.
If you need help or advise as you wade your way through your divorce, reach out to Agricola Law at 334-759-7557.