So you’re finally divorced, or at least your divorce is only a few days or weeks away — now what? Follow these tips to be sure that your assets are protected:
1) Change the beneficiaries on all your life insurance policies, 401(k) plans, IRAs, and any other accounts that may have had your former spouse named.
2) If you haven’t done so already, close any type of joint account or joint credit card with your former spouse.
3) Get a new Will prepared. Most married couples leave their estate to each other. Now that you’re divorced, that’s probably the last thing you want to happen. If you have children, real estate, or substantial assets, have a new Will done so your wishes on how you want your estate to be distributed will be followed.
4) Have a Durable Power of Attorney prepared. (If you already have one naming your former spouse, destroy it or revoke it.) This document gives someone you designate the authority to do things on your behalf, like transfer assets, deal with the IRS, sign agreements, make gifts, and other matters. A Durable Power of Attorney is helpful if you’re away on business or vacation and want someone to act on your behalf.
5) Get a Health Care Power of Attorney prepared. (If you already have one naming your former spouse, destroy it or revoke it.) This document (sometimes called a “Living Will”) deals with your medical care and the type of treatment you want if you’re unable to communicate with your doctor or loved ones. In this document you indicate what your end-of-life decisions are and give another person the authority to make your wishes know to your treating physician.
Do these 5 things after your divorce to assure that your financial wishes will be carried out.
For those with substantial assets or unique circumstances, you may need other documents and should consult with an estate-planning attorney in Maine who can advise you properly.
These are great tips. After all you are the one put up something for yourself so that when your partner leaves you for divorce, you are assured.
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Posted by: lawguy1 | April 15, 2009 at 09:03 PM
These are definitely great tips. Just in case it goes sour, tip number two should be done at first knowledge of a divorce.
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Posted by: estate planning | June 27, 2009 at 06:39 AM
I wish I would have got onto #2 right away. It would have saved me a lot of money...
Posted by: Car Accident Lawyer | October 17, 2009 at 10:17 PM
Great advice for getting you affairs back in order after a divorce. I know life can get a little bit messy afterwords. Its good you are giving logical advice that most people wont think of right away.
Posted by: Free Lawyers | January 06, 2010 at 05:37 PM