Maine Divorce Law Blog

Tips On Telling Children

Here is a link to a site that lists 12 tips for telling your children that mom and dad are getting a divorce.

Five Estate Planning Tips For AFTER Your Divorce

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.