Freshen your estate plan when getting divorced

If you are like most married people in New Jersey, you have named your spouse as the person who would be responsible for making financial or medical decisions on your behalf if you would ever be rendered unable to do so. Your spouse is also likely the executor of your will and the beneficiary of any retirement account or life insurance policy. That fact means that these things should all be reviewed and updated when you get divorced.

As explained by Forbes, some parts of your estate plan may be able to be changed once you separate from your spouse but other parts might need to stay in place until your final divorce decree has been signed. Some of the things you will want to check into include your financial power of attorney and your advance health care directive. You will also want to reconsider who you would like to inherit your belongings and assets after you die.

Some things may not be able to be changed until your divorce decree is finalized but some things can be updated even while you are separated and negotiating your final divorce settlement. If you have a marital contract in place, you should ensure any stipulations in that are properly taken into account when updating your estate plan.

If you would like to learn more about the ways you can protect yourself during and after your divorce, please feel free to visit the estate planning for separated and divorced persons page of our New Jersey family law and divorce website.

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