If you are divorced, the transition to your new life does not end with the divorce decree. It is important to consider the legal and financial ramifications of your new status. Below is a list of tasks and documents you will need for estate planning after divorce.

  1. Create An Estate Plan. An estate can include a Will, Healthcare Power of Attorney, Durable Power of Attorney, and an Advance Directive (commonly known as a Living Will) among other documents. With the changes to your marital status, you’re no longer able to rely on those limited situations in which the laws are favorable to spouses who have not done proper planning. Without having a properly executed plan in place, you are defaulting to a court to decide these important questions – which incurs additional time, expenses and hardships that could otherwise be avoided. Below are some of the documents you need to manage your affairs in the event you are unable to do so or in the event of your passing.
  • A Will provides what will happen in the event of your death. In your Will you will designate a trusted person as Executor who will carry out your wishes. You may want to consider a Will with a trust to protect the finances of your minor children.
  • A Healthcare Power of Attorney provides for an agent to make healthcare decisions if you are unable to do so.
  • A Durable Power of Attorney will establish an agent to handle your financial affairs in the event you are unable to do so.
  • An Advance Directive (Living Will) allows you to indicate to your family and health care providers your wishes regarding what, if any, extraordinary life support measures, artificial hydration and nutrition (tube feeding) you want in the event you are terminally ill, unconscious, diagnosed with advanced dementia or other serious cognitive issue that with a high degree of medical certainty cannot be remedied.   This document may act alone or may be in addition to a Health Care Power of Attorney.
  1. Update Your Beneficiary Designations. It is important to immediately update your beneficiary designations. Do not assume that because your Separation Agreement, Consent Order or Divorce Decree states that your ex­ spouse is not entitled to your e.g. life insurance, 41k, IRA, annuity, proceeds, that he or she will not be the beneficiary.
  1. Transfer Titles/Deeds. Once the terms of your property division are determined, make certain to transfer titles and deeds as soon as possible to avoid any confusion in the event of your death.
  1. Revisit Your Professional Relationships. Determine whether your professional advisors during your marriage are still a good fit. Find a professional(s) who can advise you regarding retirement, wealth management, or tax matters. Now is the time to revisit or establish your professional relationships. A combination of a good CPA and financial advisor will make the difference in where to invest, etc.
  1. Maintain Communication with your Divorce Attorney.  If there are outstanding issues remaining to finalize your agreement, such as listing a house for sale, dividing the proceeds, transferring 401k, pension, or other retirement benefits, do not allow time to pass before resolving those loose ends.  Your spouse may move and you may not have his/her address, making it more difficult to resolve these matters later.  It is understandable that after a long divorce that you do not desire to spend any more money, time and effort on issues you believed resolved, but until the final paperwork is completed it is important to work diligently to finish strong.

At Alexander & Doyle, PA we understand the necessity of finalizing all the documents necessary so that no loose ends remain open.  Doing so allows our clients to effectively close the door on their Divorce and move forward with their lives independently.  We are able to assist our clients not only with the final documents of the Divorce action, but with a Will, Healthcare Power of Attorney, Durable Power of Attorney and Advance Directive.