Managing Finances After Divorce
Divorce can be an incredibly overwhelming time for our clients, which is why we strive to provide them with the compassionate, knowledgeable guidance they need to help them through, during and after their divorce. One legal aspect couples often forget about until it is too late is changing their estate plan.
In this blog, our Collin County divorce attorney explains what aspects of your estate plan you should reevaluate after your divorce.
During your marriage, you had likely designated your spouse to be your beneficiary. Some documents are easier than others to amend a beneficiary.
- Trusts: If a revocable estate lists your ex-spouse as the recipient, you have the power to alter beneficiaries at your own discretion. Irrevocable trusts are not easily altered, if you and the beneficiary of your irrevocable trust have fallen out of favor, you should contact our Collin County divorce attorney for guidance on this process.
- Wills: A will is the often the cornerstone of most people’s estate planning. This document outlines beneficiaries, names the executor of your estate and designates who will have guardianship of your minor children. A will can take much more time and cost to amend, but if you have minor children, ensuring your estate is passed along to the correct beneficiary should be high on your list of priorities.
- 401(k)’s, 403(b)’s, Transfer/Payable on Death Accounts: These are much easier than trusts and wills to amend and often require completing the proper form and documenting the file.
While we understand you are likely going through many emotions in the wake of your divorce, it is also crucial to make these estate-planning adjustments. In our years of practicing family law, we have experienced past client’s relatives calling and asking if there is any way we can prevent their loved one's estate from going to that person’s ex-spouse.
Today most people have complex finances and estates, for more guidance on how to manage your finances after your divorce, contact us today. We have offices in Frisco and Denton.