For people in Florida who have made the tough choice to get divorced, they know that some change in their asset pool may well result from this major life experience. The magnitude of how a divorce impacts a person may be influenced by the presence of any premarital or post-marital contract as well as other factors. The resulting set of assets or debts that a person walks away from a divorce with must be reviewed and managed carefully.
As explained by Forbes, it is important for divorcing spouses to pay close attention to their estate plans during and after they get a divorce. There will naturally be some estate planning activities that they will need to keep on hold while their divorce negotiations are underway. But there will be some elements of an estate plan, such as the creation of a durable power of attorney and a medical power of attorney, that they can and should address at the outset of their divorce.
In addition to creating a new will or trust after a divorce has been finalized, newly single persons should remember to update any beneficiaries of life insurance, retirement accounts or other assets. This should be done with an eye on the divorce agreement in the event that the terms of the divorce require a person to keep a former spouse as a named beneficiary on a specific account.
If you would like to learn more about how to effectively protect yourself financially during a divorce and for the long-term, please feel free to visit the divorcing person’s guide to estate planning page of our Florida family law and divorce website.