Wednesday, January 9, 2019

Getting Ready for a Divorce? Look at Your Estate Plan!

“Divorce is not easy.  It’s not only a difficult time emotionally, but you also have a lot to do and many decisions to make,” writes Christine Fletcher in Forbes. While the divorce is ongoing, she explains, you want to make sure:
  • you meet your legal obligations to your spouse.
  • you retain as much control over your assets as possible.
  • you plan for the contingency of you dying or becoming incapacitated prior to the divorce being finalized.

Specific documents that will need to be changed include:
  • health care proxy
  • power of attorney
  • beneficiaries on life insurance policies and IRAs
  • will
  • trust

“Every divorce is different,” explains, since ”every couple enters and leaves a marriage under different circumstances and with different assets”.  

Knowing that premarital or prenuptial agreements entered into before marriage go a long, long way in reducing the pain and hassle of a divorce, the attorneys of Rebecca W. Geyer & Associates highly recommend those documents for every couple planning to marry, but particularly those entering into a second or third marriage.

During a pending divorce, reviewing your estate planning documents must move to the forefront of the to-do list. Some of the sobering what-if questions raised in the Forbes article are all too real, our attorneys find:
  • What if you’re in a car accident and end up in the ICU - do you want your soon-to-be-ex-spouse being the decision-maker?
  • Does your durable power of attorney documents give your soon-to-be-ex access to assets that are in your name alone?

No, divorce is not easy, and, yes, there are many decisions to be made. Our mission at Geyer Law: be responsive and compassionate, and offer a full range of options for individuals facing changing circumstances.

by Rebecca Geyer

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