Estate Planning and Divorce
Posted on December 30th, 2019 in Family Law
Divorce is complicated. Not only are you worried about custody battles, relocation, and spousal support, you’re also dealing with the emotional components of a breakup. One element many couples do not realize can be problematic down the road is estate planning measures they had taken early in their marriage that now needs to be updated.
Estate planning documents to consider:
- Wills and trusts
- Powers of attorney and healthcare directives
- Retirement accounts and life insurance policies
- Jointly owned real estate and financial accounts
- Authorizations to access digital accounts
Why Estate Planning Matters in Divorce
When you first got married, you may have added your spouse as the main beneficiary of your life insurance policies, real estate property, etc. But now that you have divorced, you more than likely would want to reconsider who is going to receive your assets once you pass.
If you have children, they will likely be entitled to more of the estate; however, if you do not update these documents prior to your death, your ex will likely get half of your estate. In some states, this may be automatically completed for you, but it’s best practice to contact a family lawyer or estate planning firm which can explain the fine print to you.
Financials aside, you also need to consider your end of life care. If your former spouse was your power of attorney, you may want to reconsider who is determining your best care. While some states such as Pennsylvania automatically revoke the rights of the estranged spouse, it is best to not leave it up to chance. Especially if divorce is filed but not completed before your death, you need to know where you stand while you can still make decisions for yourself.
Just as a rule of thumb, you’ll also want to keep track of your digital accounts and passwords, updating them so your ex cannot access your accounts. With marital identity theft on the rise, no stone should be unturned as you ease into post-divorced life.
Protecting Your Assets in Divorce
You may feel alone in your divorce, but it doesn’t have to be that way. By seeking the representation of an experienced family lawyer, you can avoid costly mistakes today and in the future.
Attorney Craig Kalinoski is committed to putting you in the best position of your post-divorce life. Whether you need guidance on navigating the divorce process or handling child custody, spousal and child support, and the division of marital assets he’s here for you, every step of the way.
Let the Scranton Lifetime Lawyer at Kalinoski Law Offices P.C. help you navigate your future.
Our Scranton family law attorney is available to provide you legal representation and guidance on protecting your assets during a divorce. To arrange a confidential, free initial consultation with a strong family law advocate, contact us online or call (570) 207-4000.