Spending Planner

Spending Plan Guide for Women

Preparing for a potential transition?
Download this guide to make sure you're prepared.

Will Your Kids Still Inherit After the Divorce?

During a divorce the importance of updating estate planning documents is often overlooked. You could inadvertently disinherit your children if your ex-spouse decides to remarry.

The timing is particularly crucial in the process of “disinheriting” a spouse. Disinheriting your spouse is not as easy as writing them out of your will or your trust. In most states, unless there is a prenuptial or postnuptial agreement, it may be impossible to do. There is a legal concept known as “elective share” which protects the right of a spouse, while married, to inherit a portion of your estate in the event of your death.

What can you do? Get our guide: How to Disinherit Your (Ex)Spouse (link)

Before Divorce

  • Update Power of Attorney
  • Update Healthcare Directives
  • Determine if your will or trust can be modified

During Divorce

  • Consider an Automatic Restraining Order so neither spouse can make the changes noted above. Careful! It may freeze assets and accounts.
  • Or come to terms with a separation agreement.

After Divorce

  • You should update all your beneficiary designations
  • You can amend or modify your estate plans including your will.
  • You can establish a trust separate from your ex-spouse
  • You can establish guardianship for your children
  • You can consider stepchildren now and future.
  • We recommend getting an estate planning attorney involved as this can be very complicated.

4 Financial Planning Steps for Divorce

If you are preparing for a potential divorce you will want to download this resource to make sure you're prepared.

brenthamilton
 

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