Sure, you can breathe a sigh of relief and feel refreshed once your divorce is finalized. All of your worry, disagreements and negotiations during the divorce process are done. An agreement is in place. A divorce decree is approved and in writing. Now life goes on.
But before life goes on, Forbes warns divorced parties to consider other legal aspects of their lives and now former unions. Parties must make sure that certain legal documents reflect their current needs and desires.
Examples of legal arrangements you should reevaluate and possibly alter after divorce are estate plans and life insurance policies. Basically, ask yourself this question: “Do I want my ex to inherit money related to my death?”
If you do not want your ex-spouse to inherit your life insurance money or your estate, then you might need to make some important changes to your will, trust, insurance policy and any other types of formal arrangements. Especially if you have children or other family whom you would want to benefit after your passing, it is crucial that your wishes are reflected through these kinds of legal documents.
An important note to add is that you should not change the arrangement of these matters if your divorce settlement includes terms that are to the contrary. Doing so could stir up hostile post-divorce arguments, and possibly litigation.
It is normal, but also dangerous, for someone to not fully understand everything that is impacted by a divorce. The details of the divorce process can be daunting. When adding to that the need to consider legal matters after your divorce is finalized, it is easy to understand why a divorce lawyer is an important source of support and confidence.