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Update Important Documents After a Divorce

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By Stark & Associates

Published:  June 20, 2005

Couples who get divorced face many important issues: how to divide property, how much spousal support to give, and if children are involved, who will get custody of the children and what visitation rights the other spouse will have. Attention paid to these issues can cause a person to forget to update important documents the divorce affects. Here are some of the main documents to review and consider updating if you are recently divorced:

Will. You may have made a will during your marriage or before. Since your family circumstances have changed, you may want to change how your property will be distributed. Also, if your spouse was named as executor (the person who will administer your estate during probate), you may want to name a new one.

A will can easily be changed. You can prepare a new will. Or, you can prepare a "codicil" which amends your existing will.

Living Trust. If you have a living trust, you should review it to see if changes are needed regarding who will receive property and who will manage the trust. Many living trusts are revocable and can be changed.

Life Insurance. Review your life insurance policy. If you named your spouse as beneficiary, you may want to name a new one. In most cases, it is relatively easy to change the beneficiary of a life insurance policy.

Power of Attorney. You may have created a "durable power of attorney" letting your spouse manage your business affairs if you become mentally or physically disabled. Or you may have created a "durable power of attorney for health care" letting your spouse make health care decisions for you. In both cases, due to your changed circumstances, you may want to give this power to someone else. Powers of attorney can be changed or revoked at any time while you are competent. However, there are certain requirements for changing them.

Bank Accounts. Make sure your ex-spouse is no longer an authorized signer on your bank accounts, mutual funds or money market funds.

Government Records. If you move because of the divorce, remember to change government and other records (such as your drivers' license and voter registration card).

Credit Cards. If you had credit cards issued to both you and your spouse, change them or get new cards issued.

Corporate Minutes. If you ex-spouse is an officer of a corporation you own, you may want to designate a replacement. These are just some of the main documents to review and consider updating after a divorce. Legal help can be obtained to review and update these and other documents affected by a divorce.

Last modified:  June 20, 2005 - 09:37 AM


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