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Remember your estate plan when you divorce

Posted by Lidia Law Firm, P.C. | Oct 13, 2019 | 0 Comments

If you and your spouse are among the Oklahoma couples who took the time to create a solid estate plan, you should feel good about that. However, if you and your spouse are now embarking on a divorce, your plan will need renewed attention as certainly the decisions you made as a couple will no longer be the ones you may want to make as a single person.

As explained by Forbes, some elements of your estate planning decisions cannot be addressed until your divorce is completely finalized. This is due in part to the fact that you will not know what assets and what debts you will retain until that time. You may even be required to keep your former spouse as the named beneficiary on a specific account as part of your divorce agreement.

While your divorce negotiations are still in process, however, you can update some elements of your estate plan. A new durable power of attorney and health care advance directive are two documents worth your energy now. Updating these will give you peace of mind that the people who may manage your finances and health if you cannot are the people you really want to do so, not a former spouse with whom you may not be on good terms with.

If you would like to learn more about the things you should address for your estate planning future when you get divorced, please feel free to visit the divorcing person's guide to asset protection and management page of our Oklahoma estate planning website.

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