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Remember your estate plan when you get divorced

On Behalf of | Oct 23, 2019 | Divorce, Estate Planning

Most people in Arkansas who has gone through a divorce will admit that the experience can be emotionally and financially challenging. If you are getting a divorce, you will want to find ways to protect yourself today while also preparing for your new life as a single person. This means there will be an element of future planning that must happen along with taking care of the immediate needs prompted by the divorce process.

Your estate plan is one area that should take some of your attention when you and your spouse get a divorce. Forbes explains that there may be some elements of an estate plan that you can address and change as soon as your divorce has gotten underway, but that there may be other elements of an estate plan you cannot finalize or update until your divorce is completely done.

In the former category, you may want to update your health care proxy that allows another person to make medical decisions on your behalf if you are not able to do so. Similarly, you may want to update or create a power of attorney granting another person the ability to manage your finances if you cannot. Decisions about retirement beneficiaries or who will receive what assets after you die should be addressed promptly when your decree is approved.

If you would like to learn more about how you might appropriately balance decisions you need to make during your divorce and decisions you should address promptly after your divorce to protect your future, please feel free to visit the estate planning and marital dissolution page of our Arkansas family law and divorce website.


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