We ended the year with a series of articles that focused on the importance of carefully planning and properly executing your divorce, as the best means of making sure your new life is built on a strong foundation.
But the planning does not end with the formal dissolution of marriage. Forbes recently highlighted a number of financial issues critical to recent divorcees. Our divorce lawyers in East Brunswick are in the best position to help make sure your new life gets started right.
Top financial considerations to review just after divorce:
Estate Planning: You don’t need a million-dollar estate to need a proper estate plan. In fact, having a valid will and estate plan is even more critical for single-parent households. Under New Jersey law, a spouse will typically be first in line to inherit from those who die intestate (without a will or estate plan). Once single, you will be best served by making plans in the event of your untimely death, particularly if you are still raising children. Our firm can help you with your estate plans as we have a group of estate lawyers we work with to help transition you after the divorce.
Health Care/Power of Attorney: Updating your health care proxy or power of attorney is often overlooked after a divorce. Unless you want your former spouse making critical medical decisions, updating these documents is a critical step that can likely be accomplished while forming a will or estate plan.
Guardianship: While your former spouse will likely get guardianship of minor children in the event of your death (barring substance abuse or other mental health issues), naming your chosen guardian is still a good idea when it comes to preserving your wishes in the event of unforeseen circumstances.
Funds in Trust: If you die and leave your estate to your minor children, your former spouse (as their guardian) will likely have complete control over the funds until a child reaches adulthood. Establishing a trust fund for your children will allow you to name a trustee to control the funds until your children reach the age of maturity.
Life Insurance/Beneficiaries: It’s amazing how often a former spouse is found to be the named beneficiary years or even decades after a marriage ended. Updating these important documents is a critical step best done at the time of a divorce.
Prenuptial Agreements: We’ve written before about the importance of sound financial planning before a marriage. These documents are not just for the wealthy; in fact, couples of more modest means may benefit even more from having such plans in place. Middle-age divorce leaves less time to save for retirement and less margin for error. Protecting yourself from the consequences of a future divorce is among the best things you can do to assure your financial security.
Our East Brunswick divorce lawyers can be one of your greatest assets and are certainly an investment in your future. Not only can our experienced Middlesex County family law firm fight for your rights throughout the divorce process, we can help you transition post-divorce and advise you on issues that could otherwise come back to haunt your new life.
Call Rozin|Golinder Law, LLC today for a free and confidential consultation.