A marital divorce is never an easy experience for anyone in New Jersey and one of the reasons for this may be the sheer volume of decisions that have to be made during a divorce. The end of a marriage touches literally every part of a person’s life. Given this, it can be all too easy to overlook some of the things that you should address when you and your spouse call it quits.
An estate plan may well be one of the last things you think about when you are in the midst of negotiating your divorce settlement. Things like what to do with your house or who will see the kids when understandably take priority. However, it is worth your time to also review your estate plan at this time.
At a minimum, Forbes recommends that you either create or update an existing durable power of attorney and advance health care directive. If you were to be in an accident or experience another situation that prevented you from making financial or medical decisions for yourself, you would not likely wish your estranged spouse to have such power. Taking control of these decisions can be done with these two documents. Once your divorce is over, you should review other documents like your will and trust.
If you would like to learn more about when and how you should update the various elements of your estate plan when you get a divorce, please feel free to visit the divorcing person’s guide to estate planning on our New Jersey family law and divorce website.