Getting a Divorce? Don't Forget to Update Your Estate Plan!

An unfortunate by-product of a financial crisis or recession is a rise in the overall divorce rate. Couples fight over finances more than almost any other topic, and when home finances are ailing many marriages tend to go the same way.

If you and your spouse are victims of this phenomenon, there are many steps that can be taken to try to gain control of the fire before it gains control over you. Options range from finding professional marital counseling to a visit to your financial planner to help understand your financial options. Even if you overlook the emotional toll (which obviously is no small thing), the cost of saving a marriage is much less than the cost of dissolving it.

However, even the most determined and well-intentioned couples will sometimes end up going their own ways. If that does happen, it is more important than ever to ensure that you and your family (and your business if you have one) are protected.

It is likely that any of your tax-deferred savings accounts (retirement accounts, life insurance policies, etc.) name your ex-spouse as the beneficiary. It is also likely that if you created any estate planning documents pre-divorce your ex is named as your health care agent, financial agent, executor, etc. If you had an amiable divorce you may still be okay with this, but what happens if your spouse remarries? What if he or she has children with the new spouse?

If you are recently divorced or going through a divorce, you are going to be overwhelmed, emotional and exhausted. The easiest thing in the world would be to put off your financial or estate planning. One word of warning:? Don?t.

An experienced Annapolis estate planning attorney can help you understand all your options for estate planning.? Experienced Estate Planning Attorney Seth B. Zirkle can discuss all your options and create a plan with you.? Call Mr. Zirkle at Hyatt & Weber, P.A. today at 410-505-4553.

Source: http://hyattweberestateplanning.com/estate-planning/getting-a-divorce-dont-forget-to-update-your-estate-plan/

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