How Divorce Affects Your Estate Planning | Monroe Township - Middlesex County
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How Divorce Affects Your Estate Planning

October 6, 2016

Filed under: Divorce — Neel Shah @ 9:15 am

If you’ve previously used one estate planning attorney for both you and your spouse, it may be a new opportunity to shop around and identify the appropriate New Jersey estate planning lawyer to help you after getting divorced. There are many different ways that a divorce can change your landscape and it is imperative to work with an attorney who understands how divorce can change your estate planning goals.

There are also benefits to speaking with a financial professional as well since all property divided associated with a divorce is a non-taxable event even though the cost basis of the holding does carry over. There are also unique concerns associated with retirement assets and how these can be incorporated into your estate planning goals. Updating all of your beneficiary information and documentation that previously listed your spouse as a power of attorney agent, for example, is strongly recommended.

Speaking with a lawyer immediately after your divorce is final is strongly recommended but you may also benefit from speaking with someone in the months leading up to your final divorce decree. Understanding the many different ways that divorce can impact your life can ensure that your new documents and plans are in line with your different life arrangements after ending your marriage.

 

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