Four Important Documents for Recent Divorcees

The process of getting a divorce can be long, drawn-out and draining on both your time and emotions. As with any big life change, you must remember that this is also an important time to review and if necessary update your legal documents. Below is a list of legal documents you should review again as soon as possible after the divorce.



1. Your Will: The wills of most married people specify that their spouse should inherit their estate and become the Executor/Executrix of that estate. Remember, the Executor/Executrix of your estate is the person responsible for managing all of your assets (until they are distributed to your heirs), pay debts and taxes, and supervise the distribution of your property in accordance with your Will. After a divorce, it is crucial that you amend your Will to reflect the changes that have occurred in your life.
If you forget to do this, two things may occur. The first is that your ex-spouse will have control over your estate (assuming you named him or her Exector/Executrix). The second is that in some states, your Will automatically becomes void after your divorce, so the courts will consider you in intestate (the legal term for being without a Will). You should find a lawyer with experience handling Wills and Estates so that you can make the necessary changes. Keeping an up-to-date will is one of the best things you can do for your children and/or heirs.

2. Your Life Insurance: If your spouse is the beneficiary on your life insurance, make sure you contact your insurance company to change this in the event of divorce. Changing the beneficiary of your life insurance is particularly important because the paperwork you have filed with your insurance company will be taken as your wishes, even over express designations made in your Will.

3. Your deeds and titles: Often times your divorce decree will involve changes or transfers to the title of your home and other property. Remember to make sure all documentation is correct and finalized!

4. Your Bank Accounts and Credit Cards: You may have split the joint account and closed down the major credit card, but make sure you change the information on all of your accounts, including any store specific lines of credit or small savings accounts. You may have moved into a new home, so double check that all of your statements have the correct address on them.

Once you have your divorce decree, it's normal to want to throw the rest of your legal documents into a pile and forget about them for awhile. Unfortunately, doing so could cause cost you a lot of money and time. Make sure you start your new life off in the right way - financially and legally secure!

- Kevin P. McKernan