The divorce process itself is traumatic. But what about the time when the dust begins to settle on that process and you begin to find your own new normal and your new comfort zone? It may assist to take stock of where you are and better define (or plan) for any new direction. The unknown and unknowable future may be frightening. However, you need not address the challenges on your own.
In addition to any network of family and friends, you can and should turn to others who can assist in various parts of your life. If not done, establish a relationship with a financial advisor or wealth management professional. Having your own accountant at this time will assist you. Secure the services of an insurance broker who understands your new risk profile. These types of professionals can assist to ensure that your assets such as bank accounts, 401(k) plans, pension plans, and insurance policies properly identify new beneficiaries and stakeholders as needed.
And think about your estate, most especially if you already have an existing estate plan in place. Once a divorce is finalized, an existing estate plan is usually outdated, or worse, contrary to your new circumstances, desires and goals.
Any estate planning documents you created during your marriage most probably included your now ex-spouse as a beneficiary or designated the ex-spouse as the person authorized to make medical or business decisions on your behalf. You need to determine your desired new structure to manage your affairs. Planning ahead will prevent costly and time consuming delays if you are ever incapacitated. More importantly, your instructions, desires and wishes will be clearly spelled out for all.
The stress and challenges of new circumstances brought on with divorce cannot be avoided. They nonetheless can be managed. Part of these new beginnings should include proper estate planning to meet your new conditions. Geiger Law can assist. Contact Michael Geiger at (901) 219-5549 or [email protected].