You’re finally nearing the end of your divorce, and it’s been a long and troubled road. You just want to leave behind the stress and get back to your life. But there could be one crucial step you’re forgetting.
Finances are one of the most common reasons for a divorce, but money between the two of you can remain an issue unless you apply the proper finishing touches. If you’ve made a will that names your ex-partner as a beneficiary, there’s no time like the present to scratch them from the record.
The judge will probably award what they see as fair in the divorce proceedings, but not updating your will could entitle them to much more:
- Property: Your estate plan will need to reflect any court decisions regarding shared assets and outstanding accounts. Beyond that, make sure when the will is read they’re not in line to get anything extra.
- Guardianship: If you want to have any say in who looks after your children after you pass, then now’s likely the best time to make that distinction. Custody may go to your former partner if you’re not around, but that may not be in the best interest of the child. You might want to make your case within your final wishes.
- Authority: You wouldn’t be alone if you handed command over to your spouse in your will. You may want to rethink giving them the responsibility of overseeing financial issues and important medical decisions. Whether you named them as your proxy in a living will or the executor of your estate, it may be time to make a change.
Going back through your will with a fine-tooth comb will probably reveal several ways your ex can still come out ahead. They’ve probably already received their fair share, so make sure you update your will to reflect your latest intentions.