What important documents to update after a divorce:
Couples who get divorced face many important issues: how to divide property, how much spousal support to give, and if children are involved who will the children live with and what visitation will be for the other parent. Attention paid to these issues can cause a person to forget to update important documents after a divorce.
Last Testament and Will: You may have made a will during your marriage. Since your family circumstances have changed, you may want to change how your property will be distributed upon your death. Also, if your spouse was named as executor (the person who will administer your estate during probate), you may want to name a new person to handle your estate issues instead of your ex-spouse.
Living Trust: If you have a living trust, you should review it to see if changes are needed regarding who will receive property and who will manage the trust. many living trusts are revocable and can be changed.
Life Insurance: Review your life insurance policy. If you named your ex-spouse as a beneficiary, you may want to name a new one. In most cases it is relatively easy to change the beneficiary of a life insurance policy.
Power of Attorney: You may have created a “durable power of attorney” letting your ex-spouse manage your business affairs if you become mentally or physically disabled. Perhaps you have a “durable power of attorney for health care” letting your spouse make health care decisions for you. In both cases, due to your change in circumstances, you may want to give this power to someone else. Powers of attorney can be changed or revoked at any time while you are competent. However, there are certain requirements for changing them.
Bank Accounts: Make sure your ex-spouse is no longer an authorized signor on your bank accounts, mutual funds or money market funds.
Government Records: If you move because of a divorce, remember to change government and other records (such as driver’s license, and voter registration card)
Credit Cards: If you have credit cards issued to both you and your spouse, be sure to remove him or her as an authorized user, change the cards or get new cards issued.
Corporate Minutes: If your ex- spouse is an officer of a corporation you own, you should update your corporate minutes and amend the annual report filed with the Department of State, Division of Corporations.
These are just some of the main documents to review and consider updating after a divorce. Attorney Scott Stadler practices Divorce and Family Law. His office is located in Coral Springs, Broward County, Florida. Please feel free to call me to review and update your will and/or living trust and any other documents that should be changed following your divorce.
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