Heymann & Fletcher

What documents should be updated after divorce?

The process of ending a marriage has a number of different details that need to be handled. It can feel overwhelming for a lot of people as they try to navigate the changes. There are several different documents related to finances that have to be updated or changed. New Jersey residents who are going through divorce may find the following tips from experts helpful about what to do.

One of the first things that will need to be changed isn't an actual financial account, but it can influence a person's finances and future. Many people name their spouse as the executor of their estate. After a divorce, they will probably want to change that, along with their power of attorney, trustee designation or other related designations as applicable.

Next, the beneficiary on various financial accounts will need to be changed. This includes life insurance, IRAs, retirement plans and any transfer on death accounts. It's a good idea for every person to revisit all of these accounts and their details on who the beneficiary is for each one every single year, but it is even more important after a divorce.

Those here in New Jersey who have questions about how divorce may affect their finances may want to seek professional advice from a financial planner. Another good resource is an attorney who has extensive knowledge on how to handle the divorce process. The divorce can be completed with the focus on the client's best interests and ongoing financial and emotional stability.

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Heymann & Fletcher
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Toll Free: 800-481-8549
Phone: 862-781-0029
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Heymann & Fletcher
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Toll Free: 800-481-8549
Phone: 862-781-0029