Should I update my estate plan during a divorce?

On Behalf of | Apr 27, 2020 | Divorce |

During a divorce, it is normal for you to look down the road and try to imagine what your life is going to look like next month, next year and beyond. There are many elements to consider when evaluating your life after a divorce and one thing that will likely change significantly is your estate plan.

Before rushing to create a new will or trust, however, you should understand that some elements of your estate plan may not be able to be legally amended until your divorce has been completely finalized. This is due in part to the fact that you will not know what assets or debts you are left with after your divorce until it is approved. Forbes explains that state laws may also play a role in determining what you may or may not update prior to receiving your final divorce decree. If you have a prenuptial or postnuptial agreement, you will want to review that to understand any existing requirements.

When it comes to identifying a person to manage your health care and your finances should you be involved in an accident or otherwise become unable to do so, you may create a durable power of attorney or advance health care directive once you separate. Most people would not want their estranged spouse to have this power, so it makes a lot of sense for you to do this and protect yourself in this way.

This information is not intended to provide legal advice but is instead meant to give divorcing residents in New York some guidelines and topics to research further regarding their estate planning needs during a marital split.