Divorce is difficult not only emotionally but financially as well. There’s the question of assets and money and how to divide those things up, but there’s also the issue of life insurance and retirement money. The spouse in most states will receive the retirement benefits automatically. If you remarry and forget to change life insurance benefits to your current spouse, the ex spouse will automatically get them unless they sign off on them, which probably doesn’t happen too often. It’s important to have a real estate attorney help with all of the financial issues before you even start your divorce.
Key Takeaways:
- One thing you need to do as soon as possible is changing your life insurance beneficiary — or else your ex could still receive a payout!
- You also need to change your IRA, especially if you remarry, since your new spouse will not automatically become beneficiary.
- Make sure that your ex isn’t the executor of your estate and doesn’t still have power of attorney.
“There is a long list of things that need to be updated after a divorce, and today we will cover a few of the most important ones.”