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When a married couple decides to get a divorce later in life, there is a risk that one of the parties could die before the dissolution of marriage becomes final. To be certain that your estate is distributed consistently with your present intent, you should think about estate planning prior to pursuing a divorce. Your current spouse could inherit your entire estate if you have not updated your estate planning and you die before the divorce is finalized. One might consider updating other documents such as powers of attorney, insurance beneficiaries, and health care directives created during the marriage. If you do not update these instruments, your spouse may retain these powers in you become incapacitated.
Updating your estate plan after your divorce is finalized is important as divorced spouses often need to appoint a new person to make health and legal decisions in the event they fall ill and cannot make their own decisions. Updated estate planning ensures you are protecting your assets from a previous marriage that you want your family members to inherit. This is especially true if one is considering getting married again.
Protecting your assets after your divorce is another important consideration if you find yourself in a new relationship. A new supportive relationship or marriage could have a serious effect on your current property, assets, and debt. Preventing the comingling of assets by maintaining separate bank accounts, separate income, separate debt, and separate property might be appropriate if you enter into a new relationship. Many older spouses enter into prenuptial agreements if they are embarking on a second or subsequent marriage. In order to determine the best way to protect your assets before getting remarried or living with a significant other, you should consult with a divorce attorney and discuss estate planning options.