However, it is critical that the divorcing spouse be aware of what could happen in the interim…that time between the separation and the final divorce decree.
If one spouse dies during the “pre-divorce” period – what could happen?
From an estate planning perspective: Here are some steps to take immediately after the decision of separation and BEFORE the final divorce:
1. Review all beneficiary designation changes, including insurance policies, IRA’s, etc.
2. Review/revise your estate plan and decide if (what) you want your soon-to-be ex to inherit
3. Review your will – revise your will immediately upon filing – do not wait until divorce is finalized
4. Decide changes of guardianships/conservator of any minor children e.g. do you still want your soon-to-be ex-in law named as a guardian?
5.You are on your way to becoming possibly a single parent. Review successor trustee arrangements to protect your minor children e.g. would you still want your ex-sister-in-law to be name as successor trustee?
6.Deeds (Land, Property, etc) – if a divorcing spouse dies before the final divorce decree has been entered, the couple is still married. (Note the word ‘divorcing’ and not ‘divorced’!) The divorcing spouse could be entitled to all rights and privileges of a spouse and there is the potential of an “unintentional” inheritance.
7. Small Businesses – if you own a business with your spouse, or they sit on the Board of Directors; own shares or hold an executive position in the company– then divorce is particularly fraught with legal issues. To protect your investment, consult with an attorney as soon as a decision to separate/divorce has been made.
The best advice is to seek the counsel of a qualified attorney before filing for divorce and be mindful of what can happen during the interim.
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