Pre-Divorce Estate Planning
If you anticipate a separation or impending divorce it is a good idea to revisit your estate plan. Most individuals' principal assets include their home, life insurance, retirement funds, bank accounts and securities.
Though unpleasant to consider, think about what could happen if you die before filing for divorce or during the divorce proceeding itself.
If you have a will, consider executing a new will or codicil bypassing the soon-to-be ex-spouse and leaving your share of the community estate to the children in trust, or other individuals. You may also wish to change designated beneficiaries on any life insurance policies. Because many retirement plans are subject to ERISA, it is unlikely that you will be permitted to change your beneficiary designation(s) without your spouse's consent.
Though unpleasant to consider, think about what could happen if you die before filing for divorce or during the divorce proceeding itself.
If you have a will, consider executing a new will or codicil bypassing the soon-to-be ex-spouse and leaving your share of the community estate to the children in trust, or other individuals. You may also wish to change designated beneficiaries on any life insurance policies. Because many retirement plans are subject to ERISA, it is unlikely that you will be permitted to change your beneficiary designation(s) without your spouse's consent.