Even when the couple is in complete agreement about how the divorce should proceed, there is stress built into the process. Reaching compromises on support, property division and a parenting plan could take numerous meetings and revisions. When the couple is divorcing in anger, however, it is easy to lose track of other important tasks.
The stress can be overwhelming and frustrating for most people, but it is crucial to remember that both parties must address certain issues post-divorce, such as:
- Updating your estate plan: When a married couple drafts a will, trust and other documents, they often include each other and close relatives as beneficiaries, trustees or other critical positions. After a divorce, however, it is crucial that individuals revise these documents to reflect the current family situation and their wishes.
- Updating your insurance policies: While attorneys will likely address some financial matters such as a retirement plan during the divorce itself, other matters are just as important. Vehicle insurance, homeowner’s insurance and a life insurance policy must all be altered to reflect the new situation.
- Addressing medical insurance: In many households all medical insurance is covered through one spouse’s workplace. After the divorce, it is wise to revise these policies. If you were on your spouse’s insurance, you will need to find your own carrier. If your spouse was on your plan, you will need to fill out the proper paperwork to remove him or her going forward.
In the best of situations, the divorce process can be overwhelming. Individuals often face emotional and financial turbulence as they attempt to split one household into two healthy futures. It is important that both parties remember these important factors after the divorce.
