If you are going through a divorce in Elizabethtown, you need to be prepared for the days after it is finalized. One of the most important things you must do when the divorce is finalized is to update all of your personal documents. You will need to take your former spouse’s name off the documents and update your name if you changed your last name.
The first document you must update is your life insurance policy. It most likely names your former spouse as the sole beneficiary and your children as contingent beneficiaries. Make sure you remove your spouse from the policy as soon as possible. You can split the proceeds of the policy between your children if you so choose.
You will also need to update your W-4, which is the document submitted to your employer. It helps your employer determine your tax status. Since you are no longer married, you will need to update this form and choose single. You can also update your number of dependents at the same time.
All of your retirement plans and accounts should be updated. You need to remove your former spouse as a beneficiary of those accounts or else they will receive the proceeds when you die.
The medical power of attorney is a document that puts someone in charge when you cannot make decisions for yourself. Most married people choose their spouse. If you did, you need to update this and choose someone else.
Dealing with a divorce is never easy, even if you knew it was inevitable. Preparing for what’s to come later in life by updating all of your financial and personal documents now will make things easier on you down the road. Make sure you don’t miss any important document or things could be difficult when a situation arises.