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After Divorce, Don’t Forget To Update Your Beneficiaries

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b2ap3 thumbnail Single Parent f 2 20150924 165208 1Divorce comes along with a mountain of paperwork, which certainly does not help relieve any stress. But despite feeling like you might be buried in deeds, decrees and debts, it is very important not to miss any details.

No matter how many assets you have, you are going to have to do a lot of revisiting old documents to ensure that your ex-spouse has no legal entitlement to any of your future assets. Take, for example, a will. If your ex-spouse is listed as a beneficiary on your will, your family may not have legal recourse to prevent him or her from taking those assets upon your death. Your assets, instead of being passed to your children or even a new spouse, could end up with your ex.

Wills are just one example. You will need to look at everything ”“ life insurance policies, your bank accounts, any annuities and retirement plans. All changes should be submitted in writing, and you should ask for written confirmation from each organization that you submit changes to.

When you have drafted new versions of these documents, be sure to include a provision stating that the new version fully replaces the old. This is implied by the creation of the new document, but you might as well make it very clear.

The most important tip is not to wait. Some divorcees will wait months or even years to get these essential documents in order, but the longer you wait, the more likely it is that you forget these important details.

A Denver divorce attorney can help you ensure that your property is protected during the divorce process.