Five Critical Estate Planning Steps to Take After Your Divorce
Based on research provided by Legal Templates, there has been a 34% increase in divorce filings since the COVID-19 pandemic began. People navigating the divorce process understandably are faced with many issues ranging from how children will be impacted by the end of the marriage to where both spouses will live after the divorce is finalized. As a result, issues involving estate planning often take a back seat. If your divorce involves the division of assets, however, it is critical to take some important steps to plan for your future. Update Your Automobile and Homeowners Insurance One of the most tedious yet critical parts of managing assets after a divorce is to make sure that your various insurance policies are properly updated. This includes updating both your homeowners and motor vehicle policy information. This way you avoid incurring additional liability in relation to any accidents involving your former spouse. Revise Your Health Insurance Policy If you previously had health insurance with your spouse, you will now likely need to obtain your own policy. You might decide to temporarily utilize the Consolidated Omnibus Budget Reconciliation Act (COBRA) to stay on your former spouse’s insurance policy. In most cases, however, it pays [...]