How Will Your Divorce Affect Your Estate?

Just like getting married affects your entire estate, so does divorce. Chances are, a divorce is going to significantly affect your finances, which is why it should be commonplace for divorce attorneys to discuss the need for proper estate planning as well. The Westlake Village divorce attorneys at the Law Offices of Stephanie L. Mahdavi want to discuss why it is important for you to fully evaluate and change your last will and testament when your divorce has completed.

You Need To Revoke Your Will And Make A New One

Most people will not realize that any provisions of your will that bequeathed property to your spouse will be invalidated the moment your divorce is finalized. However, this does not mean that your entire will is revoked upon the divorce being finalized.

One of the first things you should do is revoke your entire will and make a new one from scratch. If you do not have a will, this is a good time to make one. The reason we suggest creating a new will after you finalize your divorce is that, even though any property will no longer go to your spouse, other areas of your will were likely intertwined with your marriage. It is best to start with a clean slate so you can choose:

• Who you want to leave your property to
• An executor of your estate
• Guardians to take care of your children if necessary (heavily dependent on custody arrangements)

Other Estate Matters To Consider After A Divorce

You may have other estate matters that could be affected by your divorce that you have not considered. This includes the following:

• Health care proxy: Most spouses designate each other as their health care proxies. This means that spouses will get to make health care decisions regarding each other should an incapacitating injury or illness arise. However, you almost certainly will want to change this in the event you get divorced.
• Power of attorney: Many spouses designate the other spouse with a durable power of attorney should they become incapacitated. This power gives the other spouse access to all of the other’s accounts, even those solely in the other person’s name. Divorcing spouses will most certainly want to change this arrangement.
• Leaving property to the other spouse: In many cases, one spouse may still wish to leave some property to the other spouse, even in the aftermath of a divorce. If this is the case, your will can reflect any property you wish to bequeath.

Our Westlake Village Divorce Attorneys Are Here To Help

If you are going through a divorce, there will undoubtedly be many things going through your mind at once. At the Law Offices of Stephanie L. Mahdavi, our job is to help ensure you get through this process and move forward with your life. We understand that this is a challenging situation for you, so let us help ensure that all of your bases are covered. This includes having a discussion about the importance of your estate planning. When you need a Westlake Village divorce attorney, you can contact us for a consultation of your case by clicking here or calling 805-379-4550.