Life Event Guide: Divorce
Regardless of the type of divorce you're going through (contested, uncontested, etc.), you're probably experiencing a rollercoaster of emotions and have concerns about your financial independence and your/your family's future.
Use this guide to make the most out of your LifePlan benefit and hopefully the process of divorce will be just a little less stressful.
Talk with a financial advisor
What are my options for achieving a financially fair settlement?
How could a divorce settlement impact my financial health?
What is the most cost effective way to finance a divorce settlement?
Talk with an attorney*
What legal documents do I need to have in order?
What is spousal support and how is it determined?
I need advice on child support and/or custody matters.
What are the laws in my state regarding changing a beneficiary during and after a divorce proceeding?
Discuss your estate plan in light of the divorce, walk through what decisions you need to make, and what information you need in order to make changes to your documents.
Create or update your estate planning documents
Create or update your will or trust, as you may not want your ex-spouse to be the executor or trustee of your estate or to have access to money that was meant for your children.
Create or update your living will (i.e. advance healthcare directive) to specifically remove your ex-spouse as your agent making future medical decisions on your behalf and elect someone else to do so.
Create or update your power of attorney to specifically remove your ex-spouse as your agent making financial and legal decisions on your behalf and elect someone else to do so.
Talk with a tax professional*
Do I need to change tax filing status?
I need advice about claiming my dependents.
Can I deduct my legal fees?
Are there other deductible divorce related expenses?
How do I handle alimony?
What are the tax implications of splitting assets?
What does a property sale mean for my filing status?
Talk to an insurance professional*
Will my former spouse be able to qualify for insurance coverage?
How do I update my policy and/or the beneficiary on my policy?
Do I need accident or life insurance if I have financial obligations?
When dividing assets, what happens to my life insurance policy?
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*DISCLAIMER: Legal advice is provided by an independent network of attorneys. Tax advice is provided by 1-800Accountant, insurance advice is provided by Mylo, our trusted service partners.