Women getting a divorce have many different things to contemplate and think about. Divorce is never an easy time and can be a significant adjustment for most people.
Women in particular find that they are most significantly affected by the financial aspects of divorce. A recent study completed by UBS Global Wealth Management showed that more than half of married women left control of investments and financial planning decisions to their spouses. These women can become easily overwhelmed when getting a divorce since they are not accustomed to handling finances.
One of the biggest mistakes that divorcing women can make is failing to reevaluate their will. Now that you are divorced and have major life changes on the line, it is likely that your will must be updated and reevaluated. Divorcing also means a change in your assets and your will should reflect these updates. Furthermore, if a former spouse was listed as a beneficiary on your assets, you will want to make changes there as well.
Another common aspect that is easily overlooked by divorcing women is failing to revisit their child’s guardianship plan in their will. No one ever likes to think about the possibility of someone else raising their children, but it is important to plan for this unlikely possibility so that you can say who you would want to take care of your children should something happen to you.
Make sure that you also incorporate planning for all of your assets. You could be entitled to a portion of your former spouse’s 401(k), IRA or other eligible deferred savings plan. Many divorcing women are unaware that these assets exist and may not be clear about what portion they could be entitled to.
Talk to an estate planning lawyer during or after your divorce to update your plans.
