January 10, 2014 /24-7PressRelease/
-- After a divorce is final, many people still have a lot of work to do before they can move forward into the next phases of their lives. Georgia residents need to make sure that they update several key documents after they divorce to reflect their change in marital status, otherwise they could be setting themselves up for large problems in the future.
Estate planning documents
Many married couples make estate plans
together after they marry, and they often leave all or most of their assets to their spouses in their wills. After a couple divorces, it is crucial that the spouses update their wills so that their ex-spouses are no longer beneficiaries. Additionally, people should choose new beneficiaries for non-probate assets such as life insurance policies, retirement accounts, transfer on death bank accounts and annuities. Changing beneficiary designations in a will does not control the beneficiary designation on these assets, so people need to update these assets separately.
Health care directives
Many Georgia residents draft a document called an Advance Directive for Healthcare, which outlines people's wishes for medical care in the event that they become incapacitated, as well as nominate others to make decisions about medical care if they are unable to make decisions themselves. Many who have an Advance Directive for Healthcare opt to have their spouses act as medical care decision-makers, so it is important for people to review these documents after divorce
and give a different person decision-making authority in medical emergencies.
Financial account records
People should promptly remove their ex-spouses from all financial account records such as those for bank accounts, investment accounts and credit cards so that their ex-spouses will no longer be able to access them. Additionally, people should report any name changes that may have resulted from the divorce.
As part of the property division
accompanying divorce, many people find themselves needing to transfer titles for real estate and personal property such as automobiles and boats. People should make sure that deeds for real estate are executed and recorded properly and that the new deeds reflect any name changes that occurred. It is particularly important for people who are moving out of the marital homes to ensure that their names are removed from mortgage documents so that they are no longer liable for mortgage payments.
There are a lot of details with which to concern oneself during and immediately after divorce. Having the assistance of a skilled divorce attorney can help make the process go more smoothly and reduce the stress involved. If you have questions about divorce, talk to an experienced Georgia divorce attorney who can advise you how to proceed.
Article provided by Abbott & Abbott, P.C.
Visit us at www.abbottandabbott.net