After a divorce is finalized, it’s essential to look at key asset ownership documents and update them to reflect your new circumstances. Doing this can prevent your former spouse from laying claim to your assets after your death.
Update Specific Asset Ownership Documents to Meet Your New Goals
To protect your assets after a divorce, take a look at existing ownership documents, such as titles, policies, and account holder agreements. These documents need to be updated to reflect your wishes. This includes updating who owns them, who can access them, and what happens to the assets after your death. Here are a few key documents to consider:
- Personal bank accounts. Update your banking accounts to remove your former spouse from all ownership, following the rules established in the divorce decree. Your attorney can help you with knowing what should be in your name only.
- Life insurance policies. Update life insurance policies to reflect new beneficiaries. This is the person or people who will receive the policy’s payout at the time of your death. It should no longer reflect your former spouse in most cases.
- Retirement accounts. Most divorce decrees outline the requirements for updating retirement accounts, such as whether they will be split. In all cases, you should reestablish them to remove a spouse’s name from any ownership or payout for these accounts.
- Business ownership documents. Assets, including real estate and other valuables with a title, should be updated to reflect the new ownership. Remove your spouse from any business accounts, including banking, lending, titles, leases, and agreements.
- Other estate plans. Your estate planning attorney can help you update your will and other documentation you have outlining your estate plans. Reconfigure plans to align your assets with your new goals. Also, update health care proxies and end-of-life decision making documents.
Talk to your attorney about additional updates you may need to make for:
- Investment accounts
- Home loans
- Debts in both names
- International bank accounts
- Home equity lines of credit or loans
- Inheritance documents
Let Us Protect Your Financial Future
Our asset protection attorney in Wilmington, NC, can answer all of your questions about how to update your asset ownership after divorce. Don’t put this off. Instead, call our office for a consultation to discuss your needs.