Following a divorce, most people assume that their Ex will not inherit their retirement life insurance benefits or bank accounts. This may not be the case if the beneficiary clauses have not been changed with the companies that retain these assets.
It is important to realize that the divorce decree only binds the parties to the divorce. This does not include any other company insurance or otherwise unless it is specifically mentioned in the divorce decree. The consequences for your family or other beneficiaries could be dire, leaving them with no legal means to obtain the assets that you desire them to have. Be sure to have this conversation with your attorney to ensure that your assets are allocated properly, ensuring peace of mind for your family or other beneficiaries.
It is difficult enough to go through a divorce, but with proper guidance and the right attorney you can be sure that these mistakes will not happen. Please don’t hesitate to contact us if you or a love one is considering or involved in a divorce or dissolution. We also provide extremely affordable estate planning wills and trusts.