Tuesday, May 27, 2014

Important Steps Recent Divorcees Must Take

            There are some important steps all recent divorcees must take once their divorce is final.  You must make sure to update all financial entities, employers, insurance providers and others of any name change and/or address change.  Most importantly, you must update any beneficiary information to remove your ex-spouse and designate new beneficiaries.  If you fail to do so, any positive outcomes from the divorce may be negated.  For example, there has been recent national news about a gentleman who recently passed away leaving behind his third wife.  The man had forgotten to remove his second wife as his beneficiary on a life insurance policy despite the fact that he had been divorced from his second wife for over ten years.  Unfortunately for his third wife, the man's policy was paid to his wife from a former marriage, instead of his widow.
            It is also important to have your estate planning documents, such as wills, living wills, power of attorney and other documents updated following your divorce.  Contact Joseph Stafford, 216.241.1074,  for assistance with making sure all of your affairs are in order following your divorce.  

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