Divorce is one of the most stressful experiences. It not only disrupts the family of those involved but it also wreaks havoc on their estate plans. This is why it is so critical to revisit one's estate plan following a divorce. Because there are a number of areas to address, I will share information with you in two separate articles with this first one focusing on guardianship and re-marriage issues and beneficiary designations.

Typically, if one spouse in a married couple were to pass, the other spouse continues to have custody and guardianship of the children. With a divorced couple however, particularly where only one spouse has custody of the children, the other spouse may be unfit to serve in that role. Often the new life circumstances of the ex spouse comes into play. Is the new environment safe and appropriate for the children? Is there a new partner now involved, and are the children safe around the new partner? Guardianship can be a delicate issue when both parents are alive, it can be even more sensitive if one should die. That's why It is important to make sure all legal documents are reviewed and updated after the divorce to reflect the parent's wishes.

Remarriage of one or both ex-spouse can create unanticipated problems. When two people marry, their assets can become intertwined - sometimes by design, but often inadvertently.  Without the proper legal plans in place, a new spouse may be entitled to half the deceased spouse's estate. Also, a new spouse may be put on financial accounts as a joint owner, meaning that the children would have no rights to that property upon their parent's death.

Beneficiary designations after a divorce are often overlooked. In the divorce proceedings each spouse is often concerned with keeping a bigger share of the marital assets while they are alive. However, regardless of how much of the marital assets you end up with after the divorce, your ex-spouse could still receive a windfall at your death. That would be the case for example, if your life insurance policies and your retirement accounts list your ex-spouse as the primary beneficiary. 

 A divorce can be seen as a new beginning. In order to get off on the right foot, a newly single person should update his or her estate plan.