When you and your spouse in Ohio come to the decision to end your marriage, you are likely to be faced with a series of seemingly never-ending decisions to make and issues to address. From what to do with your marital home to how you will share time with your kids and more, there are multiple topics you must come to agreements on. The sharing of your assets and debts will be instrumental in dictating your post-divorce financial situation as well. These things will need to be reflected in your estate plan.
As explained by Forbes, many elements of an estate plan cannot be updated completely until your divorce is over. This is because you will not know the final determinations about what assets you will or will not have until that time. However, you can work on updating some aspects of your plan as soon as you get separated or initiate divorce proceedings.
At a minimum, you should put a new power of attorney and medical power of attorney, or health care advance directive, in place. Without these documents, your estranged spouse might end up being the person in charge of your financial affairs or health care decisions in the event of an emergency that renders you unable to take care of things on your own behalf.
If you would like to learn more about how you might appropriately address your estate planning tools when you are in the process of getting divorced and after your divorce is final, please feel free to visit the separated or divorcing spouse’s asset plans page of our Ohio estate planning website.