Now you are divorced……just a few last things.
So, your divorce is done. The process is finally over and you can focus on your shiny new future. Before you go, just check that you have covered off a few admin tasks:
Power of Attorney
This is a legal document that gives a named person/people certain powers over your finances and or health should you become incapacitated.
Typically, married couples hold a POA over each other.If you had one, you need to revoke it and you should also think about setting up an alternative.
In the absence of a named POA your ex could have a claim to be your POA, especially if they are now looking after your children.
Next of Kin
Your next of kin is no longer your ex-spouse so who will you nominate?
We are asked for a next of kin on all sorts of documents. So give it some thought now so as not be blindsided when it’s needed.
Setting up or changing your will once divorced is important. Whilst consent orders often remove your ex-spouse’s right to your estate, if a will is in place they could still have a claim.
Giving it some conscious thought and getting your wishes reflected legally will provide piece of mind and avoid a potential fight in the event of your death.
If you have young children you should also consider your wishes for guardianship should the worst happen.
Additionally, you can attach a letter of instruction for your executors to cover matters such as the children’s education, what to do with your remains or pretty much anything.
Sorting out your finances is vital post-divorce. Thinking about your income and what you will live on, how to save for your future or managing your debts are all things to give careful thought to, now that your circumstances have changed.
There are numerous financial advisors who specialise in offering financial advice to divorced people and they can help you think about cash flow, pension provision, debt management and any investment portfolios.
Make sure you take a good look at all of your insurance documents and pension policies too. Is your ex-spouse still a policy holder or beneficiary?
Once done, you can sail merrily off to your Act 2 (or 3 or 4).
Enjoy and good luck!