Now that your divorce is over , and you have settled your financial and child custody battles, hopefully you will feel a sense of relief and you can move forward in your life. Being divorced however is not enough in protecting your assets from your ex. You need to think about estate planning.
Here are some ways of protecting your assets from you ex: estate planning after divorce or separation.
The very first thing you must have is a Will that expresses your intentions about your property when you die.
In making your Will make sure that any assets that are left to children under the age of 18 years are in the hands of someone you trust. This person is usually the executor of your Will. The executor must be a person that you trust and are feel confident will do the right thing by your children.
The question of guardianship of your children will also need to be sorted out. Ordinarily if the other parent is living the children will live with that parent, but this is not always straight forward especially if that parent has had little to do with the children or the children have very high needs or don’t want to live with the other parent. This is where you need an executor who will be able to handle and make decisions that may be difficult and complex.
What about your beneficiary nominations under your superannuation. Just because you are divorced or separated, does not mean that your superannuation will not be paid to your ex on your passing. Therefore if your ex is named as a beneficiary of a superannuation account or life insurance policy, he or she is likely to receive the proceeds if you pre-decease them.
Removing your ex as a beneficiary of your superannuation or life insurance should be a priority at the time of your separation
Separation or divorce is also the time where you revoke any Power of Attorney, which appoints your ex as the attorney. Power of Attorneys are powerful documents , which give the attorney wide power and discretion to make decisions about your finances.
The information provided is not legal advice and is intended as information. We welcome your calls for any legal advice or assistance you require for your matters. Contact us at info@cominoslawyers.com.au