Often, people in Wheat Ridge, Arvada and Jefferson County feel so relieved when their divorce is finalized, they forget to take care of or change some important things- which can cause problems down the line. Let’s look at some of those things so you will never find yourself regretting a lack of action coming back to bite you in the butt.
Updating Documents and Policies: Removing Your Ex as a Beneficiary After Your Wheat Ridge Divorce
It’s common policy for someone to name their spouse as a beneficiary of a life insurance policy, retirement plan, pension, or will. Because these types of documents and policies are not dealt with on a daily basis, it’s quite frankly easy to forget about them – until it’s too late. Often benefits are related to the policy holder’s death, which means that anyone new in your life would not receive any benefits. It’s important that you update these types of accounts immediately to remove your former spouse as the beneficiary:
- Life Insurance Policy
- Retirement Account
- Last Will and Testament
- Any other plans or policies that designate a beneficiary
Financial Accounts and Policies After an Arvada Divorce
Any accounts that your former spouse had access to should be updated and changed. Make sure that your ex is no longer authorized on your accounts or simply open new accounts to be safe. This would include any credit cards or loans. Make sure that any joint accounts are closed, or that your former spouse is removed from the account. You are starting your life over again, and you don’t want to have to worry about your past causing issues going forward, especially in your financial life.
Insurance Policies After Divorce
The final thing you will want to make sure you address is your various types of insurance. Likely, your former spouse is listed as an emergency contact with your health insurance. You will also want to make sure that your ex is removed from your auto insurance and home insurance. This is definitely the case if you are taking over a policy that the two of you had when you were married.