Effect of Divorce on Wills, Trusts, and Estate Plans

Divorce is a permanent legal action that affects more than just a couple’s relationship status. One area affected by divorce is the couple’s estate and the subsequent estate planning. Estate planning is the process of preparing and describing what will happen to all of your assets should you pass away.

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Effect of Divorce on Social Security Benefits

Married couples are entitled to each other’s social security benefits, but what happens when the couple decides to divorce? While many people understand the rudimentary changes to taxes and estate planning that occur after a divorce, most do not understand, or even consider, the consequences of a divorce when it comes to social security benefits. Are you entitled to the social security benefits of your ex-spouse?

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Effect of Divorce on Life Insurance

Upon divorce, it is important to review the beneficiary designations on existing life insurance policies and make any necessary changes. This may depend upon the financial obligations between the parties, such as alimony, child support, and other financial issues that may be contained in the divorce settlement agreement or ordered by the court. Read further to learn of the effects of divorce on life insurance.

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