Going through a divorce, no matter how amicable the split might be, brings about many changes that can have long-lasting and far-reaching effects for both spouses and any children that may have resulted from the relationship. British Columbia residents will likely think of asset division, child custody and other front-of-mind issues when planning for a divorce. However, experts remind couples seeking to end their marriages to consider paperwork that will influence their futures and those of their children as well.
For example, life insurance plans are often set up so a spouse is the beneficiary of the plan should the worst happen. Even if the spouse is intended to hold that money in trust for minor children, if an individual passes away following a divorce and has not changed the beneficiary, it may not be necessary for that spouse to pass the money along. This also holds true for wills and other documents pertaining to end-of-life plans.
Even in situations in which death is not a factor, retirement savings and plans should also be addressed. If a spouse is listed as being on the other’s retirement plan and this is not changed when the divorce happens, that spouse may still be entitled to retirement benefits. In some cases, a divorcing couple may wish to keep these arrangements as they are, but if not, they should be addressed immediately.
Divorce is a complicated process, and there are many factors for British Columbia residents to consider. This is why seeking the support of a legal professional can be so helpful to the process. By retaining the services of professionals who can cut through the complications of divorce, both spouses stand to enter their new lives happier and more expediently.