During a divorce, many people in Illinois forget to think about their estate plans and retirement. It is important for people to take care of such matters so their assets are not distributed in a manner in which they did not intend after they die. If people forget to take care of these things, their assets may end up going to their ex-spouse.
One of the first things people should do is gather and list all of their important financial documents such as life insurance policies and retirement accounts. They should then make certain that they change the beneficiary designations on these types of accounts after the divorce is final.
People may then want to destroy their old will and completely rewrite a new one to reflect their changed circumstances. Within the will, the custodial parent can designate such things as guardianship in the event they pass away when their children are still minors. It may be a good idea for a person to get help from a certified financial planner to identify financial entanglements and to plan for future retirement.
People may also want to get the help of a family law attorney when their marriage is coming to an end. An attorney may help assist a divorcing client by negotiating a comprehensive settlement agreement that addresses property division and other applicable divorce legal issues such as child custody and spousal support. Many estranged couples are able to reach such an accord with the assistance of their respective attorneys. However, in some cases there may be one or more matters that despite all attempts cannot be resolved through negotiations. In such an event, an attorney might suggest mediation as a way to address the dispute.