Going through a divorce is an emotionally and legally challenging time, but once the dust settles, it’s important to take action to protect your future. Many areas of your life—finances, health care, and estate planning—may need to be adjusted to reflect your new circumstances. At Lardiere McNair and Stonebrook, our representation does not have to end when the divorce is final. Our experience can help guide you as you come out of a life changing event. This checklist is a sample of some of the key steps to help ensure your financial and personal affairs are in order after a divorce.

1. Update Your Estate Plan

After a divorce, it’s critical to revisit your estate planning documents. If you had a will or trust that you named your ex-spouse as a beneficiary or executor, it’s essential to make updates.

• New Will or Trust: Draft a new will that reflects your new wishes. If you had a trust in place that included your ex as a trustee or beneficiary, that will need to be revised as well.
• Guardianship for Minor Children: If you have children under the age of 18, make sure that guardianship provisions are updated to ensure their care in case of an emergency.
• Update Beneficiaries: Any assets that will pass by beneficiary designation (life insurance, retirement accounts, etc.) should reflect your new wishes.

2. Review and Update Life Insurance Policies
Life insurance is one of the most important protections you can have in place, especially if you have dependents. If you have life insurance policies, revisit your beneficiaries, and ensure they are current.

• Update Beneficiaries: Unless prohibited by your divorce decree, remove your ex-spouse as the beneficiary and name the appropriate person or persons (such as children, a trust, or another relative).

3. Designate Payable-on-Death (POD) Beneficiaries for Financial Accounts
To avoid probate and ensure a smooth transition of your assets, it’s a good idea to designate POD beneficiaries for all of your financial accounts, including:

• Bank Accounts, Retirement Accounts, Other Investment Accounts.

4. Create Power of Attorney for Financial Matters (General POA)
If you have your ex-spouse as your agent on your POA, consider creating a new POA. A General Power of Attorney (POA) allows someone you trust to make financial decisions on your behalf if you become incapacitated.

• Make Sure the POA is Specific: Make sure the POA gives clear authority to handle financial matters and is legally valid in your state.

5. Prepare Health Care Power of Attorney (POA)
Your health care POA designates someone to make medical decisions on your behalf if you are unable to do so. This is especially important in case of sudden illness or incapacity.

• Living Will: In addition to your health care POA, consider drafting a living will that outlines your preferences for end-of-life care. This helps your loved ones make decisions according to your wishes, easing their burden during difficult times.

6. Transfer-on-Death (TOD) Affidavits for Real Estate and Motor Vehicles
Transfer-on-Death (TOD) designations allow you to pass certain assets directly to your beneficiaries without going through probate. This is particularly useful for real estate and motor vehicles.

• Real Estate: If you own property, create a TOD affidavit that designates who will inherit the property when you pass. This is a relatively simple way to avoid probate and ensure your property goes directly to your chosen beneficiary.
• Motor Vehicles: Similarly, Ohio allows you to file a TOD for vehicles. This can ensure that ownership transfers smoothly without complications.

7. Update Your Financial Accounts and Investments
After a divorce, it’s important to review your financial accounts, investments, and retirement funds. This includes:

• Revaluate Your Budget, Review Investment Accounts, Dividing Retirement Accounts: If retirement accounts (such as a 401(k)) were divided as part of the divorce settlement, ensure that the transfer has been properly executed and that your accounts reflect the new ownership structure.

8. Review and Adjust Health Insurance Coverage
Once your divorce is finalized, review your health insurance coverage. If your ex-spouse was on your plan, you may need to find new coverage.

• Update Your Coverage: If you were previously on a joint plan, make sure you’ve obtained new health insurance and removed your ex-spouse from your policy.
• COBRA Option: If you’re eligible, you may want to consider COBRA (the Consolidated Omnibus Budget Reconciliation Act), which allows you to temporarily keep your ex-spouse on your insurance but be mindful of the time limits and costs.

9. Reevaluate Your Retirement Plans and Social Security
Divorce can affect your retirement plans and Social Security benefits, so it’s a good idea to assess these areas as well.

• Retirement Accounts: Ensure that you’re contributing to retirement accounts and that they reflect your current financial goals.
• Social Security Benefits: If you were married for at least 10 years, you may be eligible for spousal Social Security benefits. Make sure to check with the Social Security Administration to understand how your divorce might impact on your benefits.

10. Update Your Contact Information with Creditors and Service Providers
After your divorce, it’s important to update your contact information with your creditors, utility companies, and other service providers to ensure that you receive all communications and bills.

• Credit Cards & Loans: Make sure your address, phone number, and email are updated with all financial institutions. Make sure you have been removed from all liability and or the card has been canceled.  Likewise with any lines of credit or any all-other joint liabilities incurred during the course of the marriage.
• Change Your Address: Notify your employer, the IRS, your bank, and any other relevant parties of your new address.

Final Thoughts:
At Lardiere McNair and Stonebrook we know that life after divorce can feel like starting over, but taking the right steps now to protect your financial future and health care needs can give you peace of mind. If you're unsure about any of these steps, working with an attorney, financial planner, or estate planner can provide expert guidance tailored to your situation.

Anthony (Tony) Delligatti Jr. is with our firm as an Of Counsel attorney. He concentrates on family law, high asset family law matters, business and complex litigation, personal injury. Tony joined LMS on September 15, 2023. Tony is a former partner and Of Counsel member at Carlile Patchen & Murphy LLC 1995-2023. Among other service roles, he has served on the Litigation Practice Institute, the Common Pleas Court Committee, the Family Law Committee, the Negligence Law Committee, and Trial Advocacy Committee.