In part one of my last blog, Planning Your First Step After Your Fort Lauderdale Divorce, I discussed why it is important to speak to financial and legal experts following the entry of the Final Judgment of Dissolution of Marriage by the Broward County divorce judge. Most likely, your marital and family law attorney in Fort Lauderdale has advised you to update your estate and financial plans to reflect your new economic circumstances. Here are some additional ideas to consider:
Plan For Special Needs Children
If you have a disabled child who is expected to need lifetime assistance, consider a special needs trust to protect your child from having to give up any public financial assistance. In addition, your special needs child may not have to give up access to medical care that could be taken away due to an inheritance. When assets are held in trust, they are generally not considered the child’s assets.
You need the best health coverage you can afford for yourself and your children. Life, property, liability and disability insurance become equally as important, particularly if you failed to address those needs during your divorce.
Review Account Titling And Beneficiaries On Investments
Check to make sure that the assets were divided correctly in your divorce. Also, make sure that all beneficiary information is correct. This will save you lots of headaches later.