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Divorce and Death

During a divorce, planning for your death is probably the last thing on your mind. However, the death of a spouse during or after a divorce can have a significant financial impact on the family members left behind unless certain precautions are taken. The Fort Collins, Colorado, law firm of Leah Bishop, L.L.C., will help you craft a plan that accounts for your family’s needs far into the future.

Death During a Divorce

If you pass away during your divorce, the divorce action will come to an end. If you have a will, your spouse will inherit any assets that you have left to him or her in the will. If you do not have a will, generally your spouse will inherit your assets and assume sole ownership of any property you owned together.

If you wish to limit the assets that your spouse could inherit if you die before your divorce is finalized, you can update your will before initiating the divorce or during the divorce process. Our Fort Collins divorce and death lawyers can assist you in creating a will or trust that meets your family’s unique needs.

Death After Divorce

Planning for the death of your ex-spouse is important, especially if you have children. There are several reasons for which you may want to purchase a life insurance policy on your ex-spouse, including:

  • You have minor children
  • Your ex-spouse is paying you maintenance
  • You have outstanding joint debts
  • Your ex-spouse has outstanding settlement debt

In the event that your spouse passes away, his or her maintenance payments will stop. However, by obtaining a life insurance policy that covers maintenance payments and any outstanding debt, you will ensure financial security following his or her death. You may also be able to ask the administrator of your ex-spouse’s estate for child support payments from the estate.

Following your divorce, it is important to update your will to reflect changes to beneficiaries and medical power of attorney. Additionally, you will want to change the beneficiaries on your life insurance policy, retirement or pension accounts, and bank accounts.

Contact a Larimer County Family Law Attorney

To discuss your case with an experienced lawyers, call 970-224-5555. You may also contact us online.