When a divorce is finalized, there are two ways spouses react. In one instance, the spouse takes their ex’s name off of everything so there is no chance the ex can receive anything if they die. In the other case, exes who are still friendly don’t change anything right away.
Couples that stay friendly after the divorce may choose to leave their ex’s name on insurance policies and other important papers because they know that should something terrible happen, their ex will use the money to take care of their children or will hold onto the money until the children are old enough. A divorced couple who can keep their children’s best interest at heart is to be admired.
If you have this type of relationship with your ex, you can leave his/her name on any documents that you wish. However, any situation that involves your children or money should be discussed with your lawyer before you reach a decision. Only you can change the beneficiary on your insurance policies but your lawyer is the best person to help you make this choice.
Other couples change names on documents as soon as possible. If you are going through a divorce, don’t change any beneficiaries until you talk to your lawyer. It’s understandable that you don’t want your soon to be ex to get any money, but there may be legal reasons that you need to think about before you take your ex’s name off any paperwork.
Whether to take your ex’s name off your policy is ultimately your decision. Only you know what your relationship with your ex is like. Other people may criticize your choices, but you need to do what is best for you and your children. If you truly feel your ex will use insurance money for the children, then leave his/her name on the policy. If you have any nagging concerns, though, you should choose another person to be the beneficiary.
If you are currently involved in a divorce and require legal guidance, before you spend thousands of dollars in legal fees, check out our ebook”What Your Divorce Attorney Probably Won’t Tell You.” This ebook details the things your divorce lawyer is likely to never tell you – the strategies, plans and attitudes you must adopt while filing for a divorce and the information you must amass in order to make educated decisions. Grab your copy here.