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Make sure you check your estate plan and taxes after divorce

There are a lot of changes that you need to make when you file for a divorce. Obviously, this is a good chance to ensure that you have your life set up for success. There are two specific areas that you should think about before you do anything else. These are your estate plan and your taxes.

When you are thinking about your estate plan, consider every aspect of it. Your goal is to have your children taken care of if something happens to you. If you don't have children or if the children are adults now, you might have other goals for your estate plan.

You probably don't want your ex to have your estate if something happens to you. If this is the case, make sure that you create an entirely new estate plan that has your intended heirs listed.

While you are going over your estate plan, make sure that you also check financial accounts that have payable upon death designations. You may have your ex listed on those accounts and you will likely want to change that now. Don't forget to check your life insurance policies, too.

When it comes to taxes, you have to think about how you will handle those now that you are single. You and your ex will have to determine who is going to claim the children. Be sure that you read the rules regarding this carefully so that you can determine how this should be handled.

During your time of life reinvention, you have to think about what is best for you and your children if you have children. Focusing on the ultimate goal of a new life can help you out greatly.

Source: FindLaw, "Divorce, Taxes, and Your Estate Plan," accessed May 05, 2017

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