Divorces can be emotionally challenging and draining, which is why it is often difficult to foresee the issues that might stir up conflict in the future. You must pay close attention when settling a divorce agreement with your ex-spouse. Ensuring you include necessary items like estate plans, health insurance coverage, digital assets, tax liabilities, etc., is important to avoid headaches down the lane.
If you are going through a divorce, it is highly recommended to seek legal help. There are complex laws surrounding divorces that the common man may not understand. Moreover, drafting divorce agreements is not easy, and you may forget to include important things. To hire an attorney and protect your rights, click here.
Important things people forget to include in their divorce agreements
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Complex financial estate planning.
When you married your ex-spouse, you had probably created an estate plan and included them as well. However, since your life is going through a major change, your estate plan will also change. Make sure to include the details of this changed estate plan in your divorce agreement. This part of the agreement should address the assets, liabilities, inheritance, children, etc.
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A detailed parenting schedule.
Many divorcing couples do not create a parenting schedule to include in their divorce agreement, thinking they will figure something out later. Do not make this mistake. Before you know it, you may be fighting with your spouse to spend time with your child and accusing the other parent of depriving you of parenting time. It is in the best interest of the couple as well as the children to have a detailed plan ready to avoid disputes down the lane.
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Retirement accounts.
During a divorce, all the marital property is divided between the two spouses. Many people forget or simply do not know that retirement accounts are marital properties as well. You may think you own every dollar in your 401k account because you have worked all your life trying to build it, but you may have to share it with your ex-spouse. Address your retirement accounts in the agreement, even if you are far from retiring.
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Power of attorney.
Power of attorney needs to be remembered when creating a divorce agreement. You may have appointed your ex-spouse as your power of attorney, but you may want to change after the divorce. Without it, you will no longer have the power to make decisions about your assets or health in your hands. Make sure to remove your ex’s name and appoint someone you trust.
