Planning For the Future After Divorce | Divorcing in Fort Mill

Five-Tough-Questions-Help-Your-Divorcing-Friend-Avoid-Financial-Ruin-960x640After a divorce, your previous plans for retirement and estate planning should not go to the wayside. Being divorced does not mean you and your loved one’s future should not be protected. Harden Law specializes in all areas of divorce and estate planning. Click here to contact them today.

Estate Planning After Divorce

An estate plan typically consists of several documents that will refer to a living trust, financial power of attorney, living will, healthcare power of attorney and a last will and testament. With the proper last will and testament established, your last wishes for your property, and even who is trusted as a guardian for your child, will be defined. Just as details were very important through your divorce process, details are very important in estate planning.

Estate planning after a divorce is highly recommended. Without titling your assets or wishes, your ex-spouse may inherit them. Or, maybe you previously set up documents and powers of attorney to your spouse when you were married. Those items need to be updated and changed.

Retirement Planning After Divorce

If you and your spouse already had a retirement plan prior to divorcing, most likely the plan was divided based upon assets or contributions. After a divorce, you should continue to plan for your retirement. Planning for your own retirement is as simple as starting to save and then sticking to your retirement goals. Make a plan for when you want to retire and plan a monthly financial budget. It is said that 70% of your current income is needed to maintain your current standard of living when you retire.

Once you begin to save money for your retirement, do not be tempted to tap into your savings account. You can also choose to invest in an IRA or other forms of savings accounts.

Are you recently divorced and need help planning your estate? Let us help. We understand that divorce can take you on an emotional roller coaster, but planning for your future will help steady the ride. Click here to contact us today to learn more about estate planning throughout the Fort Mill SC and Rock Hill SC area.