A wooden gavel rests on a sound block beside a brass balance scale, emblematic of a criminal defense lawyer's arsenal. These items, surrounded by books and papers, symbolize law and justice. The softly blurred background evokes the ambiance of a courtroom or legal office setting.

Divorce And Beneficiary Designations

New Jersey residents who are divorcing may want to think about updating important personal documents with their new status. This includes changing any beneficiary designations, which must be done separately from rewriting a will. When this change should be made depends upon individual circumstances.

An individual who is planning to file for divorce but hasn’t informed their spouse may want to wait to change the designations as many types of accounts require the spouse’s written consent. Furthermore, a shared financial adviser might inform the other spouse about the change. However, once the divorce is underway, a spouse cannot be disinherited. Therefore, changing the beneficiary designation should be a top priority as soon as the divorce is final if it is not done prior to filing.

There may be special circumstances in which an individual does not wish to remove a former spouse from some beneficiary designations. For example, an individual may want to ensure that the ex-spouse receives child and spousal support even in the event of the individual’s death. However, in such a case, the individual may wish to take steps to reduce the chance that this designation might be challenged by a spouse or children from a subsequent marriage. Making one’s wishes clear and renaming the ex-spouse as beneficiary after the divorce may help.

Redoing or reinforcing beneficiary designations is only one aspect of the paperwork involved with divorce and property division. There may be a number of financial entanglements that must be negotiated, and an attorney may be helpful in those negotiations. In a high-asset divorce, the assistance of an attorney may become particularly important as determining what property constitutes joint marital assets and agreeing on an equitable division can be complex.

Get to know Townsend Tomaio & Newmark
Play Button
video thumbnail
What Are The First Steps in Getting a Divorce in New Jersey? | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
How Do Courts Decide on Custody? | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
Is Mediation Cheaper Than a Litigated Divorce? | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
How Child Support is calculated | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
Determining Alimony | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
How Can I Prevent My Spouse From Moving With My Child Out of State? | NJ Family Law Attorneys
Play Button
video thumbnail
Final Restraining Order | NJ Divorce and Family Law Attorneys
View More videos
In Our Community
Logo for Community Soup Kitchen and Outreach Center Inc. featuring a stylized orange soup bowl with steam. Text reads: Logo of the Randolph Education Foundation (REF) featuring an open book with stylized pages, symbolizing knowledge and guidance, next to the text The logo of Mayo Performing Arts Center showcases a purple stylized Logo of JBWS with two overlapping hands, featuring the text Logo for Interfaith Food Pantry Serving Morris County, featuring a red apple icon on the left, symbolizing nourishment and community support akin to how family law attorneys provide guidance in strengthening family foundations.Logo for CASA of Middlesex County, Inc. It features a blue figure with a heart overhead, symbolizing care and protection, and the text “Court Appointed Special Advocates for Children” below. Perfectly aligning with the mission similar to Family Law Attorneys in safeguarding children's rights.
Website Designed & Managed by
Accel Marketing Solutions