Retirement Assets and Insurance Policies Also Need To Be Updated During a Divorce
Divorce cases are often characterized by division of assets and alimony payments. However, what many individuals filing for divorce fail to take into account are their non-probate assets, namely those which cannot be immediately divided between the two divorcing parties, but which will either mature over time or be paid out after certain events take place. Retirement accounts, life insurance policies, and last will and testaments are all classified as non-probate assets. According to a news story featured on West Virginia’s WVNS-TV, the details of these assets are often overlooked, leaving behind complicated matters even after a divorce has long been granted.
In some states, non-probate assets are immediately disassociated with an individual once the divorce process is completed, unless otherwise stipulated in the details of the divorce. However, the majority of states do not have such a policy in place, meaning that divorcing couples need to take appropriate measures in order to ensure that their future assets are distributed according to their wishes. While some divorcing couples may not feel the need to change beneficiaries of non-probate assets, it is still a good idea to draw up new documentation after a Pennsylvania divorce in order to clear up any confusion that may arise once policies mature or in the event that an individual passes away. In essence, divorcing couples should always keep in mind that officially ending a marriage does not simply involve what you have now, but also what you will potentially have in the future too.
In any event, filing for a Pennsylvania divorce can be rather complicated, and it is always a good idea to retain the services of a skilled divorce attorney who will fight to ensure that your rights are protected during the process. The experienced Pennsylvania divorce attorneys at the Law Offices of Sheryl R. Rentz offer assistance with all divorce matters, including financial and tax issues, as well as division of property. For more information about filing for divorce in Pennsylvania, please don’t hesitate to contact our office today at 610-645-0100. We offer free consultations.