Renaming beneficiaries after a divorce

| Apr 15, 2015 | Divorce

When a Texas resident gets married, it is likely that they will name their spouse as their beneficiary should anything happen to them. However, when a person decides to get a divorce, it is important for that person to potentially name someone else as their beneficiary. This change cannot be made during the actual divorce process; the change in designation will have to wait until after the divorce process has been finalized.

There are a couple of things that those who wish to change the designation before filing the divorce should keep in mind. If the couple shares a financial adviser, the adviser could potentially notify the spouse of the changes. Further, revising a will does not necessarily disinherit someone from certain assets. Because beneficiary designations supersede the revisions to the will, the person may still have access to the inheritance. Further, a spouse will still have access to some of the inheritance until the divorce proceedings have been finalized.

Once the divorce has been finalized, it is recommended that the person name their new beneficiaries. If they do not, their ex-spouse can still inherit the assets that may have been meant to go to someone else, including the person’s children. If the person still wants to have their ex-spouse as their beneficiary, it is also recommended that the beneficiary designation be reaffirmed.

Because there can be serious problems if a person waits to change their beneficiary designations, it is recommended that a family law attorney assist the person once the divorce has been finalized. They may help the divorcee ensure that the proper person will receive the assets that are being left to them. Additionally, the attorney may also help the person protect their alimony payments and child support should their ex-spouse die.




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