As an older adult, going through the divorce process in Illinois can be frustrating. You may have accumulated many assets and created an estate plan in this position. With the changes in your marital status, you’ll need to split your assets fairly and create two independent estate plans. Examining other factors, such as the power of attorney designations, is also essential.
Splitting up assets and estate plans
While married, you likely held assets jointly. Splitting these assets will be required when you’re divorced as an older adult. At this point in your life, you may share a home and vacation home, stocks, CDs, money market accounts, bonds, automobiles and other valuables. Once your assets have been divided, having separate estate plans to dictate your specific wishes will help streamline how each of your assets will be handled when you die.
Changing the power of attorney designations
Before you decided to divorce, you may have been each other’s power of attorney and healthcare power of attorney if either of you became incapable of making financial or healthcare decisions. Changing these designations is probably best when you divorce. Having a trustworthy adult child handle these roles may be suitable with the change in circumstances.
Paying for a child’s college tuition or a wedding
When you have children and get divorced, there may be significant expenses associated with them in the future that you’ll need to discuss. Knowing who will pay for a child’s college tuition or wedding and having this agreement be part of divorce negotiations will likely lead to less frustration and bickering.
Getting remarried as an older adult
Having a prenup is a good idea if you’ve got divorced and decide to remarry as an older adult. You may also change portions of your estate plan to ensure your children aren’t financially responsible for their new stepmother or stepfather if they require extensive long-term health care or hospitalization.
Changing your estate plan by creating new ones is usually best when you get a gray divorce. Having separate plans should make it easier to follow each of your wishes when you die or become incapacitated.