Divorce planning in New York helps parties better prepare for an upcoming divorce. Rather than reacting defensively, the parties can act proactively. Part of divorce planning in New York is making necessary updates as a family’s circumstances change. This includes:
Updating Financial Accounts
The parties may choose to close out any joint bank accounts and split the proceeds between them. They may also decide to close joint credit accounts and to establish their own credit separately.
Updating Estate Plans
Another critical move to make during this time is to update estate plans so that an ex-spouse does not stand to inherit or serve in an important role. For example, many spouses list each other as a power of attorney for financial and health care decisions. These documents should be updated to reflect the change in the relationship status and to give these roles to another trusted individual.
The children’s schools should be notified of any updates related to the children, including if the primary residence has changed or if a parent is not permitted to pick up the child or if there is some provision related to picking up the children in a custody order. It is important that the school has this information on hand to avoid any potential problems.