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Updating legal documents once the divorce is finalized

In a high-asset divorce, there are many complex issues that need to be addressed both before and after a divorce is finalized. During the divorce itself, couples focus on custody rights, complex asset division and financial support concerns. After Minnesota couples finalize their divorce, it is important that they revisit a number of important legal documents. The following is a brief overview of some of these legal documents and why they matter.

First on the list are estate-planning documents. These include health care directives, power of attorneys and trusts. In many cases, married people list their spouses on these documents, and, with the change in personal circumstances, and in feelings, it might be appropriate to update these documents.

It is also important that individuals revisit documents such as wills to ensure that these papers accurately reflect the person's new financial reality. Often, during the divorce process a person's financial holdings, real property, as well as there interest in a family-owned business change. Addressing these items sooner than later is the best way to ensure that family members do not have problems further on down the road.

Finally, if there is a family-owned business, both parties should review the partnership agreement with the assistance of counsel. A divorce may not affect the business or even a will in every case, but in most cases there will be some impact. Reviewing important legal documents after a divorce is finalized may not be a priority, but it is important nonetheless. This is particularly true when there are complex assets at play.

Source: Forbes, "Updating Your Will: A Small Step That Goes A Long Way," Lewis Saret, May 22, 2013.