For parents going through a divorce, the right-now priority is to retain matrimonial attorneys to negotiate or litigate a plan to divide up assets, determine alimony and child support payments, and haggle over children’s residency and visitation schedules.
And it’s understandable that’s the top focus from a legal standpoint. But assuming you and your soon-to-be former spouse have, at some point, put into place estate planning documents—wills, trusts, powers-of-attorney, life insurance policies or anything else—you will want to revisit those ASAP.
Among other reasons, that’s because without a will that names someone you trust to manage money for your minor children, their other parent—your ex—likely will be named to oversee the distribution of your money. Indeed, upon your death, the person you have divorced and disinherited will be in charge of managing the inheritance you have left behind.