The hard work begins after your divorce as you start down the path to a new life and new roles (co-parent, single person, someone’s ex …). Given all the effort you are putting into managing the things that are changing, it is hard to start thinking about planning for those future contingencies that crop up in every life.
In her Letter to an Ex, attorney Martha Hartney looks at all those little things you (and your Ex) should have in place should you be faced with an emergency. Her suggestions include:
- Updating your life insurance policy – are the beneficiaries correct?
- Purchase disability insurance – your ability to earn is your most important asset and it is foolish not to protect it.
- Develop an estate plan – sure, no one likes to think about the fact that one day they might become incapacitated or die, but it is far better to plan now while you are able than it is to leave a mess for your kids to clean up.
- Consider long term care insurance – medical costs are going nowhere but up, and it is said that the first person to live to 150 has already been born (are you sure you’re not that person?)
- Record your life story – some day your kids will really want to hear it.
You can read the full letter if you’d like to read all 13 things that should be on your plan for the future.Tagged with: children • Co-Parenting • estate planning • life planning • post divorce