An aspect of planning that most couples going through divorce overlook, is actually the most important part – Estate Planning, a process that clearly establishes your wish to transfer your self-acquired assets to beneficiaries of your choice in case of death. During the proceedings, untimely death of one of the spouses can only result in various difficulties for the families. Even if the decree has been passed but the respective spouses haven’t made their will up to date or pass away intestate, many claims can arise, and bad blood can flow. Therefore, it is critical that both parties safeguard and protect their assets.

In India, writing a will even otherwise is still not a common practice, but given the fall outs and long drawn cases that result, it is prudent to plan ahead. It is true that while going through a bitter divorce, death is probably the last thing on your mind, but it is better to be prepared than make your loved ones suffer.

Once divorce is granted it is assumed that the assets/ claims that needed to be split between the couple has already been addressed by the appropriate court. Revoking your former spouse from being a beneficiary in any of your newly acquired assets or even the older assets unless decreed by the court, should be your key aim. Your will should be up to date reflecting your current status.

In the day of multiple bank/insurance and other financial accounts it is important to incorporate changes at all touch points. Other changes include revoking any Power of Attorney in favour of your spouse or his/her relative, changing nominations across the spectrum and asset reallocation.

Whilst making these changes in your will and assets, you must also remember to update family members or people you trust of the changes and probably keep a copy with them too.

There are many law and estate planning firms today specialising in issues and challenges that may arise in divorces, including taxation, ringfencing of assets through private trusts, clauses to be incorporated in the will and guide you through other legalities relating to your estate plan while planning for such eventualities.

Though divorce is a painful process for couples, a little bit of prudence and planning can go a long way in minimizing further misery to all parties involved.