When you are going through a divorce in Arizona, one of the last things on your mind might be your beneficiary designations. But it’s a crucial aspect to consider. You’ve likely named beneficiaries on your life insurance policy, retirement accounts, and even in your will. The question is, how does your divorce impact those designations?

At Blake & Pulsifer, PLC, our Tempe divorce lawyers can help you make sure the right beneficiaries are designated to inherit your valuable property, assets, and possessions after your divorce.

Think about it: You wouldn’t want your ex-spouse to still be the one who benefits from your life insurance after everything is settled, right? Or worse, imagine if something happened to you and your assets didn’t go to the loved ones you intended to protect. A divorce attorney at our law firm can make sure every loose end is tied up and help you avoid unwanted outcomes.

How Arizona Law Affects Beneficiary Designations in Divorce

In Arizona, certain laws automatically revoke beneficiary designations to a former spouse upon divorce. This is good news in many cases, as it can save you from the stress of making sure your ex isn’t still a beneficiary after the divorce. Arizona Revised Statute § 14-2804 is one such law, automatically revoking a former spouse as a beneficiary on things like life insurance policies or retirement plans once the divorce is final.

However, not every asset is treated the same, and federal laws can sometimes trump state regulations. If you haven’t properly updated these accounts, your ex-spouse could still have a claim. This is where a thorough review of all your accounts, documents, and beneficiary forms becomes essential.

The details matter here. It’s easy to overlook something, and that’s why you shouldn’t handle these changes on your own. Partnering with a Tempe divorce attorney who handles divorce and estate planning can ensure that nothing slips through the cracks.

Specific Examples You Might Encounter

You might be wondering which assets are impacted. Here are a few examples of what might happen in a divorce:

  • Life Insurance: After a divorce, Arizona law will typically revoke any designation naming your ex-spouse as the beneficiary. But if you forget to update the beneficiary to someone else, it could create confusion or even legal disputes down the road. In some instances, people may want their ex-spouse to receive the benefit of life insurance, in which case you may need to sign a new form, re-affirming your wish that they receive the benefit of such assets.
  • Retirement Accounts: Your retirement accounts may also be affected, but these can sometimes be governed by federal law, which doesn’t always follow the same rules as Arizona’s state laws. You might need to file new paperwork with your employer or plan administrator to ensure your ex-spouse is removed.
  • Wills and Trusts: Even though Arizona law automatically revokes a spouse as a beneficiary, there are still situations where they might remain a trustee or executor unless you specifically change that. This detail can easily go unnoticed, so an attorney’s guidance can be invaluable.

Questions About Divorce and Beneficiary Designations

At this point, you probably have some questions. You’re not alone. People going through divorce often ask things like:

  • “Will my ex still get my life insurance if I forget to change it?”
    Under Arizona law, most likely not, but it’s still crucial to double-check and update your beneficiary designations.
  • “What about my 401(k)?”
    Retirement accounts can be tricky. Federal laws, like ERISA, might protect your ex’s claim to certain retirement funds, even after the divorce, unless you take action to change the beneficiary.
  • “Do I need to change my will?”
    Yes, absolutely. Even though Arizona law may revoke your spouse’s status as a beneficiary, your will might contain other provisions that still involve them. It’s important to sit down with a divorce lawyer to ensure your will accurately reflects your new situation.

How Blake & Pulsifer Can Help

It’s easy to think that updating your beneficiary designations is something you can handle on your own. But the reality is more complex. One misstep could mean your assets end up in the wrong hands.

When you work with Blake & Pulsifer, PLC, you can rest easier knowing that you have a team of Tempe divorce lawyers and estate planning lawyers on your side with extensive experience handling both divorce and estate plans. We will go through all your assets, from life insurance to retirement accounts, and make sure that your ex-spouse is removed where necessary and the right people are named as beneficiaries. We can update your Will, revoke a trust, and help you manage each step along the way.

During your divorce, it’s easy to overlook small details. That’s why our divorce attorneys will help you stay on track, making sure all your financial and legal documents reflect your new circumstances.

Contact Our Tempe Divorce Lawyers Today

Divorce is already a tough process, but it’s also a time when you need to think about the future. Beneficiary designations might seem like a small detail, but they have a big impact on what happens to your assets. And in Arizona, the law does some of the work for you, but it doesn’t do everything.

Our Tempe divorce attorneys can help you through this difficult time. Call our divorce law firm today at 480-838-3000 or fill out our confidential contact form.