A couple who plans their estate together does not always stay together. If you file for divorce from your partner, you will need to revise your estate plan so that it reflects your new status.
Planning After Divorce | Estate Lawyer in Cary NC
Unfortunately, life does not always go as planned. A happy couple may not stay happy, and all of the things they have planned together, including what happens to their children and assets, will need to be updated to show their new decisions based on their new status as a divorced couple.
In this blog series our estate lawyer in Cary NC will take a look at how divorce affects your previously established estate plans and the steps you should take to modify it to reflect your new situation.
Formal Separation Agreement | Estate Lawyer in Cary NC
Once divorce proceedings have started, you should consider drafting a formal separation agreement that establishes rights to property, debts and if you have children, who will have custody. You may also want to consider including provisions in case you or your spouse dies unexpectedly before the divorce has been finalized.
If you plan to have custody of the children and want to seek child support, or you live in a state where you can receive spousal support, you may want to include in the agreement a requirement that your spouse buy a life insurance policy. The policy should be an amount sufficient to cover support in case something should happen to him or her. You should be named the beneficiary.
Once the divorce has gone through, you will need to begin revising your estate plan. You can revise the components, such as the will, or you can start over with a new one. Your will is the document where you have designated who gets your property and who will be guardian of your children.
Stay tuned for more information about divorce and estate planning. Our next blog will talk about designating guardianship.
Eldreth Law Firm, PC | Estate Lawyer in Cary NC
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our estate lawyer to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, trademarking, copyrighting, or DWI issues.
Missed other blogs in this series? Visit with them below:
- How Can Divorce Affect Your Estate Plan? Part One
- How Can Divorce Affect Your Estate Plan? Part Two
- How Can Divorce Affect Your Estate Plan? Part Three
- How Can Divorce Affect Your Estate Plan? Part Four