Divorce is a difficult situation that no one plans to go through. However, it can happen to anyone. Even those who started off extremely happy can sometimes face separation and divorce. Because life doesn't always go as planned, it's important to understand how divorce will affect your estate planning. Chances are, as a married couple, you and your spouse planned for the future together. That means, in the event of a divorce, you may need to update your plan to reflect changes in your life.
Estate Planning After Divorce | Lawyer Raleigh NC
- 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.
- 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.
- 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.
- 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.
- You may also want to consider including provisions in case you or your spouse dies unexpectedly before the divorce has been finalized.
- Your will is the document where you have designated who gets your property and who will be guardian of your children.
If you're facing divorce or just went through one, contact our lawyer in Raleigh NC to start revising your estate plan. We are here to help during this difficult time.
A lawyer in Raleigh NC who is familiar with estate planning will be able to review your situation and provide the best solutions that will meet your needs and will also be legally sound. He or she may also suggest other things that you may not have considered before, such as creating a durable power of attorney or a healthcare directive to give guidance in situations where you may not be able to make decisions on your own anymore. There are many facets to an estate plan. Eldreth Law Firm can talk with you about your situation and help guide you in creating a plan that meets your needs. Contact us, today.