Estate Planning After Divorce
In the divorce process there are many critical, life affecting decisions to anguish over including the custody of your children, child support, maintenance, dividing your property including your home, your retirement, your former spouse's retirement and possibly even the business that you have built. The process of reaching a resolution on all of these issues cannot only be emotionally taxing but also financially draining. But, are you done?
Once everything has been divided according the terms contained in your Decree of Dissolution of Marriage, how do you protect your assets and preserve them for your children or other loved ones? Now that you are no longer married, who will care for and provide for your children should you be unable to, due to serious illness or death?
It is not uncommon for married couples, perhaps even unknowingly, to set up their financial holdings, life insurance, real estate or to prepare more formal estate planning documents which transfer their assets to their spouse upon their death or incapacity. However, it is important for clients to be aware that simply getting a divorce does not undo these estate planning tools. In fact, your ex-spouse may still be in line to inherit from you if you ignore or put off your estate planning needs. Your ex-spouse will then control your assets. Therefore, it is critical as you plan for your post-dissolution future that you consult with an attorney who is experienced in estate planning to come up with a comprehensive approach which protects your assets and plans for your care and the care of your children and loved ones.
For all these reasons, at The Bellon Law Group, we encourage our clients to address their estate planning at the time of their dissolution. Please contact us today for a consultation to discuss your personal circumstances, review your needs, and establish a comprehensive plan to achieve your goals and to answer any questions.
By Doug Bellon