How can you protect your assets after a divorce? Keep these things in mind.
No one plans for a divorce, but the truth is they do happen. When they happen, splitting assets, households, and families can be complicated, even under the best conditions. If you want to protect your assets after a divorce, working with your skilled estate planning attorney is essential. At The Millman Law Group, our experienced attorneys can recommend the best steps to take to adjust your ex-spouse’s involvement in your estate plan and help you protect your children and financial assets in the future.
Retain a Copy of Your Divorce Agreement
Make sure your estate planning attorney has a copy of your Divorce Agreement. This way, your lawyer can be aware of all obligations that you and your ex-spouse have to one another and what happens in the event of death. Your Estate Plan should then be updated for the correct distribution of assets and adjusted to protect the inheritance and plans you have for your children.
Update Power of Attorney and Executor/Trustee Roles
You can protect your assets after divorce by ensuring your ex is not included in critical estate planning documents. You must make sure that you have designated the correct executor or personal representative of your estate. Many people choose to assign their spouses this role, so you may not want an ex-spouse to acquire those responsibilities in the event of your incapacitation or death. Additionally, check your Power of Attorney and healthcare decisions and evaluate whether your ex is involved in any plans and whether they should be replaced.
Double-Check Beneficiaries
Protect your assets after a divorce by double-checking the beneficiaries for your retirement accounts. This may include your life insurance plan, 401k, and IRA. You can avoid unnecessary litigation and complications by ensuring that the right person is in place before using these assets. You may also want to review whether your spouse was set to receive any of your personal property or ownership of your accounts after your death.
Create a Plan and Trust for Your Children
After a divorce, consider whether you have a plan in place for your children if you pass away. Does the divorce impact your plans? Determine who can serve as a guardian to your children and manage their finances until they turn 18. Depending on new family arrangements, you may designate your ex-spouse as a guardian or perhaps a new spouse who has become a consistent feature in your children’s lives. This can be a complicated process, but your attorney can recommend some of the best possible solutions.
Consider a Plan for Remarriage
How will remarriage impact your estate plan? If you want further protection in the future, you may arrange for a prenuptial agreement with your next spouse. In the meantime, your updated estate plan should take into account your new spouse, any new children, new assets, and more.
Your knowledgeable estate planning attorney at The Millman Law Group will consider all factors for your unique situation and recommend the best trusts and estate planning documents needed to ensure your wishes are respected.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.