Many wedding vows include the phrase, “Until death do us part.” It’s an ambitious promise that newly married couples often feel they can properly commit to for decades to come. Unfortunately, a high percentage of marriages fall apart before one of the spouses passes away. This can be especially challenging for long lasting marriages that involve planning a future for a couple instead of two exes. Now that the assets are getting split, you’ll have to adopt some new strategies for your estate plan. It is crucial that you know what you will need to check and update on your will or trust as you separate from your partner.
Assign New Roles
Some of the most difficult decisions you have to make regarding your estate plan involves figuring out which of your loved ones you can trust to carry out your wishes after your death. You need a durable power of attorney to make financial and health care decisions for you if you are incapacitated, an executor or trustee to help ensure that your assets are distributed properly, and a guardian to watch over the children after your death if need be.
These choices may have felt easier during your marriage. Many people assign their spouse at least one of these positions. You and your divorce lawyer need to review which people you initially chose so you can figure out which roles must be reassigned after the divorce.
Decide Where Your Assets Are Going
You likely had different priorities for who would inherit your assets while you and your partner were a couple. Back then, you may have wanted to ensure that your spouse would be provided for after your death and vice-versa. After spending some time dividing up your marital properties, you probably don’t want your ex to get as much of your valuable items as you did before.
It is also important to see how much of your estate is going towards your children. Divorces bring numerous financial issues for both parties, so your kids may need some additional help in their college funds and other living expenses once they leave the house. You should keep in mind that this can continue to be updated throughout the upcoming years. If you get married again and have new kids to raise years after your divorce, you’ll need to revise your will.
Alter Plans after Divorce
Texas courts are prohibited from preventing either party from changing their will before the divorce is finalized. The best divorce lawyers in the state recommend making changes to your will before and after the divorce. Altering your will before the divorce means your spouse won’t inherit as much property in case you end up dying much earlier than expected. Once your divorce is final, you can incorporate the case’s results into your plan. You’ll have an easier time now that you know what remaining assets you have and if you owe any payments for alimony or child custody.
It can be difficult to focus on your estate plan during an already stressful divorce. You shouldn’t have to deal with all of these life changing issues alone. Contact the Law Offices of Steven C. Benke if you need experienced legal assistance from an uncontested divorce lawyer in San Antonio, TX.