Everyone who is going through a divorce should consider financial issues for the future, and if you are dealing with a high-asset divorce, then revisiting your estate plans can be even more important. If you had previously completed estate planning with or alongside your spouse, then it’s likely many of those decisions have changed now that you are divorcing. If you didn’t already have an estate plan, not might be the perfect time to start considering these issues.
For example, if you are divorcing and you have minor children, then you need to seriously consider guardianship and support matters. What would happen if one of you were to pass away? If you rely on the other person for child support, you might want to consider asking for a divorce order that requires the person to carry a certain amount of life insurance with your children as the beneficiaries.
Guardianship arrangements should be carefully documented so that you both have input and you are satisfied that your children will be safe and cared for should something happen to both of you.
If you are dealing with multiple marriages or divorces, estate matters can become even more complex. When working with a family law attorney on your divorce, make sure you talk to him or her about how each divorce matter might impact your estate planning and whether you need to bring in other professionals.
A family law professional can provide some advice about property division and help you seek your fair share of marital assets. Once you have those assets, you might want to work on estate planning to protect them in the future.
Source: FindLaw, “Divorce, Taxes, and Your Estate Plan,” accessed Nov. 25, 2016