Important Estate Planning Tips During and After Divorce!

Divorce is no walk in the park. But if you’re considering taking this step in your life, it is essential that you understand the impact of this choice in the event you become incapacitated or lose your life during or after the divorce process.

In most cases, divorce attorneys are not considering this possible reality while handling your end-of-marriage matters, simply because this is not their area of expertise.

This is why it is highly imperative that you make the first move in bringing up the topic, as uncomfortable as it may seem. Look, no one likes to discuss the extreme what-if’s – but isn’t a little discomfort worth it in the end to have your rights, and family protected?

At Grimaldi Law Firm, we understand that gearing up to go through divorce is exhausting enough, that’s why we urge you to consider the following pieces of information to keep in mind:

1.      If you’ve already filed, you should considering limiting the decision making powers your spouse once had. This means, revoking any powers of attorney and health care directives you once trusted your spouse to make. If your marriage is ending, there is likely a loss of trust between two parties, and the last thing you’d want to do is leave your life in their hands should you become ill, incapacitated, or unable to make healthcare decisions for yourself. Execute what we call a “divorce will”, which is a “temporary” will that is designed to cover the disposition of your assets in the event of your death during your divorce.

2.      One thing you’ll want to do as quickly as possible is also update your “temporary” will. During the divorce process and once your divorce is final, you’ll want to be setup property for your new reality. Make sure to take this step once all asset divisions have been handled, and you are confident with your new decision.

Of course, the best piece of advice I can give you, is to speak with your divorce attorney about all of this prior to pulling the divorce trigger. Knowledge is power and you’ll want to make sure you have as much power as possible before making decisions that can have a lasting effect.

Not quite sure which method of divorcing is the best for you? There are options for this too, depending on what the end of your situation looks like.

1.      Conscious Uncoupling

You may have heard this term thrown around in the celebrity divorce world, likely because it’s a newer, more modern way of splitting up without the anger and vitriol that divorce is known to bring. With this kind of divorce, you make the decisions that are best for your family, without leaving it in the hands of a judge. Additionally, decisions can sometimes be revisited and reworked at any time in the future.  This is also called collaborative divorce.

2.      Traditional Litigation

That traditional divorce picture you have in your head of two unhappy people trying desperately to cut ties and each get their way in the process? This is it. A more “fight-oriented” process, this kind of divorce could require years of litigation, and a division of assets based on legal rights, rather than your specific needs and desires.  This can also be very costly.

Depending on the attorney you choose, you can also fall somewhere in between.  Choose wisely.

And speaking of alimony, also commonly known as spousal support or, depending on the state, spousal maintenance, is financial support paid to the non-income earning spouse during the divorce proceeding and after the judgment.

When it comes to careful and strategic – Grimaldi Law Firm has you covered. We want to sit down with you during this trying time and help you make the best financial decisions for your family as possible.

For the legal and financial guidance before during and after a divorce that works for you, come in to meet with us for a Family Planning Session, if you are not already a client, so you can get clear on what you own, and what would happen to what you own, in the event of your divorce. And, if you are already a client and considering divorce, please contact us so we can help you consider your options and find the right lawyer or lawyers to support your process through the divorce.

About the Author:  Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

Special Note: The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.