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Home >> A Divorce Will Complicate Your Estate Planning Efforts

A Divorce Will Complicate Your Estate Planning Efforts

September 20, 2013 by Robert Kulas. Leave a Comment

In an ideal situation, married couples in Florida create their estate plans well in advance of needing  them and never have to worry about any significant changes. But things don’t always go as planned, and marriages can end in divorce. In fact, it’s becoming increasingly common for people of the baby boomer generation to get divorced even as they are reaching retirement age.

When you go through a divorce and have already created an estate plan, it can cause your plan some significant problems. The practical effect of any divorce on your plan will require you to reevaluate many of the steps you have taken as soon as possible. While divorce won’t necessarily invalidate the steps you’ve already taken, it will probably mean that you have a little more work ahead of you. Here is what you’ll have to reconsider.

Individual and Marital Property in a Divorce

As a married couple, you and your spouse probably think of your property as “ours.” When you get divorced, one of the main pieces of the divorce decree will be the property settlement that divides all of your property between you.

Until you file for divorce, both you and your spouse have the right to buy and sell property on your own. Once you file, however, these rules change and all the property you own as individuals becomes lumped together into what is known as marital property.

Once the court considers all the marital property that a couple owns, it will then determine how to best distribute that property between each spouse. After the court issues the final divorce decree, the property is divvied up between the couples and becomes their individual property.

What all this means is that after you get a divorce you will have to change your estate plan to reflect your new property ownership realities. Your plan will have to cover all the property you now own as an individual, and not the property you owned as a couple when you were married.

Spousal Inheritance

Every spouse in Florida is entitled to receive an inheritance once the other spouse dies. When you created an inheritance plan, your attorney probably advised you about this spousal share and took that into consideration when helping you decide on your inheritances.

However, now that you are divorced, your former spouse has no right to inherit from you and you have no right to inherit from your former spouse. Because of this, you’ll need to reevaluate your inheritance choices.

Other Issues

Divorce will also prompt you to review your medical directives, powers of attorney, and any other estate planning device that you’ve created. Addressing these concerns sooner is always better than waiting too long.

Filed Under: Estate Planning Tagged With: Estate Planning

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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