What You Need To Change If You Get Divorced

Considerations_in_Divorce

When you are in the middle of a divorce you know you are confronting drastic change. This could be a reason to forget some things and focus on others that might be less significant. This divorce recovery coaching here will help empower you to move through the transition of being married, feeling the stages of separation, divorce and then ultimately working towards coming out the other side with a new sense of self with a refreshed excitement for the next chapter. I also recently attended a program that offered some intriguing advice that can be applied both to divorce and to other major shifts in life and can help to sort projects according to their immediacy and importance. The speaker suggested thinking in terms of “now,” “soon,” and “later.” Also I would suggest and the speaker did as well dividing actions according to their relative significance and impact.

Immediate living arrangements and in some cases personal safety come to mind for “now” and resolution of some immediate bills like rent and mortgage and, especially for younger couples, visitation and care for children. Issues concerning estate planning fit the category of “soon,” and sometimes “very soon.” Others might fit “later.” Here are some suggestions.

Powers of Attorney and Health Care Powers of Attorney. If your soon-to-be former husband or wife is your agent under Power of Attorney to handle financial affairs or your Health Care Agent to make pivotal health decisions on serious disability, do you really want those documents to remain unchanged for too long? Who should be appointed in these roles is an estate planning decision that should be made soon. You can visit maryland-lawoffice.com if you want to find out more. Or you may contact the law offices of Orlowsky & Wilson, Ltd. for estate planning services.

Wills. Most married couples name each other as mutual beneficiaries under their Wills and then, on the death of both, to the children equally. Wills need to be reviewed and redone where applicable to make certain assets on your death go as you want them to. If you have minor children and do not want your ex-spouse managing their funds when you die you want to pay special attention to who you appoint as Trustee in your Will or Trust for funds you leave to your children. You might, for instance, name your parents or trusted relative or friend. This may be soon.

Non-Probate Assets. If your former husband or wife was named as beneficiary of life insurance, annuities or other non-probate assets, you likely will need to make adjustments. Not all assets pass by Will.

Pensions and Retirement Funds. Your former wife or husband may have been named as beneficiary under your pension fund. If done years ago you might have forgotten. Also check beneficiaries of your IRA’s, 401(k)’s, SEP’s and similar retirement funds. Sometimes people forget. Think soon.

Trusts. This might be time either to consider a trust or to review, modify or revoke a Trust. This is especially true if you have minor children and would like a party other than your former spouse to manage funds going to your children.

Life Insurance. Life insurance is often a planning tool in divorces. This can be the time for examination of beneficiaries or taking out life insurance for planning purposes.

Pre-Nuptial and Post-Nuptial Agreements. If you had a pre-nuptial or post-nuptial agreement, this is the time to take it out and review carefully, especially with the guidance of experienced Family Lawyers Glasgow. Experienced lawyers like divorce attorney Arlington Heights can provide valuable insights and legal advice tailored to your specific situation.

Tax Considerations. When you are no longer a couple you need to know the tax effect. Generally speaking, beginning January 1, 2019, alimony or separate maintenance payments are not deductible from the income of the payer spouse or includable in the income of the receiving spouse if made under a divorce or separation agreement executed after December 31, 2018. Check with your accountant or tax professional. Child support is never deductible and is not considered income. https//www.irs.gov taxtopics , Topic No. 452. Those who have questions on new child support laws in Illinois may consider consulting with a child custody and support expert.

Real Estate and Other Asset Titling. If the house was jointly titled and one spouse is to receive the residence the property needs to be retitled from tenants by the entireties, a category available only to married persons, into the name of the individual spouse. If this is neglected then, on divorce, a property titled tenants by the entireties would then become owned as tenants in common meaning each person owns his or her individual share. Titling of other assets such as bank accounts needs to be reviewed also since joint titling of bank accounts leaves everything to the survivor.

Your Divorce Lawyer and Estate Planning Attorney Can Work Issues Together. If you need divorce and child custody advice, you may look into consulting professional divorce lawyers. Individuals represented by counsel will typically have a Property Settlement Agreement that will not only consider titling but also name which party will assume certain debts and provide a comprehensive statement regarding finances. Most importantly, divorce attorneys such as an uncontested divorce lawyer, estate planners and tax and financial professionals can work together.

About the Author Janet Colliton

Esquire, Colliton Law Associates, P.C. Janet Colliton has practiced law for over 38 years, 37 of them in Chester County, Pennsylvania, a suburb of Philadelphia. Her practice, Colliton Law Associates, PC, is limited to elder law, Medicaid, including advice, applications and appeals, and other benefits planning including Veterans benefits, life care and special needs planning, guardianships, retirement, and estate planning and administration.

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