Six Tips From Our Estate Planning Attorney To Protect Your Assets In A Divorce
The end of a marriage is always difficult, and there are numerous important matters you will likely need to address. One of these concerns estate planning. Our Tampa estate planning attorney offers six tips that can help protect your assets.
Estate Planning In The Event Of A Divorce
Estate planning involves putting legal documents in place to protect yourself and your loved ones in case of unexpected events. These detail how certain situations during your life should be handled, act as a guide through Hillsborough County Probate Court proceedings, and ensure the people you love are provided for properly.
If you are considering ending your marriage and getting a divorce in Tampa, it is important to reassess your estate plans. Our Tampa estate planning attorney recommends the following tips:
- Get a new bank account in your name only and change payable on death designations.
If you have a joint bank account with your spouse, one of the first things to do is open a new one in your name only. Likewise, close joint credit cards to prevent additional debt.
- Make a list of all pre and post-marital assets.
Under the Florida Statutes, all property and assets accumulated during a marriage are divided equitably, not evenly, during a divorce. Unfortunately, it is not uncommon for a spouse to attempt to hide, sell, or give away certain assets to avoid having them subject to equitable distribution.
Make a thorough list of all homes or other real estate, vehicles, household furnishings, investment accounts, shares in businesses, and other items you possess as a couple, as well as any premarital assets you entered the marriage with.
- Update your will.
A will designates beneficiaries and determines how your assets are divided among them. You may have listed your spouse as your personal representative and primary beneficiary. Update these designations during divorce and make any additional changes needed once you have a final divorce order.
- Review life insurance policies.
Life insurance policies protect the people you love and help in paying off debts in the event of your passing. Review these policies, policy amounts, and your beneficiaries when getting a divorce.
- Consider guardianship of minor children.
If you have small children from your marriage, consider creating a trust to ensure they are provided for if anything happens to you and naming a guardian other than your spouse.
- Change advance directives.
Advance directives dictate your wishes regarding emergency and potentially life-saving medical care and authorize someone you trust to make important decisions on your behalf if you are unable to do so. If you previously named your spouse for this role, make needed changes and any other updates needed.
Contact Our Tampa Estate Planning Attorney Today
When going through a divorce in Tampa, Strategic Counsel Law Group, L.C. provides the trusted legal guidance you need to ensure your assets are protected. To request a consultation with our Tampa estate planning attorney, contact our office today.
Sources:
hillsclerk.com/court-services/probate-guardianship-and-trust
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html
