Filing a divorce is really awful. People often lose their mind and keep doing what’s not essential. But what about the legal aspects? It’s true that handling the judicial files is not possible in such situations. Therefore, the best option is to hire a professional CPA who can handle the cases smartly and maintain healthy condition between the two partners.
It’s always good to go professionally when it comes to divorce. In such situation you must review the estate plan to bring a change in your life. Remember, that the law considers you to be legally married till the judge signs the final decree that ends the same.
Uncertain mishaps
Mishaps can happen anytime. If you become physically disabled or die before the final decree of divorcing, your estranged partner can still have the legal control not only over you but also the estate.
You probably want to stay hundreds of miles away from such situation, right? Thus, proper estate planning documentation can prevent such situation and can limit the right of your estranged partner and prevent from being a beneficiary of your estate.
Divorce and will
If a will has been created before getting divorced, according to the law, any provision mentioned in the will (for the benefit of your spouse) becomes ineffective. It’s a good idea to consult with a professional accounting services in Arlington. However, your former spouse has no rights to be as a beneficiary, executor and administrator in an estate planning. Understanding the law of estate planning is crucial to mark the divorce on a positive note.
Divorce and trust
If the filing of divorce is on the process and you die during this period or before the final decree, the rule of specific law excludes your spouse from not getting any kind of help. It can make your former partner as an administrator and allows her to take all the decisions. Thus, there’s a risk of losing all your financial property.
Therefore, the best solution is, making a trust to interpret in the same manner as mentioned in the law as they are revocable at the time of death. This is the reason a revocable trust is called a living trust. Any provisions filed in the document by your former partner becomes invalid.
Hiring a lawyer is not the only mean to save your property while filing a divorce. Certified CPA also plays a major role as they are experts in understanding the financial requirements.
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