A divorce impacts almost every part of your life. You might have to fight over your assets, kids, and rights for hours or even days during a long and bitter divorce family lawyers Adelaide.
Even though breaking up with your significant other isn’t certain, it poses a danger regarding your will and other estate planning.
If you are separated and you pass away, what happens to your assets?
Not exactly a happy notion, is it? Sadly, we’ve seen this happen far too frequently: people who neglected to organize their affairs at crucial junctures of their lives unexpectedly pass away with terrible results for everyone involved.
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What Happens Once Your Divorce Is Finalized!
When the divorce has been finalized, you can still position yourself for success. Furthermore, you must know how divorce affects your estate plan.
By updating your documents to reflect these changes, you may rest easy knowing that your final intentions will be carried out and your loved ones will be safeguarded.
Take note of the following points, and if any of them relate to you, our family lawyers Adelaide strongly advise that you act immediately.
If You Haven’t Prepared A Will
If you are someone who might not have prepared a will at all, like nearly half of Australians, you might be in considerable danger. Doing this is extremely unsafe and becomes considerably riskier if you’re in a committed relationship or ending one.
Your ex-spouse or partner may be entitled to a share of your estate if your marriage or relationship ends and you pass away without making a will. When it comes to wills, there are only two very basic rules.
The first rule: make a will!
Second rule: frequently review it!
Also, remember that if you leave behind minor children, their living parent will typically be named as the children’s legal guardian. Consider amending your will to include a guardian if you are worried that your ex-spouse will be the child’s main caregiver.
If You Do Have A Will
are wise enough to have a will—possibly one you made with your spouse or partner—you should check it immediately in the case of a split.
If you made a will when you were single, it is automatically revoked (canceled, made null and void) on the day of your marriage. As a result, if you pass away, you will pass away without a will, and your assets will be distributed based on a predetermined, legislated method (remember the above two very simple rules?)
Separation, however, does not imply that your will has been nullified or that your assets have suddenly changed in the event of your death if you already possess a will.
If you have a will and you leave a portion of your wealth to your spouse or partner, the gift will still be legally owed to your ex-spouse or ex-partner if you pass away.
Therefore, if you’re considering getting a divorce or have already divorced your spouse or partner, it’s crucial that you check the inheritances in your will with Liptak Lawyers.
Separation
In addition to handling wills and estates, Liptak Lawyers also practices family law. When we are asked to represent somebody whose relationship has ended, we always suggest that we talk to them about the necessity of reviewing their will If you are separated and you pass away, what happens to your assets?
It’s critical to realize that while separation does not grant either party the right to a divorce, it is an objective fact when the parties to a partnership have mutually or unilaterally agreed that their relationship has broken beyond repair.
As quickly as possible after separation, separated parties might reach an agreement among yourselves or get a court order to resolve their financial matters (known as a “property settlement”).
Any claims that either party might have towards the other while they are still living are undoubtedly excluded by a formal settlement agreement between the parties to a partnership.
However, this does not necessarily stop a surviving partner from filing a claim in the event that the other party passes away (especially if the other party has not changed their will).
Nevertheless, a divorce can only be requested 12 months after separating (which can occur before or after the partners have reached a property settlement), and it has the effect of negating any gifts made to spouses in a person’s will while maintaining all other provisions.
While some people may be satisfied with the outcome in terms of their ex-spouse, we recommend you to examine your will in any case because the remaining gifts in your will might have unforeseen implications.
Estate Planning In General After A Divorce
In addition to your will, which only has legal effect after your death, estate planning includes a number of ideas about how your financial dealings are handled before your death.
We advise you to examine your estate plan, which may or may not include having us represent you in your property settlement if you have a lawyer or have already reached an agreement with your ex-spouse. This is in addition to reviewing your will in the event that you have separated from your partner.
Your estate plan may need to be updated after your divorce by looking over:
- Your shared possessions
- Your death benefit choices and pension fund
- Your coverage for risk and life insurance.
- Your circumstances will determine whether Testamentary Trusts should be included in your will.
- Any powers of attorney you may have, as well as your plans, in the event you are unable to handle your own affairs.
- The benefits of holding property in family elective trusts and the grounds for asset protection.
Conclusion
You can rely on Liptak Lawyers to protect your rights before, during, and after a divorce. Our divorce lawyers have experience in a wide range of family law situations. In order to ensure that the aims and objectives of our clients are realized, we approach each case with care and compassion while also using our understanding of the law.