Making Changes To Your Estate Plan When You Divorce

Most married couples have a will or other important estate planning documents drafted jointly, during the marriage. These documents outline where the kids will live in the event of the passing of both parties, how the marital estate is divided at death, and any other issue the parties want to make provision for after they are gone. Executing a will, trust, or other estate planning documents ensures your final wishes are followed. However, there are instances where the documents need revision, and divorce is one of those reasons.

The New Jersey Probate Code governs how an estate is handled after death. However, it is also crucial that you have a plan in place not only for your death, but if you get a divorce. Without making the necessary changes to your estate plan, your ex-spouse might end up in control of what happens to your assets, your kids, or your estate if you die. The better approach is to include changes to joint decisions on these matters during your divorce.

For example, you might want to change the custodian of your children or increase the age at which they are entitled to receive money from your estate. Appointing a trustee to oversee the financial needs of your kids is always a good idea, and even more so if you are getting divorce. Having a well spelled out plan for your wishes is the only way to ensure your final wishes are honored.

Similarly, when going through a divorce, it is important to consider the impact on your real estate assets. If you and your spouse jointly own a home, you will need to decide whether to sell the property and divide the proceeds, or if one party will buy out the other’s share. Selling your home can often be the simplest and most equitable solution, providing both parties with a fresh start.

For those considering this route, working with professionals who understand the nuances of home selling during a divorce can be invaluable. They can offer guidance on how to maximize the value of your property and ensure a smooth transaction.

One effective strategy to expedite the sale process is to engage with cash home buyers. These buyers can offer a quick and efficient way to sell your property, often without the need for extensive repairs or staging. This can be particularly beneficial during a stressful time such as a divorce. If you are interested in exploring this option, click here for more details on how cash home buyers operate and what you can expect from the process. Ensuring that you have a clear and well-organized plan for selling your home can help reduce the emotional and financial strain, allowing you to move forward with greater peace of mind.

As you navigate the intricacies of estate planning amidst life changes like divorce, it’s essential to consider the impact on real estate holdings. Beyond the allocation of assets and custodial decisions for children, real estate assets present unique considerations that require careful planning. Partnering with experts like BAM Cap multifamily investments can offer valuable insights and strategies for managing real estate portfolios during times of transition.

Whether adjusting ownership structures, refinancing properties, or exploring new investment opportunities, proactive planning ensures that real estate assets align with your evolving needs and priorities. Just as a well-thought-out plan for children and assets is vital, aligning your real estate investments with your evolving circumstances guarantees a seamless and intentional legacy for your loved ones.

Questions? Call a Hackensack Divorce Lawyer Today

Moskowitz Law Group, LLC has experience helping people with all aspects of divorce, including looking at issues such as your estate plan which is often overlooked. For more information on how to change your estate plan due to divorce, contact an experienced family law attorney for answers to your questions.