If you are approaching or in the midst of a divorce, you know how hard it can be to figure out how to split assets with your spouse. At this time, it is essential that you seek a divorce agreement that protects your financial future and the financial future of your children as well. In addition to negotiating the terms of your property division settlement, you should make sure to address your estate plan at this time.
As explained by Forbes, while you are still working out the details of your divorce agreement you can create a new durable power of attorney and advanced health care directive. Without these in place, your estranged spouse could end up being the person in control of your finances and your health care should you find yourself unexpectedly in a situation where you cannot manage these things yourself.
Once your divorce has been finalized and you know exactly what assets you have left, you can turn your attention to other elements of your estate plan such as a will and a trust. If you have minor children, a trust may be essential so that you can effectively determine who would manage their inheritance should you die before they reach the age where you would have them receive funds directly.
If you would like to know more about how to protect yourself, your assets and your children during and after a divorce, please feel free to visit the divorcing person’s guide to estate planning page of our New York family law, divorce and estate planning website.