With the end of your marriage, life could change in an assortment of ways. The financial consequences of divorce may need to be considered before filing a petition, from property division to child support. Divorce can also, of course, result in significant changes within a person’s family life, such as child custody matters. However, it is important to look at some of the other ways that bringing your marriage to an end can affect your life. For example, if you have a living trust that you set up with your ex-spouse, you may need to revoke the estate plan and set up a new trust.
If you are able to communicate with your spouse before, during, or after the divorce process, this can be very helpful. Unfortunately, healthy communication is not always an option, either. Moreover, you may have an especially hard time if you and your spouse set up an irrevocable trust which contains your marital home. Regardless, it is essential to carefully look over all of your options and pinpoint the smartest plan of action.
The dissolution of your marriage can necessitate a wide variety of changes with respect to your living trust, from removing your former spouse as a trustee to going over the relevant laws on this topic and making changes with regard to beneficiaries. For someone who is under a lot of pressure due to splitting up with their spouse, this can be particularly difficult, but it is pivotal to take action.
Our estate planninwills and trusts page has more related to living trusts.