Newark Family And Estate Law Blog

Divorce can mean major estate plan changes

A parent's top priority is taking care of their children. When they go through a divorce, every aspect of their life has to be geared toward doing what's best for the kids. This isn't always simple to do; however, taking it one step at a time might make it easier.

During the divorce process, you need to focus on making sure that the terms of the child custody order fit their needs. If you and your ex can work together, you can determine the terms together. This might set up a good precedent for the parenting relationship.

Toxic divorce is stressful for everyone invovled

High-conflict divorces are often nightmares for both parties. When you are in the midst of one, you need to have great mental strength to cope with what's going on. There is almost always going to be at least some conflict during the divorce, but some parties take this to a level that becomes toxic.

If you are in the middle of a toxic divorce, you have to take steps to protect yourself. One of these is hiring a lawyer who is familiar with these types of splits, so they can take proactive steps that help you. This can include protecting assets, so they aren't sold or given away during the divorce.

Know how placing assets in trusts can impact you

Your will is an important part of your estate plan, but you might also need to establish trusts to dole out your assets when you pass away. There are many different types of trusts, so you have to think about what goals you have for those assets and what circumstances are present.

One of the most important considerations when you are setting up trusts is whether you need a revocable or an irrevocable trust. The primary difference is that you can change the revocable trust if you decide that it doesn't reflect your wishes. Once you set up the irrevocable trust, you can't change it unless the beneficiary agrees to the changes.

Parenting plans can be challenging to create

When living in the same home as both parents is the only thing that children know, it is traumatic for them to find out that their parents are getting a divorce. Your job now becomes protecting them from the situations that they don't need to be privy to while working with your ex to come up with the parenting plan that will govern the new way of life.

It isn't always easy for parents to get along and make joint decisions during at this point. Oftentimes, the adults are still dealing with the emotions that come with the divorce. You will have to address the underlying issues so that you are able to move forward with your life. This is likely going to be a lengthy process that is ongoing while you are working out the terms of the child custody agreement.

Adjusting to divorce changes can be complicated

A divorce is a time of considerable changes, but this isn't necessarily a bad thing. One thing that can add some challenges is when you have children together. You have to take the children into account for every decision you make during the split.

Some people will think that there will be a sudden shift in life during the divorce. While it is true that you will have some differences in your new life, there are some aspects that might not change as much as you thought.

Double check your estate plan documents periodically

When you make your estate plan, you need to consider the best way to get assets to your loved ones. You have three primary options. Some assets have a designation known as "payable on death."` This enables you to decide now who they will go to when you pass away. These accounts, which include bank and investment accounts, can't be included in other estate plan documents, such as the will or trusts.

Handing down assets in the will is another option that you have. Remember, wills are almost always public record, so using this method could allow anyone to know what your loved ones received. This might not be the best option if you are concerned about their privacy or safety.

Tips for telling your children about the end of your marriage

Going through a divorce when you have children with your soon-to-be ex is a challenging situation for everyone involved. One thing that you have to remember is that your children need to be a priority in the situation. They are going to have questions, and you are going to want them to make some pretty big changes. You can't think that they are going to handle things in the same way that you would, so be prepared to try to find ways that you can help them.

For parents who can still get along, one of the best things that you can do is to have a meeting together with the children. This ensures that everyone is on the same page about what's going to happen. Your children can ask you questions while you are both around to answer them. You can tell them what plan you have to make them continue to have an environment where they can thrive.

California has very strict laws for wills

The will is the backbone of the estate plan for many people. For those who live in California, the will must meet specific requirements. Any will that doesn't meet these will be considered invalid by the court. This means that the estate will be handled in accordance with the state's intestate laws, so you won't have any say in who gets what from your estate.

One of the basic points of creating a will is that you must be an adult who is of sound mind. In California, an adult is a person who is at least 18 years old. You must be able to understand the implications of the terms of the will and what the provisions mean for your beneficiaries.

Divorce is a time to reset your life and find your happiness

Trying to reset your life when you go through a divorce can be challenging, so you have to sit down and make a plan for your future. You shouldn't think of a divorce as a negative event. Instead, look at it as a time to reinvent yourself and take charge of the direction you want to follow now.

One of the first things that you need to do is to set aside time to reflect on what's going on. This can be as little as 10 minutes a day. Use this time to re-center and decide if you are still on the path toward success. This is your time to de-stress and find your happiness. You can even do this while you are walking or doing other physical activity as long as you can think.

Help your children adjust on transition days

Moving from one home to another is a big transition for some people. When you have children, they will have to make this transition often as they move from one parent's home to the other parent's home. This can be difficult, especially when they aren't quite sure about what is going on.

You will have to find ways that you can help them to transition as well as possible. Trying to make these times easier can help them to feel less stress and to adjust to the situation better. Some children might begin to settle into the adjustment period better as time goes on so be sure to encourage them to keep the right attitude as they learn how to live with this new way of life.

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