More of the 20 Tips for Divorcing Spouses
I recently posted about the series that The Fort Wayne News Sentinel is running in which they discuss 20 Tips for Divorcing Spouses. They've released the next 4 (tips 5-8). They are as follows:
TIP No. 5:GETTING YOUR SHARE OF THE PROPERTY IS ONLY HALF THE BATTLE. The breakup of a marriage is like the breakup of a business partnership. The assets - and the liabilities - will be divided according to the law of the state in which you reside. And while the methods by which the property is divided will vary from state to state, when you get your share, try not to spend assets that you may well need in later life. You must be prepared to invest your share wisely, and, given the slippery slopes of suggested investment strategies that will vary from adviser to adviser, pick the one that is best for you after due diligence.
TIP No. 6:IF YOU ARE SEPARATED OR DIVORCING, CONSIDER INTERIM ESTATE PLANNING TO PROTECT YOUR CHILDREN AND YOURSELF. If you are thinking about divorcing or are already separated, unless a court order restrains you from doing so, be sure to check your will, power of attorney, and health care directive. When possible, you should consider protecting your assets to make sure your children - not your estranged spouse - benefit. Would you want your estranged spouse making health decisions for you if you were to become incapacitated? Think about the effect on your children should you become disabled or die and your estranged spouse receives most of your assets - especially if you are in a second marriage. These are good reasons to consider an interim will and a durable power of attorney to ensure that no more of your estate than necessary will pass to your estranged spouse. And make sure to change the beneficiaries on your life and accident policies when you separate unless you are restrained from doing so.
TIP No. 7: PLAN TO PROTECT YOUR CHILDREN'S FINANCIAL AND EMOTIONAL FUTURES. If you have legitimate concerns about your spouse's ability to raise your children should you become incapacitated or die, you should spell out guardianship and child-related financial provisions in your will and power of attorney. If you don't specify how you want your children raised and supported, a court may do it for you - without you being there to object. While your wishes will not be binding on the Court, you can appoint a third person to make your desires known.
TIP No. 8:TRY TO MAKE SURE YOUR DOCUMENTS WILL STAND THE TEST OF TIME. Since circumstances will undoubtedly change over the years, your agreement or court order may become outdated or obsolete. That's why it is a good idea to try to cover all anticipated bases and avoid ambiguity in your papers. If something comes up that no one expected, if you don't plan a way to handle change, you can count on having your lives disrupted again by more litigation. Consider including a mediation or arbitration provision in your agreement as a required first step to deal with changes of circumstances that are not emergencies.