Your primary concern when getting a divorce is likely to be day-to-day details and getting through legal proceedings. However, it is important to keep an eye on the future. Our Boca Raton divorce attorney recommends addressing some basic estate planning issues now. These can help prevent major financial impacts and help to protect you and those you love.
Four Ways To Protect Your Future During Boca Raton Divorce Proceedings
Filing for a divorce through the Palm Beach County Family Court can be a time-consuming process. When dealing with all of the details surrounding the break-up of a marriage, it is easy to lose sight of the future.
The fact is that divorce can impact you and your family, now and for years to come. The following offers four ways to protect yourself by addressing some basic estate planning issues:
- Valuate property wisely.
Your estate consists of personal property you own and anything earned, acquired, or accumulated during your marriage. Under the Florida Statutes, marital property and assets are divided on an equitable basis between the parties in a divorce. To ensure you get your fair share, make a comprehensive inventory of all items and get a professional valuation. Keep in mind not only what marital assets are worth now, but what they might be worth in the future.
- Protect your rights regarding alimony payments.
If you make less than your spouse or sacrificed your own career or education for the sake of the marriage, you may be entitled to alimony payments. To ensure you get the amount you are entitled to, consider having your former spouse take out a life insurance policy based on the total awarded, naming you as the beneficiary.
- Update your will and other estate planning documents.
During your marriage, you and your ex were likely listed as beneficiaries on each other’s estate planning documents. During your divorce, update your will and other beneficiary designations. Update advance planning documents as well, such as health care power of attorney and living will. These convey your wishes regarding medical care and authorize someone you trust to make important decisions on your behalf.
- Get the retirement benefits you deserve.
You may be entitled to a portion of any retirement benefits your spouse earned during your marriage. However, you will need to obtain a Qualified Domestic Relations Order (QDRO) to obtain these funds and give careful consideration to how payments are made to avoid tax penalties. Depending on your spouse’s age and the amount of time you were married, you may also be entitled to a portion of their Social Security benefits.
Request A Consultation With Our Boca Raton Divorce Attorney
At The Law Offices of David L. Hirschberg, P.A., we guide you in addressing important issues in divorce that could impact you now and for years to come. To request a confidential consultation with one of our Boca Raton divorce attorneys, call or contact our office online today.
Sources:
mypalmbeachclerk.com/departments/courts/unified-family-court
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html