Why Update Your Estate Plan When Getting A Divorce?
Divorce changes all aspects of your life from where you live to who you consider as family. Ending your marriage is also one of the most important times for you to review your estate plan and make the necessary changes. Below, one of our St. Petersburg estate planning attorneys outline the most important things to know about your plan when getting divorced.
How Does Divorce Impact Your Current Estate Plan?
Divorce has a significant impact on your current estate plan. Under Florida law, once your divorce is final the courts will treat your spouse as though they passed away before you when administering your will and taking other actions outlined in your estate plan. This can result in your estate plan having certain gaps and your property may be distributed to people you did not intend or expect. For this reason, it is critical to update your estate plan when getting a divorce.
Additionally, while the law may view your spouse as having passed away after the divorce is final, you are still technically married during divorce proceedings. If you happen to pass away before your divorce is final, your spouse can still receive any property you left them in your plan.
The Spousal Elective Share
Many people get divorced because they want to start a new relationship and eventually, even remarry. If you fail to update your estate plan after the divorce, your new partner may find that they have been unintentionally excluded from your plan.
While the law does treat your former spouse as predeceased, it does not mean your current spouse automatically takes their place in your plan. This can force your current spouse to exercise their spousal elective share, which is 30 percent of your estate. This can override your will and give property to your new spouse that you intended to leave for your children from a previous marriage or other heirs.
Likewise, depending on the language in your will, it may also unintentionally leave out children from the new marriage. This can not only leave your will open to a contest, but it can also leave your youngest and most financially dependent children struggling to support themselves after your death. Taking the time to update your estate plan during your divorce can ensure that your current spouse and all of your children receive their share of property after you pass away.
Our Estate Planning Attorneys in St. Petersburg Can Review Your Plan
When reviewing and updating your estate plan, it is always important to work with a St. Petersburg estate planning attorney. At Legacy Protection Lawyers, LLP, our experienced attorneys can review your existing documents, advise on the updates you may want to make, and protect your property and interests from your former spouse while also ensuring your current family is provided for. Call us now at 727-471-5868 or fill out our online form to schedule a consultation with one of our experienced attorneys and to learn more about how we can help when reviewing your plan.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
