The Importance of Updating Your Estate Plan When Going Through a Divorce
Divorce will impact every area of your life from where you live to the property you own and even the people you regard as family. While you have many things to consider when ending your marriage, reviewing your estate plan and making the necessary changes is one of the most important. Our New Port Richey estate planning lawyer explains why in greater detail below.
How Will Divorce Affect Your Estate Plan?
Divorce can affect your current estate plan quite significantly. State law in Florida dictates that after your divorce is final, the probate courts will treat your prior spouse’s interest as though that spouse has passed away when they are proving your will and administering other aspects of your estate.
While this does mean that your spouse will not receive any of your property post-divorce, it also means failing to update it may leave gaps in your plan. This can result in your assets being distributed to individuals you did not intend and that you do not agree with. This is one reason it is of the utmost importance to update your will when getting a divorce.
It is also important to note that while the law will presume that you survived your deceased spouse after your divorce is final, the marriage remains official throughout proceedings. If you pass away before the case is finalized, your spouse will still likely receive any assets you left them in your plan.
Filling in the Gaps
Reviewing and updating your estate plan during the divorce process will also ensure that any remaining gaps are filled in. For example, after the divorce you may choose to remarry. While the law will presume that your former spouse passed away, it also will not automatically include your new spouse.
Due to the spousal elective share in Florida, your new spouse can petition the probate court for what amounts to roughly 30 percent of your estate. However, you may have wanted to leave them more than this or ensure that they received certain assets, such as your wedding ring. You can only be sure these wishes will be honored if you review and update your estate plan.
Likewise, if you have children in the new marriage and fail to review or update your current estate plan, it may exclude them altogether. The probate courts may still determine that it was an honest mistake and award them the same portion of your estate that they would have if you had not left a will behind at all. Unfortunately, this can create additional delays and expense for your family.
Our Estate Planning Lawyer in New Port Richey Can Help You Update Your Plan
It is critical to work with a New Port Richey estate planning lawyer when reviewing your documents. At Messina Law Group, P.A., our seasoned attorney can review your plan with you, recommend possible updates, and ensure your property is protected from your former spouse while also making sure your current family is provided for. Call us today at (813) 492-7798 or contact us online to request a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
