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Impact of divorce on estate planning

During a tumultuous time like the end of a marriage, it is commonplace for both individuals involved to concentrate predominantly upon the issues that directly pertain to the here and now. However, some Connecticut residents are already aware that a divorce can give rise to issues that can have repercussions well into the future. One such consideration is the issue of estate planning, which can be mitigated with the help of a qualified divorce attorney. 

Many divorces involve a property (or marital) settlement agreement, which is designed to help determine the obligations of each spouse to one another. Quite often, this will touch upon the issue of estate planning. For example, the question of life insurance is often brought up when the couple have children (either mature or still under the age of majority). 

A PSA may require one or both parties to maintain a certain level of life insurance, naming either the children as beneficiaries or the former spouse as trustee. This can help ensure the children are granted the benefits of the parent's life insurance even if that parent is no longer the primary custodian. Depending on the particulars of the agreement, this requirement may become nullified once child support payments are no longer required. 

It may seem apparent that divorce law can be very complicated, and many experts would agree. This is why Connecticut residents facing divorce can benefit from the services of a qualified attorney who can help navigate the complex waters of ending a marriage. Seeking professional support can help to smooth the transition and lead to an equitable and mutually agreeable divorce settlement. 

Source: natlawreview.com, "How Divorce Can Impact Your Estate Plan", Catherine F. Schott Murray, May 19, 2016

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