5 Larger Assets Contested in a Divorce
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In addition, each state has their own set of statutes and provisions about the laws in a divorce. For instance, in Florida pursuant to a 2012 amendment, any provisions in a Will or Revocable Trust that benefit a former spouse is deemed invalid. Likewise, any provisions in this situation purporting to leave assets to an ex prior to the dissolution or annulment of the marriage are handled as though the former spouse predeceased, until the final judgment.
- 529 college savings plans
- Insurance policies
- Retirement accounts
- Real estate property
In the U.S., today over 55 million parents live apart, and of those, 39 million spend over $200 billion in child support and expenses. Sadly, divorced and suddenly single parents seem to be an underserved community especially if estate planning is poorly managed. Many single parents struggle financially with taking care of their children while still trying to maintain finances, and most of that stress doesn’t hit until afterward the divorce. Even though divorce is sometimes unavoidable, the stress from the financial aftermath can be helped with careful planning and execution.