Let’s face it; going through a divorce is almost always a difficult and emotionally daunting process.  Furthermore, often the stress of ending the marriage, the division of assets, custody arrangements, and estate planning can make it an even more exhausting time for both parties involved.  With all the stresses of the situation, the estate planning is often the most overlooked portion of the process.

If you or a loved one are entering, thinking about, or need advice regarding your divorce. Call Deborah Besserman, Edwardsville Divorce Lawyer and Edwardsville personal injury attorney, she would like to help you.  Call today for a free consultation.  

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.

Overall, it is best to be as planned as possible when facing with divorce.  It is also a wise choice to consult with an accountant and financial planner ahead of time before the papers are signed.  Keeping complete records of transactions and receipts is also another way to help safeguard your contributions while married.  The following are other larger assets that can be at stake during a divorce as well:

• 529 college savings plans
•  Insurance policies
• Retirement accounts
• Trusts
• 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.