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Newark Family And Estate Law Blog

High-conflict divorces are often nightmares for both parties. When you are in the midst of one, you need to have great mental strength to cope with what’s going on. There is almost always going to be at least some conflict during the divorce, but some parties take this to a level that becomes toxic.

If you are in the middle of a toxic divorce, you have to take steps to protect yourself. One of these is hiring a lawyer who is familiar with these types of splits, so they can take proactive steps that help you. This can include protecting assets, so they aren’t sold or given away during the divorce.

You must decide what aspects of the divorce are worth fighting over. You can’t battle your ex on every point, or the process is going to take a very long time. Instead, pick your battles. This lets your ex feel like they “won” some matters, so they might be a little less combative about others.

Unfortunately, some toxic divorces have children stuck in the middle. You must protect your children, so think about what’s best for them. Try to keep the contentious matters away from them. They don’t need to deal with the constant fighting that comes during a high-conflict divorce.

Take care of yourself while you go through the divorce battles. Stress can have negative impacts on you, so you should find ways to relax. If things get too heated, walk away for a bit. You may consider seeking counseling to help you work through the emotional damage these situations cause.

Your will is an important part of your estate plan, but you might also need to establish trusts to dole out your assets when you pass away. There are many different types of trusts, so you have to think about what goals you have for those assets and what circumstances are present.

One of the most important considerations when you are setting up trusts is whether you need a revocable or an irrevocable trust. The primary difference is that you can change the revocable trust if you decide that it doesn’t reflect your wishes. Once you set up the irrevocable trust, you can’t change it unless the beneficiary agrees to the changes.

Another way that these differ is that the irrevocable trusts provide some protections from creditors. Once you place items in an irrevocable trust, you don’t have control over it. This means that legally, they aren’t owned by you. If a creditor has a claim against you, they can’t try to get that asset.

Each type of trust has some tax implications that you need to look into. These depend on the specifics of the situation, so consult someone familiar with this aspect of trusts prior to making decisions about what you are going to do.

When you set up trusts, you set up a trustee over each account. This person handles everything related to the trust, including distributing them in accordance with your wishes.

Remember that anything you put into trusts doesn’t need to be in the will. Your will is only for assets that don’t have another method of distribution. Life insurance, bank, investment and retirement accounts should all have beneficiaries named, so you won’t put these in the will.