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Newark Family And Estate Law Blog

When you go through a divorce, you will likely experience a few different types of regrets. Many people will immediately leap to emotional regrets or hang-ups about the relationship itself, but other regrets might actually impact your future more.

This can include financial regrets, which may actually have a serious impact on your finances and even your financial stability in the period after your divorce.

Knowing sources of financial regret

Reuters discusses financial divorce regrets that often occur. According to a survey run by Fidelity Investments, 80 percent of participants who did not partake in the daily financial matters of the household regretted this.

It is possible to get involved in the household finances at any point in time, even if you and your spouse have already agreed on a divorce. This can give you access to important bank information and will allow you to monitor the flow of money for yourself, as well. This can help give you peace of mind, especially in a contentious divorce.

Focus on your financial future

You can also work with your partner to learn more about retirement and long-term planning if you previously held no involvement in such matters. This can prepare you for what you will need to overcome or change depending on how the divorce impacts your retirement plans.

Consider leaning on postnuptial agreements as well. Many couples will turn to this as a way to handle assets while also breaking bad spending habits and even entirely resetting finances.

Not every option will serve every person perfectly, though. It is important to discuss your options with your attorney to see which will work best for you.

One of the challenges facing aging parents is deciding how best to deal with assets that their children may need to manage should they become seriously ill or incapacitated. Many parents who plan to leave their homes to their children when they die wonder if it is a good idea to add their children’s names to the deed of their home while they are still living.

There are advantages and disadvantages to this approach.

Advantage of putting your child’s name on the deed

Because adding your children’s name to the deed makes them part owner of your home, you can avoid the probate process by doing so.

Disadvantages of putting your child’s name on the deed

Because your child has part ownership of your home, if you add them to the deed, creditors can go after the child’s share of the value in the home if they win a lawsuit. Additionally, if your child were to incur a large liability due to an automobile accident or other type of negligence suit, the other party could file a claim against your child’s share in your property. If your child has a spouse and the marriage dissolves, your child’s spouse could make a claim on your child’s share of your home’s value. Additionally, your child may lose the tax benefits that come with inheriting a home under California law.

Because there are other ways to avoid probate and there are numerous potential disadvantages of putting your child’s name on the deed, it may be better to consider other methods of transferring your home to your child.

Relationships go through ups and downs naturally. Sometimes, couples feel like a low is too low, and they must take steps to end the relationship. So, they file for divorce.

However, things can change. Once you are in the process of divorcing, you may decide it is not what you want to do. If this happens to you, you may wonder if you can stop the divorce. According to the California Courts, it depends on whether you were the person to file for the divorce as to whether you can stop the process.

Did not file

If you did not file for the divorce, then you do not have the ability to stop the process. The only option you have is to talk with your spouse and have him or her end the divorce. You will need to do this through a legal process. It starts with sending a Request for Dismissal form to your spouse. If your spouse is not on the same page and does not want to stop the process, then there is nothing you can do because the state does not require consent from both sides to end a marriage.

Did file

If you were the one to file for the divorce, then you can end it. You would file a Request for Dismissal form with the court. Keep in mind, you can only do this prior to the court finalizing the divorce. If the judge has already made a final ruling, you cannot reverse it. You would have to remarry.

On the other hand, if you decide later to restart the process, you must start over from the beginning, filing all the paperwork and going through all the steps all over again.

When you die without a will, your family must go through a complicated and expensive process to settle your estate. Leaving behind an estate plan helps simplify the process for everyone involved.

Divorce is also a complicated process. When you are preparing to separate your life from your spouse, you should review your estate plan and make alterations to ensure the plan you leave behind reflects your wishes about your new life situation.

1. To remove unwanted beneficiaries

When you get divorced, most states automatically remove your former spouse as a beneficiary.  However, this law only affects your ex. If you previously named your spouse’s family members as beneficiaries, they will remain beneficiaries until you remove them.

2. To name a new executor

When you create a will, you name an executor tasked with carrying out your wishes after you die. A spouse is the most common choice for an executor. Unless you are on fantastic terms with your ex and genuinely want them to help settle your estate after you pass, take the time to name a new executor after you get divorced.

3. To choose new people to make decisions on your behalf

Thorough estate plans also include documents that name a person to step in and make decisions if you become incapacitated while still living. A power of attorney can make financial decisions on your behalf, while a medical power of attorney can make healthcare decisions. If your spouse holds these positions of power in your estate plan, make sure to name new people for these roles after a divorce.

You should review and alter your estate plan whenever there is a significant change to your life. If your financial situation changes dramatically if your family grows and you add new family members or whenever you lose someone specifically mentioned in your estate plan, you should change the plan to address your current needs and wishes.