Divorce can affect a person’s life in many ways, bringing stress and financial changes, for example, and this is even more true for many people who go through a high-asset divorce. Moreover, it can also affect one’s estate plan, prompting the dismissal of an executor, removing a beneficiary, or finding a new person to take on the responsibilities of an executor. Our law office knows that it can be tough for people to navigate these challenges after they have recently split up with their partner, but going over all of one’s options can be tremendously helpful.
Whether a person with a high net worth has significant savings, a considerable amount of real estate, expensive artwork, or many vehicles, there are a number of ways in which divorce can affect one’s estate when marital property is divided. Some people do not realize how much their estate will be impacted by divorce, so it is essential to be prepared for the challenges you may encounter with respect to property division. While some of these issues may be out of your control, you do have control over your estate once you have split up with your spouse.
Even though estate matters can seem daunting, many people are able to secure their assets and gain a sense of freedom by handling these types of issues appropriately. Please take a look at the wills section of our law office’s blog for a closer look at information related to reviewing your estate plan following a high-asset divorce.