The end of a marriage arrangement leads to all sort of consequences.
Once a couple reaches the point where they wish to separate from one another, it would end the accumulation of communal property. As a result, each entity can obtain their property separately. However, this does not mean they have no responsibility towards each other regarding fair dealings in what they had before the separation.
This would apply to all their assets. There are tools an experienced divorce attorney in Medford Oregon can use to help safeguard a spouses property while simultaneously ensuring either one or the other does not violate their duties.
Conditional or Temporary Will
This is the kind of will that can either change an existing will or have it republished because of a section that revokes the current will on dissolving a marriage. Unless, of course, the will says otherwise.
This would be a written agreement put in place once a couple is married already, or they entered into a civil union whereby their assets and affairs get settled should they divorce or separate.
Separate Property Trust
Separate trusts will hold each partner’s independent property estate, which would include any gifts or an inheritance they got before they married as well as property they bought with such assets.
During Divorce Proceedings
One should obtain an automatic temporary restraining order for when divorce proceedings are in progress. Such requests would preclude disposal or transfers of either separate or community property without needing written consent from the court of the law or the other party. You may need to check with Lawyers Medford Oregon.
However, one should note there are specific changes a spouse can make regardless of the restraining orders put in place. In such instances, the spouse may modify, create or revoke a will, eliminate the right of survivorship to property, revoke a living trust for which they need to serve a notice of the change to the other party, and even set up an irrevocable or unfunded revocable trust.
Once someone is in the process of getting a divorce, they need to think about creating a new will or revoking an existing one the minute the other party files a petition for a divorce. One or the other party need to consider joint tenancies, trusts, and payable-on-death accounts. Another option open to you is to set up an unfunded trust, which serves as a recipient for property that was received in the meantime and can be used as provisions within a new will.
After the Marriage Got Dissolved
All testamentary distributions to do with the former spouse will automatically be revoked upon the entry of a marriage dissolution judgment.
However, a person who is newly divorced may feel secure in their own skin as they will know the dissolution will ensure the former spouse will no longer be an heir to an existing will or trust. In this regard, a professional divorce attorney in Medford Oregon will assist with the revision of all beneficiary designations to do with retirement plans and life insurance.
Attorneys in Medford Oregon can assist a newly divorced spouse in creating the necessary documents such as a trust transfer deed, new revocable separate property living trust, assignment of assets, pour over will advance healthcare directives, and power of attorney. By having this taken care of, the person who was newly divorced would have made provision for an existing estate plan, post marriage.
Also, if the newly divorced partner has a new domestic partner or spouse in the wings, it is the ideal opportunity for them to think about the preparation of a premarital agreement, which would preserve the separate benefits of their assets, cover the succession to property on death, spousal support, etc. Provisions can also be made for the new mate within the living trust.
It is essential to prepare for the various complexities that surround the intersection of death, divorce, and disposition of property to ensure an estate plan remain effective.
Should you consider divorce, or have been divorced recently, you need to seek the advice of a knowledgeable divorce attorney who specializes in such matters.
If you are strongly considering divorce and are thinking about revising your estate plan, you should speak to professional attorneys in Medford Oregon to help you out.