Life is unpredictable. While we do our best to prepare for future events such as a car accident with car insurance, sickness with health insurance, and death with life insurance. However, what happens should you get divorced? What happens if you get sued? These are things that individuals don’t necessarily plan for. However, we believe you should start.

“The legal process of a divorce has an ending and people can even get over the emotional strain of dealing with a divorce,” said Fadi Baradihi, president of the Institute for Divorce Financial Analysts. “But once you sign a financial divorce settlement you will have to live with that decision for the rest of your life.”

Protecting Your Assets in the Event of a Divorce

While no one ever wishes for a divorce in those early years, it’s crucial that you prepare for one none-the-less. Here’s how:

• Family Heirlooms – make a list for your legal preparer regarding all family heirlooms that were given to you before marriage, and give directly to you during marriage. I know this might seem a bit ‘old school,’ but if you’ve ever watched Antique Road Show you know how priceless some of this stuff can be.

• Appraisals – If you did not sign a prenuptial agreement, you’ll need to enlist the services of an appraiser to assure you receive your share of asset interest. Retirement plans, businesses, stocks, anything that was started during your marriage needs to be appraised to determine exactly how much is yours.

• Community Property – Make sure that you determine replacement value vs fair market value when it comes to things like furniture, appliances, etc. Add all of this to your Arizona living will in the case of a divorce.

• Residence – In the event of a divorce, many couples choose to move out of their residence, and in so doing do not take all of their belongings right away. You do have a right to go back and get those items that are yours, which you have shown to be yours in your Arizona living will, even if the locks have been changed.

• Have an Arizona Living Will – In most cases, simply having a living will can save you from much o the heartache of divorce. Though it’s not fun in any way, it’s crucial that you and your partner sit down with a legal professional to create a living will in the event that there is a divorce. Approach this from a perspective of respect and mutual admiration. You both know a divorce will never happen, and yet you must plan for one. Decide all of the above mentioned, and write it all down, including it in the will.

• Revise your Will – After the birth of a child, or after the unfortunate divorce, you must get your Arizona living will revised to reflect that.

It’s a lot to take in, especially when you’re in the honeymoon phase of marriage. The last thing that you want to think about is divorce or death. However, think of it as preparing for the future.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.

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