I am getting a divorce, do I need a trust?
I am getting a divorce, do I need a trust?
If you are going through the divorce process, it is always advised by our office to get a trust (also known as an estate plan). Having an estate plan will allow you the opportunity to choose people to make health care and financial decisions for you in the event that you cannot do so for yourself. Now that you will be single, this is always a good idea. Additionally, if you have minor children, you can include a guardianship provision to ensure that your children do not become wards of the state in the event something happens to you. Finally, you can use land trusting principles to create an estate plan that offers you asset protection measures. When you go through a divorce, debts and assets are split. You will want to try and protect your assets if a creditor chooses to sue you. If you are a party to a contract, regardless of whether the debt was assigned to your ex spouse, you can be held liable and creditors will sue you based on a breach of contract claim. For this reason, asset protection measures become quite important. The creation of a comprehensive estate plan offers many benefits. For more information about this or any of legal service areas, please call us for a free legal consultation.
