How Divorce Affects a Living Will and Living Trust
Going through a divorce can be time consuming. It also takes up a lot of resources. Thankfully you can now apply for divorce online. It is the latest trend among couples who want a quick and easy way to end their marriage. However, when divorcing online, the couple has to understand that the divorce has to be uncontested. This means that the divorce is being accepted by both parties.
A divorce is the dissolution of marriage. It isn’t like an annulment. An annulment declares that the marriage is nullified or never took place. Usually, a divorce process takes a very long time. It can drag on if the other party rejects the divorce or wants compensation.
The usual problem in a divorce is the division of assets. When a couple divorces, they cannot just divide everything in half. There are laws governing the division of the assets. If one of the spouses claims he or she earned a large percent of the assets, he or she can claim it on court. With the help of lawyers, the spouse could have a large percentage of assets. The spouse can cite reasons why he or she deserves the lion’s share of the assets.
One of the assets that could be affected is the living trust. With this type of trust, the spouse agrees to let his or her partner own properties using the collective funds of the couple. The spouse buys assets. The spouse then names his or her partner as the trustee. Some trusts also have co-trustee. However, a trust like this is revocable. This means the spouse and even the partner can change the contents. This usually happens with a divorce.
A divorce could also affect a living will. This Will can be made by both spouses. It is also called as an advance health care directive. It is a document that will detail the lifesaving measures in case if something happens to a person. He or she can name the representative. Usually it is the spouse who executes the advance health care directive. So you can just imagine, if the partner happens to be the representative of the spouse. If they divorce, the Will has to be modified else the spouse must trust the ex-partner to decide for the spouse’s life.
A divorce is the dissolution of marriage. It isn’t like an annulment. An annulment declares that the marriage is nullified or never took place. Usually, a divorce process takes a very long time. It can drag on if the other party rejects the divorce or wants compensation.
The usual problem in a divorce is the division of assets. When a couple divorces, they cannot just divide everything in half. There are laws governing the division of the assets. If one of the spouses claims he or she earned a large percent of the assets, he or she can claim it on court. With the help of lawyers, the spouse could have a large percentage of assets. The spouse can cite reasons why he or she deserves the lion’s share of the assets.
One of the assets that could be affected is the living trust. With this type of trust, the spouse agrees to let his or her partner own properties using the collective funds of the couple. The spouse buys assets. The spouse then names his or her partner as the trustee. Some trusts also have co-trustee. However, a trust like this is revocable. This means the spouse and even the partner can change the contents. This usually happens with a divorce.
A divorce could also affect a living will. This Will can be made by both spouses. It is also called as an advance health care directive. It is a document that will detail the lifesaving measures in case if something happens to a person. He or she can name the representative. Usually it is the spouse who executes the advance health care directive. So you can just imagine, if the partner happens to be the representative of the spouse. If they divorce, the Will has to be modified else the spouse must trust the ex-partner to decide for the spouse’s life.
