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Today, individuals are divorcing only to remarry a few months or years later. Whether you are male or female, if you have separate property, such as a residence, rental property, gold & silver, stocks, and bonds, or cash in your mattress, you should consider a prenuptial agreement.
Before marriage, consider contacting an estate and probate attorney for an inventory of your assets and the establishment of a Will and possibly a Trust, especially if you have heirs from your former marriage. Maintain the inventory and records of the source of the funds. Your adult children will thank you for helping them settle the estate once you pass. It will also be helpful, if necessary, to settle your estate for your new spouse.
Suppose your income is from separate investments during the marriage. In that case, your new spouse will receive any gifts from separate property or community property earnings (Interest and dividends) from your existing assets. Any community income earned after marriage will be community property. In my experience, your adult children will look to the Will and Trusts for any estate settlement.
Employing a reputable lawyer will be invaluable and will help fulfill your vision for the future regarding the distribution of separate and community property by the executor.
Choose your executor or executrix wisely with deep consideration. This person should study and understand their fiduciary responsibilities to the estate, beneficiaries of the estate, and your spouse. This person should be knowledgeable about handling money, or at least must seek advice from your estate attorney.
Maintaining records of your assets is especially important to avoid allegations of commingling separate and community funds. Maintain records of your assets personally and through your independent third-party stock broker, bank trust officer, CPA, and your executor. Remember to acquire your records (in digital form) before the destruction period, which is generally ten years for financial institutions. In your Will, unconditionally grant disclosure to all the records to your surviving family members and your spouse. In my experience, the disclosure will help alleviate allegations of misconduct, favoritism, and self-dealing by the executor.
If you want the best settlement for your divorce client, call Sage Investigations, LLC at 512-659-3179 for a free 20-minute consultation with an expert forensic accountant. Let Sage shed light on the truth for your clients as an expert forensic accountant for divorce. We look forward to hearing from you and building a solid relationship you can count on. Click to read about the Sage Team and their CVs.
