Divorce & Financial Planning: A discussion with Family Lawyers [Video]

No one plans on getting divorced, but planning for the unexpected allows you to save and protect more than just your assets. At Plancorp, we have seen first hand the impact divorce has on families and some of those negative aspects could have been avoided had an appropriate estate plan been executed.

As part of our Summer Series, InspireHer invited two outside experts, Amy Hoch Hogenson and Eleanore Palozola, family law attorneys at Paule, Camazine & Blumenthal, to discuss pre and post marriage considerations. In this Q&A style discussion, InspireHer members dove deep into questions many of our clients have asked us, such as: Are there ways to protect my assets without having my fiancé sign a prenuptial agreement? What conversations should I have with my children before they get married? What steps should I take before filing for divorce? Are there horror stories of poor estate plans?

 

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Question Timeline

1. Is the stat that approximately 50% of marriages end in divorce correct? (5:15)

2. Are there ways to protect your pre-marital assets without signing a prenup? What if you don't feel comfortable asking your future spouse to sign one? (6:40)

3. If someone says they do want a prenup what are some of the most common provisions included? (10:43)

4. If someone retitles assets and then files for divorce, would those assets be split in the divorce? Does the current titling of an asset actually matter in terms of how things are split in a divorce? (14:41)

5. Is there a certain timeframe that is best practice for if someone decides they want to file for divorce and want to retitle assets so they will not be split in the divorce? (16:59)

6. What's something parents could do to mitigate the consequences on the kids when going through a divorce? (21:25) 

7. What things should you consider (whether regarding your assets or your kids, etc) when going through the divorce process? (24:05)

8. Does one party over another keep the house and the other gets the liquid assets or is it 50/50? (26:10)

9. How many divorces are settled in mediation versus through the courts? What are the pros and cons of each?  (28:56) 

10. If someone is vetting attorneys, what kinds of questions should they ask to assess their expertise and experience? (36:16)

11. If someone is contemplating divorce, what steps should they take before filing? (42:30)

12. What is your recommendation when it comes to leaving assets to adult children? what are the things you should consider when deciding to leave the assets to lineal descendants (grandchildren) versus allowing the funds to go to the surviving parent? (45:16)

13. What language or techniques would you advise for having discussions with children or grandchildren about things to consider before marriage? (47:57)

14. Can you give examples of what can happen if you don’t have a good estate plan in place? (49:59)

15. Can you talk about what implications divorce has on those important documents like revocable trust, durable power of attorney, etc.?  (56:52)