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McKinney Texas Family Law Blog

How Updating Your Estate Plan After Divorce Can Save You from Unwanted Consequences

Many divorcees can agree that their ex-spouse is the last person they want inheriting their assets upon death or making their medical decisions upon disability, so save yourself further stress by updating your estate plan to reflect your life post-divorce.

Today, most states, including Texas, will disinherit an ex-spouse beneficiary named in your will, operating as if your ex-spouse predeceased you and allowing your assets to pass to a designated alternate beneficiary. However, if you have failed to list alternate beneficiaries your assets will pass intestate, according to the laws of you home state. Leaving your estate in the hands of the state can cause uncertainty among your heirs, especially as laws change; therefore, revoking your old will, drafting a new will post-divorce, and dictating your new wishes is the best option for you and your heirs.

Planning for Your Digital Assets

Due to today's technology-driven world, we should all arrange for our digital assets and their distribution to be part of our estate plans. If you fail to plan for these assets before you pass, then your family could incur difficulty in gaining important information from your online accounts for the distribution of your estate.

Community property laws are still alive and well in Texas

While most states use the principles of equitable division, Texas still follows the rules of community property. This means that if you live in McKinney and you intend to divorce, you should find out everything you can about the community property laws and how they might affect your settlement.

The following overview on Texas community property laws can provide you with some useful information. The more you know about how marital property laws can impact your future, the better prepared you will be once you finalize the divorce.

Financial tips to help you start over after divorce

Divorce is never easy and neither is starting over after you have put pen to paper and signed the divorce decree. Not only will you no longer have your husband's income to depend on, but you may have to sell your home in McKinney. In fact, your biggest concern is probably how you will financially recover from the divorce.

With a little bit of planning, it is possible to prepare yourself, and your bank account, for divorce. Here are some tips to help your post-divorce finances.

3 reasons divorcing before January 1 is a good idea

Divorcing in January might seem like a bad time. It's just after the holidays and comes before tax season. The truth is that January could be the perfect time to divorce, depending on your situation.

Why would you want to divorce in January? Here are a couple reasons that you should consider.

  • You get a fresh start

Filing for divorce might be more complex than you realize

Divorce is a traumatic time for many adults. Some people are so desperate to get out of a toxic marriage that they try to get it over with as quickly as possible. Some even try to handle the divorce matters themselves instead of working with a professional.

Divorce in Texas isn't an easy prospect to contemplate doing on your own. The paperwork alone is intensive, especially if you have assets to divide or children who will need a parenting plan. Here are some other things to consider before you decide to handle a divorce on your own:

Sending Your Kids Off to College? Have Them Sign These Two Forms

A medical power of attorney and a durable power of attorney are essential to any estate plan, although not considered by most adults until nearing retirement, but why are these documents also important for young adults? Once children turn eighteen, parents no longer have the authority to make health care or legal decisions for their children even if they are still footing the bills-college tuition, insurance, and the list goes on. Losing this authority means that if your child becomes disabled in an accident, you may need to seek court approval to act on your child's behalf.

You may need to follow these child support modification tips

At some point, you may come to the realization that you are unable to make your child support payments. As disappointing and stressful as this may be, you need to learn more about your legal rights and the steps to take.

There are several child support modification tips you can follow, all of which could lead you toward a financial situation that's easier to deal with. Here are the things you need to do:

  • Don't waste any time. Once you realize that you need a child support modification, you should take the first step in making this happen. Waiting around is not going to make anything better.
  • Learn more about the laws in your state. Most importantly, you should come to understand what the court considers a change in financial circumstances.
  • Talk to the other parent about your challenges. Once you do this, you may find that this person is willing to accept your child support modification request for the time being.
  • Document your change in financial circumstances. This means one thing: You should collect proof that your financial situation has changed, such as if you are now unemployed.
  • File your request with the court. The sooner you do this the sooner you will receive an answer. If everything works out, your modification will be approved and you can now pay the new amount.

Understanding the factors considered in child custody disputes

Divorce can play out many different ways, depending on the couple, the things at stake in the divorce, and the season of life when it occurs. For a younger couple who only stays married for a short time and has very few assets or liabilities to divide, a divorce may feel emotionally devastating, but it will probably become more of a personal footnote at some point than a major life change.

In contrast, divorces that arrive when a couple is established, possibly owning a home, and raising children is another thing entirely. In these cases, determining which parent will receive primary or sole custody of the children often takes center stage in the process, with each parent doing everything one can to retain parental rights and privileges.

What is a child custody modification used for?

Once your child custody order is finalized, you probably think that you are done with this type of battle. The fact of the matter is that there are some circumstances that will lead you back into the legal arena.

Child custody modifications are a way that the court can address the changing needs of children. These changes can include almost every aspect of life, so it is important for the child custody order to accurately address these changes.

Law Office of Michella K. Melton
6190 Virginia Pkwy, Suite #300
McKinney, TX 75071

Phone: 214-449-1900
Fax: 214-544-9040
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