Getting Divorced – Consider your Will
If you are in the process of getting divorced, or you are already divorced, it is critical to consider your Will arrangements. If you have no existing Will you should make one and if you have an existing Will from the period of your marriage then you should make changes to it due to your change in circumstances.
If you do not have a Will, the Laws of Intestacy mean that your spouse would normally be the first beneficiary of your assets if you died. Similarly, most couples that make Wills when they are married make their spouse the main beneficiary.
The process of getting a divorce can take many months to be completed. During this period, under normal circumstances, your spouse is likely to be the main beneficiary of your assets. This means that if you died, your assets would likely pass to the person who you are trying to divorce.
Any assets you own jointly, such as the family home, may automatically pass to your spouse unless you take steps to avoid this eventuality.
You may wish to make changes to your Will and the way in which your home is owned in order to avoid your assets passing to your spouse. For example, you may wish your assets to go directly to your children, another family member or to a new partner.
It is critical to seek advice from your solicitor as soon as you decide to get divorced. We can advise you on the best way to set up your estate so that your assets pass to those who you would like.
Please contact us for more information.