Divorce cases can be very painful and tends to leave a long lasting mark on your mental, emotional as well as financial stability. During the happy phase of a marriage, couples often give there spouse’s power of attorney which can have serious negative effects on your economic well being in case you are deciding to separate from one another.
According to the advice given by some of the divorce lawyers in Brisbane you should change your will as soon as you decide to separate in order to make sure your spouse isn’t the designated beneficiary of your pension or life Insurance benefits.
If you have given your spouse power of attorney you should consider revoking it. When your relationship goes down a lot of bitterness creeps in between two people which makes the other person unfit to take charge of your property or any medical decisions on your behalf in case you are physically ill.
Separation cases can drag on for years and in some instances the spouses never get a divorce. It is important that you get your paperwork correct so that you don’t end up losing your assets to someone whom you do not want in your life. If you have already made a will which includes your partner, it is recommended that you should redo the will in the event of a separation or divorce.
In the event of your divorce your ex-spouse cannot be the beneficiary of any of your assets nor can they act as an executive personal representative. With the help of divorce lawyers in Brisbane you can appoint alternate beneficiaries and executive in your own will. In case you do not name any alternate beneficiary, under the law of the government all your assets would pass on to survivors. in the absence of an alternate executer, your nominees would have to apply to the courts to have someone appointed on your behalf.
If you are not married but have lived together as a couple for years or have a child with your partner, they will have a complete right to inherit part of your estate. Inheritance is a generally excluded from family property, which means that your adult children don’t have to split anything which they receive from you in the event of a divorce or death.
However it is always a good decision to put your money in a trust because a trust manages your assets for beneficiaries who receive income or capital or both depending on terms of the trust. It is a good way to ensure that you have children makes proper use of your property. In case if you have a second marriage then you can set up spousal terms with the help of the divorce lawyers in Brisbane to provide living expenses for your partner in the event of your death. Apart from the living expenses the remaining assets can be given to your children from your first marriage when you die.
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