There are many reasons why people set up a trust. They want to keep control over their assets, or they do not wish to send an inheritance to their children through probate. There is another reason to consider a trust. You may want to draw as little attention as possible to your estate after your death.
Do you worry about how you will support yourself as an independent household after divorce? In Florida, you may qualify for spousal support, sometimes called alimony.
Part of estate planning involves preparing for situations where you may not be able to make your own financial decisions. An illness, an auto accident or the onset of dementia may impair your competency, which can lead to someone else taking over your finances. However, a revocable trust allows you to retain some control even if you become incapacitated.
Many people think of divorce as an emotionally charged process in which both spouses fight it out over anything from custody arrangements to who gets the marital home. So it is natural if you dread what your own divorce will bring. Still, it is possible to preserve a positive emotional state and perhaps even improve your life in the process.
If you are getting divorced with children in the mix, you are going to have to figure out the parenting situation after you finalize the paperwork. It is most common to end up in a joint custody situation with your ex-spouse, which means that you both will share physical and legal custody of the child.
If you and your same-sex spouse wish to divorce, you may face challenges that divorcing heterosexual couples do not. FindLaw explains that prior to the landmark 2015 U.S. Supreme Court decision in Obergefell v. Hodges, many states, including Florida, did not recognize same-sex marriages.
