Fights over money are a leading cause of divorce in the U.S. It’s no wonder: financial arguments between spouses are often contentious and emotionally wearisome. But the fight doesn’t always end at the moment of divorce. The decision to split from a shared domestic union can be traumatic, and parceling out who gets what—property, inheritances, custody of children—may lead to bitter legal battles and could hinder everything from future marriages to business endeavors. Don’t get caught unprepared. While the relationship between spouses and money is rife with legal concerns, Offit Kurman can help. Our team of attorneys explores the myriad legal questions surrounding marriage and finances, below:
How Can You Protect Your Spouse from a Legal Battle with Your Ex-Spouse at Your Death?
Getting remarried typically entails cutting your ex-spouse out of the picture. Unfortunately, it’s not always that simple. Ex-husbands and ex-wives may seek further remittance after finalizing the paperwork. Death further complicates the situation and the state of your estate plan could mean the difference between protecting your family and losing everything to a jilted former spouse. Offit Kurman Principal Alison K. Noll explains why you need to update your estate plan now—before a divorce enters into the equation.
What Can You Do to Guarantee Your Family’s Inheritance After a Second Marriage?
Clarifying the terms of your current estate plan is only one measure you can take to ensure your spouse’s well-being. And what if you have six children? Offit Kurman co-founder and estate planning and asset protection attorney Maurice Offit takes inspiration from a well-known TV family to demonstrate what it takes to guarantee your family’s inheritance after a second marriage. Here’s the story of a man named Brady who bought more life insurance and established beneficial trusts.
Should You Roll Your Deceased Spouse’s IRA Into Your Own IRA?
What should you do with your deceased spouse’s IRA plan? As it turns out, the decision is a complex one, involving factors from tax deferral to life expectancy tables. Steve Shane describes under what circumstances an IRA rollover is the best option, and why naming an estate as a beneficiary of an IRA is likely a bad idea, in his Weekly Scenario from September 3rd.
What Rights Does an Estranged Spouse Have Over a Joint Bank Account?
The end of a marriage signifies a broken mutual trust, i.e. the only thing keeping a joint bank account intact. If you’ve just separated from your spouse, “you better watch out!” as civil and family litigator Alex Allman warns. Read his thoughts on the legal protections afforded to estranged exes here, and what to do if you find out your former spouse has cleaned out your bank account here. You can also connect with Offit Kurman via Facebook, Twitter, Google+, YouTube, and LinkedIn.