Crystal Levy is a Senior Associate at Lassar & Cowhey LLP and a manager at Marcum LLP. She focuses on making thoughtful estate plans for modern and emerging families as well as high net worth households. Janis Cowhey is a Trusts & Estates and Tax Partner at Marcum LLP, who specializes in estate, gift and income tax planning, as well as working with same-sex couples and unmarried families. They join Stacy Francis to give insights about the required tax considerations in estate planning that the modern family needs to know about, especially if they are considering divorce. They also share how you can make sure your children and stepchildren are financially protected during and after a divorce.
Some legal considerations for getting divorced are: getting a good matrimonial, having all your documents in place, identifying legal obligations, and ensuring that your beneficiary designations are in order.
Most couples continue to file joint amended returns for quite some time until they are actually divorced.
It’s never a bad idea to update your documents before a divorce is final.