They say nationwide that 50% of marriages end in divorce.  In California that number must be higher and in Southern California it must be even higher still.  Thus, in Los Angeles, Culver City, Santa Monica, Manhattan Beach, and surrounding areas, the percentage may be closer to 60% of marriages ending in divorce.

As an estate planning attorney, I see the results of what happens when someone remarries without revising or amending their estate plan including their living trust and will.  Here are some things – there are others – that one should do upon getting divorced and especially upon getting remarried:

1. Sever all financial ties with your ex spouse.  Obviously, a lot of this occurs in the divorce itself, but frequently not everything.  Doing a new will or living trust is a big start, but it might not be enough.  For example a living trust only controls those assets that have been retitled in the trust and those assets wherein the trust has been made the beneficiary.  Make sure that any retirement assets including IRAs and 401Ks no longer have the ex-spouse listed as a beneficiary.

2.  In the event of remarriage, remember your children from your previous marriage and take steps to affirmatively protect them in the event that you predecease your new spouse.  This is a serious concern.  Frequently, clients assume that there new spouse will provide for your children.  More often than not, your assets ultimately end up not with your children, but with your new spouse’s children.  By working with a qualified estate planning attorney, or an attorney who prepares many living trusts, you can still provide for your new spouse for the remainder of his/her life so that your new spouse will be secure financially.

Many estate planning attorneys are very familiar with planning for blended families.  Make sure you talk to one who has experience with handling the various issues that arise.

In the event that it has been a while since you have reviewed your estate plan, including your will and/or your living trust, it makes sense to review it to make sure it is current with your situation.  If you have not done your estate plan yet, I would enjoy speaking to you about getting it started.  I can be reached at 310-391-1311.