When two lovebirds walk down the aisle, never in their wildest dreams do they imagine that their future marriage could culminate in divorce. It may seem like a logical conclusion, with approximately 9 divorces per 1000 individuals in the state of New York, but most of us refuse to see that side of the coin until it is too late. In his divorce settlement with ex-wife Mackenzie, Jeff Bezos gave up $38 billion in shares and other assets. Your estate may not be like Uncle Scrooge’s, but you shouldn’t be losing anything due to ill-planning.
Some far-thinkers choose to sign an official pre-nuptial agreement prior to the wedding, which establishes how assets are supposed to be divided in such an unfortunate scenario. But most refuse to taint their wedding memories with attorney visits and unromantic documentations.
If you are in the process of divorce, you may be wondering how your living trust in New York will be divided. Here’s what you need to know.