In addition to your divorce attorney, you need to retain an attorney who specializes in estate planning. During divorce proceedings, certain changes to your assets and financial holdings may not be allowed. This limitation is commonly known as asset restraining orders.



An asset restraining order means you can't make just any alteration you wish with regards to where you keep assets, who has access to them, or who they are left to - not until your divorce has been finalized. Work with your divorce attorney and estate planning professionals as a team to determine what moves you may make now and what you will need to do in the future.

While you are limited when it comes to financial changes, you do have the power to alter some key areas of your estate plan. First, do you wish to change who would have the ability to make medical or financial choices if you were incapacitated? If you don't wish it to be your spouse, complete a new Durable Power of Attorney for health care purposes as well as for financial decisions on your behalf.

Second, you should update your will or write a new one. In most situations where a person dies without a will or trust, the state (including California) use a set of rules to determine who gets what assets and in what order. Your spouse is usually foremost on that list. The best way to avoid this is to put a will in place that stipulates your intentions.

Even while an asset restraining order is in place, a will still helps you protect some of your assets from your spouse. For instance, a will allows you to designate who would get your half of community assets as well as who would receive assets not considered community property.

Even though you can't make some changes to your estate plan right away, this is a good time to strategize. What will your assets look like after the divorce is final? Will you gain new property, such as half of a retirement account or the family home, that you will now need to oversee on your own? How do you want to divide assets once your spouse is no longer a factor? Do you want to use a trust to care for minor children? Think about the answers even if you can't act on them right now.

The benefit of pre-planning actions you can't finalize until after the divorce is that you will have already done the hard work while time was on your side. After the divorce, you can hit the ground running and make these changes quickly and smoothly.

At Kisner Law Firm, our estate planning professionals will help you navigate the tricky waters of estate planning during this challenging time. Call today to make an appointment.