Divorce and Your Will
A great many people assume that by getting a divorce, their Will is automatically cancelled. However, be aware; this most definitely is not the case!
Most likely, you will not want your ex – or soon to be ex, to inherit your assets should you die. Therefore, you need to be aware that your ex, during the divorce process, would still be entitled to your estate and can make a claim against your estate for ‘reasonable financial provision!’
In England and Wales, even after the Decree Absolute has been granted, your Will still isn’t fully cancelled; the Will continues to exist and is still valid – although your ex is treated as having died prior to yourself. This means that they wouldn’t, in most circumstances, receive any Will ‘gifts’ and that they would no longer be considered as an executer of your Will - BUT all other provisions could well would remain in place!
Given all this, RJS Family Law would always advise that as soon as you make the definite decision to separate and instigate divorce proceedings, that you should update your Will to reflect any changes to your wishes. The terms of your Will should reflect what you want to happen to your estate after you divorce.
You need to have a realistic idea of your divorce settlement, which is something that RJS Family Law can advise you on. For example, you can’t go putting a property in your Will that is owned as ‘Joint Tenants’ with your soon to be ex. This could only be possible if the property was owned as ‘Tenants in Common;’ in this instance, you could leave your share, in any jointly owned property, to whoever you decide should be a beneficiary in your new Will.
A professionally drafted Prenuptial Agreement, whilst not legally binding, does carry a lot of weight in the English and Welsh courts as to what assets are yours.......although, at this stage – if you haven’t already got one in place, it’s very much a case of ‘hard luck!’ Although, knowing this gives you the benefit of hindsight should you ever decide to re-marry!
RJS Family Law are highly experienced and successful family law experts. Therefore we are well placed to advise you on all financial aspects to do with divorce, to include Wills, pensions, savings and investments.
For further information, get in touch with RJS Family Law today: rjs@rjsfamilylaw.co.uk