How Divorce Affects Your Will in Colorado
Colorado ranks in the top 10 states for divorce with 4.08 divorces per 1,000 residents. The good news is that our divorce rate is actually the lowest it has been in over 10 years. With divorce being so prevalent in our society today (50% of marriages fail according to statistics), it’s important to keep your will up-to-date to reflect and protect:
- Reflect your life changes
- Protect your assets
- Protect your loved ones
Under Colorado law, the rules surrounding wills and divorce differ according to when your will was written and when you were married or divorced:
- If you get divorced after your will was created, your ex-spouse is automatically eliminated as a devisee (will not receive any assets from the estate). Your ex-spouse is also unable to serve as your will executor.
- If you get married after your will was created, your spouse may have statutory rights to a portion of your probate assets which would be disposed of under your will unless you have changed your will to reflect your new wishes. In some cases, however, your ex-spouse may still inherit property or inheritance from pension plans.
Other states have different divorce laws when it comes to wills, so make sure you are familiar with the laws in your state which will apply to your will. It is a good idea to draft a new will when you get divorced, one that specifically revokes your previous document so the new document is the only legally binding one. In the new will you can change your beneficiaries and provide for the loved ones you will leave behind someday.
The Denver estate planning lawyers at The Brown Law Firm LLC can help you create a new will, update an existing will or understand how Colorado law affects wills after divorce. Contact us today: call (303) 339-3750 or send us a message online.