A high asset divorce and the process of asset division can test the resolve of divorcing couples. It can take its toll on the parties involved, and affect the mental, emotional and financial well-being of those involved. In the U.S., most divorces, due to the amount of assets involved, are complex disputes with complications that unravel unceremoniously.
But what if one of the party’s capacities to take legal action on one’s behalf is in question? Are there steps that would allow such proceedings to take place legally?
In actuality, there are options available to accommodate such and these tools work in congruence to estate planning tools.
Many are familiar with a “Power of Attorney” – a written instrument that authorizes another individual or individuals to perform specific legal acts on behalf of a client-applicant – another version called the “Durable Power of Attorney” allows a principal to nominate a guardian or conservator of the estate, and their person in case of any legal action that needs to be taken, including divorce. Often, such guardians are assigned in the person’s estate plan “by consideration.”
While not a very common occurrence, “by consideration” means that the court can override a nominated guardian if it believes that the guardian is not fit for the role. Furthermore, the court can assign a “guardian ad litem” to protect the best interests of that individual during litigations, and to investigate if extra tools that safeguards the person’s legal interests are necessary.
Some states have legal provisions that allow the use of a legal “guardian” to initiate a divorce action on behalf of an incapable person, legally known as a “ward.” Not all states allow it though simply because applicable statutes don’t exist in those states. Often, the belief is that divorces, especially high-asset ones, are too personal to entrust to a third party.
To find out more, speak to a knowledgeable attorney in your local area for advice on legal guardianship and divorce actions.
But what if one of the party’s capacities to take legal action on one’s behalf is in question? Are there steps that would allow such proceedings to take place legally?
Some states have legal provisions that allow the use of a legal “guardian” to initiate a divorce action on behalf of an incapable person, legally known as a “ward.” Not all states allow it though simply because applicable statutes don’t exist in those states. Often, the belief is that divorces, especially high-asset ones, are too personal to entrust to a third party.
In actuality, there are options available to accommodate such and these tools work in congruence to estate planning tools.
Many are familiar with a “Power of Attorney” – a written instrument that authorizes another individual or individuals to perform specific legal acts on behalf of a client-applicant – another version called the “Durable Power of Attorney” allows a principal to nominate a guardian or conservator of the estate, and their person in case of any legal action that needs to be taken, including divorce. Often, such guardians are assigned in the person’s estate plan “by consideration.”
While not a very common occurrence, “by consideration” means that the court can override a nominated guardian if it believes that the guardian is not fit for the role. Furthermore, the court can assign a “guardian ad litem” to protect the best interests of that individual during litigations, and to investigate if extra tools that safeguards the person’s legal interests are necessary.
Some states have legal provisions that allow the use of a legal “guardian” to initiate a divorce action on behalf of an incapable person, legally known as a “ward.” Not all states allow it though simply because applicable statutes don’t exist in those states. Often, the belief is that divorces, especially high-asset ones, are too personal to entrust to a third party.
To find out more, speak to a knowledgeable attorney in your local area for advice on legal guardianship and divorce actions.
About The Author
Victor Dela Casa
is a Filipino-Canadian who spent over a decade working as a business
professional in Canada. Worked in IT, finance, marketing, international
trade, public service, project management and the maritime industry.
Earned degree in Economics from the University of the Philippines and
Business Administration Honours from Eastern College. Currently based in
the Philippines and
working as a professional writer for a multi-national business processes
firm.
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