There are many activities left to be done after your divorce mediation is over and the divorce is final in the eyes of the court.
This guide will provide you with a list of 10 (of course, there will be more) to get you started in planning for your new situation and tend to the details of your divorce agreement.
1. Estate Planning Documents
Prepare a new will, health care directive, power of attorney and living will as laws may change the effectiveness of these documents automatically.
2. Qualified Domestic Relation Orders
Retirement Transfer Confirm that any qualified domestic relation orders (QDROs) that are required to transfer a retirement account have been approved by the court and forwarded to the Plan Administrator for processing.
3. Transferring Assets
Transfer joint or sole assets as agreed in the separation agreement (real estate, auto, bank accounts, bonds, investment accounts).
4. Insurance Policies
Review and change any homeowner, auto and umbrella liability policies as may be necessary.
5. Employment Matters
Notify your employer as necessary to change beneficiaries of death benefits, retirement benefits and/or health benefits.
6. Beneficiary Designations
Confirm that any agreed upon life insurance, disability insurance is in effect, has the proper beneficiary designated and there is a way for you to be notified if the premiums are not being paid timely.
7. Financial Issues
Contact or start a relationship with a financial advisor to plan your retirement, review your investments in light of your new situation.
8. Name Change Notifications
If you have changed your name, contact motor vehicle department, social security, the IRS and others who need to know.
9. Credit Cards
Establish credit in your own name; write to present credit card companies to confirm card holders and names on the account.
10. Children’s School
Send a letter to your child’s school notifying them to add a second address for all school announcements and report cards.
