Once your divorce is done, you still have work to do. There are many financial and legal tasks to tackle, which cannot be ignored, unless you want to create big problems in the future.
There is nothing pleasant or easy about working through a divorce settlement. Emotions run high and when there are large sums of money or privately-held businesses in the mix, things can take a long time.
Forbes recently published an article, “A Checklist To Help You Manage Post-Divorce Finances.” According to the article, many women are disappointed to learn that all their divorce-related financial troubles aren’t neatly resolved when their ex signs the settlement documents.
It is true that your agreement will say exactly what must be divided and how much goes to whom. However, you’ll need to work through the practical details of how the agreement is implemented.
Some of the post-divorce financial matters you’ll face, like changing your name, address, and emergency contact, are simple enough. You only need a copy of your divorce decree. However, other issues can be more complex and serious.
If you haven’t done so already, you should take care of the following:
- Watch your credit and cancel any joint credit cards. You should also establish credit in your name alone;
- Disinherit your ex. See your estate planning attorney to make changes to legal documents;
- Change beneficiary designations on your insurance policies, retirement accounts, pensions, trusts, and annuities;
- Sell or refinance the marital home. You may agree to sell it, with the proceeds divided between you, or if you are keeping the home, refinance the mortgage in your name alone.
Even if you and your ex are on good terms, it may be best to have your attorney involved to make sure the final details are handled, as per the terms of your agreement.
Reference: Forbes (February 12, 2018) “A Checklist To Help You Manage Post-Divorce Finances”