Post-Divorce Checklist
The first thing you should do
at the conclusion of your divorce process is to obtain several Certified Copies
of the Final Judgment.
Review all of the paperwork carefully with your counsel
to ensure you understand what you must complete under the Final Decree that has been signed by the Judge.
While the list below is comprehensive, there may be
additional items required in your decree that are not listed below.
FINANCIAL ACCOUNTS
q Close all joint checking & savings accounts as
soon as all outstanding checks and automatic payments have cleared the bank
q Open new checking & savings accounts
q Update automatic payments taken from your accounts
with new account information
q Change named beneficiaries of retirement accounts
& life insurance policies
q Create new Estate Plan (Will, Trust, Health Care
Surrogate, Living Will & Power of Attorney)
q Ensure all prior Powers’ of Attorney are revoked in
writing
q If Qualified Domestic Relations Order (QDRO) is
required by Final Judgment, follow-up with Plan Administrator to ensure they
are notified of the divorce and the QDRO is completed
q If there is to be a transfer of IRA funds the
receiving spouse must open a qualified IRA to receive the funds and the
distributing spouse must notify the financial institution to initiate the
transfer
q Close all joint credit card accounts
q Change all passwords for online account access
q Request a final bill from your legal counsel and pay it
q Obtain a copy of your credit report 30 days after the
final judgment to ensure that all joint accounts have been closed
q Close
joint safe-deposit boxes & open new one in individual name
INSURANCE
q Secure COBRA or other health insurance / notify employer
of divorce if health insurance provided through employer
q Update auto, home owner & flood insurance records
/ secure new insurance
q Change
beneficiaries on all life insurance, disability or other insurance policies
PROPERTY
& ASSET RECORDS
q Sign documents to retitle cars, campers, boats, planes
and other vehicles into individual names and file new title with DMV or other
agency
q Record deeds transferring title to real property
q Notify utility companies if new name on account
q Ensure any funds held in escrow are transferred or
returned (security deposits on rental property, utility deposits)
q Notify the Post Office of change of address and mail
forwarding
q Arrange
for the transfer of any personal property that must be distributed as soon as
possible
PARENTING ISSUES
q Update school records with name and address of both
parents
q Update medical records with name and address of both
parents
q Sign up for Our Family Wizard (http://www.ourfamilywizard.com/ofw/) or other program to manage parenting contact,
children’s schedules, medical reimbursement payments, etc. if this was in the Final Order
q Set up
direct deposit or Income Withholding Order for child support and set up your account on the internet to monitor the child support
NAME CHANGE
q Update Social Security Administration
q Update driver’s license & auto registration with Department of Motor Vehicles
q Update bank and credit card records
q Update employment records
q Update insurance records (health, life, disability,
auto, homeowners)
q Update IRS records
q Professional licenses
q Update
Passport
TAXES - BE SURE TO TALK TO YOUR C.P.A.
q Obtain IRS Publication 504, “Divorced or Separated
Individuals” for information about filing status, exemptions, alimony, QDROs,
etc.
q Change your tax withholding allowances with your
employer
q Use the IRS withholding calculator to determine your
new withholdings (http://www.irs.gov/Individuals/IRS-Withholding-Calculator)
q If you are receiving alimony or self-employed
determine if estimated quarterly payments are necessary.
q Execute
IRS form 8332, Transfer of Dependency Exemption, if required under terms of the
Settlement Agreement / Final Judgment
No comments:
Post a Comment