Divorce is a difficult experience to go through. Besides the emotional toll, there are lots of little details you have to remember to take care of. Some of those details include:
•Completing any title transfer assets (preferably before the divorce is finalized):
•Stock or equity rights in a business;
•Life insurance; and
•Residence and another real estate.
•Terminating joint liabilities:
•Lines of credit;
•Terminating joint accounts, such as banking or brokerage accounts, safe deposit boxes, automatic bill pay or withdrawals from accounts.
•Changing your address with the postal service, employer, banks, credit cards, driver’s license, passport, and all insurance companies.
•Redoing all estate planning documents, wills, revocable trusts, medical directives, or health care power of attorneys or general power of attorneys. If your relatives have named your ex-spouse in their documents, alert them about the need to make changes.
•Entering modifications for any employee benefit cafeteria plans.
•Changing beneficiary designations, IRAs, ERISA qualified plans (only after the divorce is finalized), deferred compensation plans, accounts paid to the order of, or paid at your death, to an ex-spouse, life insurance policies, or stock option plans.
This list is by no means exhaustive, but it will give you a good place to start. If you have questions regarding how to complete any of these list items for yourself, contact us today.