Suppose your divorce is finally over—the Final Decree arrived in the mail and you breathe a big sigh of relief when you realize there are no more papers to file, no more meetings with your attorney, no more haggling with  your ex and no more feeling as though your life is in limbo. Certainly the stress involved with the process of divorce is finally over, and you are right to feel relieved, but before you put your divorce firmly in your past there are a few necessary items to take care of. These “housekeeping” items will ensure that the new financial and legal aspects of your life accurately reflect your status as a single person. Before you send the word “divorce” to a place you never want to look at again, review these tips and determine which ones apply to your new life.

Post-Divorce Financial Checklist

1. Credit cards and bank accounts–If you haven’t already taken decisive steps to establish yourself financially, now is the time to do so. Make sure you have a credit card in your own name, as well as a checking and savings account at the bank of your choice. Your goal is to begin building credit in your name as soon as possible. If you are able, settle all outstanding bills with your attorney, and double check to ensure all joint accounts with you and your ex have been closed.
2. Real Estate or Other Property—Once your final decree is in, go over it carefully, double-checking to make sure that what you believe is yours really is. Divide all property as set forth in the decree, then transfer ownership of all the deeds for property awarded to you such as homes, autos or boats, then have them recorded at your county offices or Motor Vehicle Office. If you were required to refinance or assume a mortgage, take care to complete the process.
3. Insurance—Make sure the beneficiaries on your life insurance policies adequately reflect your new single status by removing your ex as beneficiary and replacing with your children or another family member. In some cases the courts will order you to leave your ex as beneficiary on a life insurance policy to compensate for any benefits you currently receive should the spouse die.  Make necessary revisions to your health insurance as per your divorce decree. If you were on your spouse’s health insurance, either begin COBRA coverage or start a new individual policy. Change your homeowner’s and automobile insurance policies to reflect only your own name as the insured.
4. Retirement Accounts—Change your retirement and pension plan beneficiary, and if you executed a QDRO as part of your divorce settlement, follow up to ensure the plan administrator accepted the order and it has been properly filed with the court.
5. Estate Planning and Taxes—Have your will re-done by an estate planning attorney, designating guardians for your children if necessary. Don’t forget to update your power off attorney and health care proxy documents if you have them, naming a trusted relative in the place of your ex. If you have a CPA, review your tax withholding allowances with him or her to determine whether you will be required to make estimated quarterly payments. It’s also a good idea to check on your overall tax status with a qualified CPA, as tax issues following a divorce can come back to bite you long after the divorce is over.

Other Post-Divorce Issues to Consider

If you’ve reverted to your maiden name, or changed your name in any other way following the divorce, you will first need to notify the Social Security Administration of the name change, then will need to apply for a new driver’s license with your new name. You will also need to notify any creditors of your name change. Should you move out of the marital home, fill out appropriate change of address forms at your post office to ensure you receive all important post-divorce documents.

As the parent who has been court-ordered to pay child support, make sure you pay it in a timely and consistent manner. If you are paying spousal support–no matter how unhappy about it you may be–pay it on time and without controversy. Should you change jobs, be sure to notify your new employer if you were previously subject to automatic withholding for your child support payments.  For parents who do not have primary custody of the children, take your visitation rights seriously—keep to the schedule, be on time, and try to do your best to be a real parent to your children during visitation times without showing negativity toward your ex. If you have any questions or concerns regarding your final divorce decree be sure to discuss them with your Fort Lauderdale divorce attorney.

If you or someone you love is considering filing for divorce, we can explain your rights and guide you through the appropriate divorce process.  At Eric N. Klein & Associates, P.A., our Fort Lauderdale divorce attorneys are dedicated to providing the legal help our clients need.  To learn more about what we may be able to do for you, contact us today by calling 954-580-8080.