Your divorce is all done! Sorry, not yet!

September 27, 2017 by

After the Divorce PlanningAfter Your Divorce Planning

Even in the best of circumstances, a former husband and wife are just plain worn out after their divorce. A couple that has been together for even a short time, most of the time, has several important steps to be taken after the divorce.

Below are examples of the items to review after the divorce and do now and not put-off until “later.”

  • Change the beneficiary designations on your IRAs;
  • Change the beneficiary designations on your life insurance policies;
  • Change the ownership of your life insurance policies, i.e. change the ownership of the policy from your ex-spouse to you;
  • Change the beneficiary designations on your 401k. This can only be done after your divorce is final;
  • Change the ownership of your other assets;
  • Change warranty information;
  • Change the ownership of your real estate so you are the sole owner or your trust is the owner;
  • Change your stock and bond ownership;
  • Transfer any interest your former spouse had or has in your business;
  • Obtain the signature of your ex-spouse resigning as an officer or director of your business;
  • Terminate joint liabilities such as credit cards, lines of credit, installment contracts, utilities (some liabilities you may not change without the consent of the creditor);
  • Terminate joint accounts;
  • Change direct deposits to checking and other bank accounts;
  • Terminate automatic withdrawals to the ex-spouse’s account or for that person’s benefit;
  • File a change of address or name change;
  • File a forwarding address with the post office and other parties to forward important mail;
  • Change your employer’s payroll and benefit plans;
  • Notify creditors, credit card companies, banks, brokerage firms and other financial institutions;
  • Change your passport for emergency notification or change of name or both;
  • Revise all estate planning documents;
  • If relatives have named your ex-spouse in their estate or disability planning documents, inform them so they may make changes;
  • Change your personal or employer-provided insurance coverage that designates your ex-spouse as a beneficiary;
  • Change access codes and passwords to more accounts online than you can imagine;
  • Change the locks on your real estate;
  • Obtain the spare keys from your former spouse to your car, boat, safe deposit box;
  • Change the location of keys hidden on your real estate and automobiles.

The above is not an exhaustive list. Not all of the items above will apply to you; however, many will. Plan to add to the above to complete all the unfinished business that remains when you think your divorce is behind you.

To learn more, please read the following two part series about how Florida law affects your estate plan after divorce:

If we may help you with the above, particularly the revisions to your estate plan, changes to your business, and the transfer of ownership to your real estate and other assets, please call us at 813-852-6500 or Contact Us to arrange a courtesy discussion to see how we may help you with your transition from married to single life.