In addition to new bank accounts, its important to update beneficiaries on your accounts. Jason Crowley is a divorce financial strategist, personal finance expert, and entrepreneur. I strongly recommend putting together an executive summary and implementation checklist. Change your name on all credit cards, store charge cards, etc. By failing to do so you run the risk of your former spouse receiving your retirement and other assets should you pass away. 4. QDRO attorneys arent cheap. Youll end up with a laundry list of to-dos. Take life insurance, for example. He is a Chartered Financial Analyst, Certified Financial Planner practitioner, and Certified Divorce Financial Analyst. In some states, a legal name change after divorce may be effectuated by filing a name change petition, just the same as anyone who wants to change his or her name for other reasons would file. If you find yourself struggling to co-parent, here are a couple of things that you can do to help: Navigating a parenting relationship with a former spouse comes with its own set of challenges. Not every item below may apply to you, but there are surely some listed tasks that require your immediate attention. The best part is its FREE. Apply for a Final Order. The information on this website is for general information purposes only. It even has a tone-o-meter which alerts you (or your spouse) if your message could be perceived as aggressive. Did you request to change your last name as part of your divorce? Since 1996 Divorce Magazine has been the Internet's leading website on divorce and separation. You may have shared the passwords to personal accounts, such as social media, app-based home security, online banking, or streaming apps with your former spouse. You need to submit the QDRO to the plan administrator for approval and file it with the court. Nothing on this site should be taken as legal advice for any individual case or situation. This will relinquish ownership to the spouse thats keeping the home. What To Do After Divorce: A Post-Divorce Checklist. Based on your new tax liability, you may need to change your withholding, pay more or less estimated taxes, and change your investments. Your access to this service has been limited. You will then receive an email that helps you regain access. I developed this checklist to ensure nothing slips through the cracks post-divorce. Immediately after a divorce, work with your accountant and do a new tax projection based on your income and deductions. Open new accounts that are entirely under your name. The only way this happens is to pay off the mortgage or for the in-spouse to refinance the mortgage in his/her name. The Post-Divorce Checklist - Securing Loose Ends. 15. Look for professionals who have experience working with divorced clients. Separating finances is a lot of work. Copyright 2022 Survive Divorce. How to Save Money After DivorceAnd Still Look Like A Million Bucks! Take the certified order to change your name to the social security office, department of public safety, bank, and anywhere else changes may need to be made. This website uses cookies to improve your experience while you navigate through the website. Taxes, investments, insurance, wills/trusts its enough to make your head spin. Open a new checking account in your name. Post-Divorce Checklist Cover everything. With John Henry Richardson, Rupert Boneham, Mary Deese, Alyss Winkler. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. This is cheap asset protection and a must-have. Do Texas Courts Favor Mothers over Fathers? I recommend using QDRO Counsel. Jason is the managing partner of Divorce Capital Planning, co-founder of Divorce Mortgage Advisors, and founder of Survive Divorce. When you start thinking about how many organizations you need to notify, you may start to regret your decision to change your name. Our post-divorce checklist will be a helpful reminder of what you need to do after your divorce. Thats why we put together this post-divorce checklist to help you get started on the right foot. Now that the divorce is final, you may want to change the passwords for the sake of your privacy. Starting by first reviewing the titles, deeds, and other official ownership documents of any property still owned after finalizing the divorce, confirming their accuracy and making . Wordfence is a security plugin installed on over 4 million WordPress sites. Top 10 Steps in Your Post Divorce Checklist 1. We will break it down starting from pursuing legal rights, searching for an apartment, moving company, and what must be included in your moving checklist. Create a new budget based on your change in income and expenses. Maybe throw back a few cocktails (to celebrate or drown your sorrows). Update or create a power of attorney for healthcare and finances, a living will, and other documents. You can also obtain a Certificate of Name Change from the clerks office. Get a new driver's license. For more information, you can reach us at 800-359-5690 or 866-430-3010. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". Creating a Post Divorce Checklist The following is a checklist of certain things you still need to get done after your divorce is finalized: Review your divorce decree While it may be the last thing on your mind, you must readand re-readyour divorce decree in order to create a list of items you and your ex-spouse still need satisfy. Download our free ebook with 100+ financial landmines to avoid. The Complete Guide to Health Insurance After Divorce. Prepare and sign any required Quit Claim Deeds or Transfer Returns on real property. "No property" means you literally own nothing as a couple, not even a car. Transfer of automobiles with updated title, registration and tags. This is a very general checklist. These apps can help you keep tabs on your kids schedules and track shared expenses. Order a free credit report. If you have any issues visiting or accessing your children following your divorce, create a detailed calendar of all incidents to be used in a later modification or enforcement of your divorce decree. Post-Divorce Checklist: Tasks To Complete. Our post-divorce checklist will be a helpful reminder of what you need to do after your divorce. Ask your CDFA or family lawyer for referrals, and use AdvisorFit.com to help you evaluate financial advisors you find. Transfer title on cars, boats, etc. For more information on what should be done after divorce, contact Logan-Thompson, P.C. For this reason, most divorce attorneys steer clear of preparing QDROs. Refinance If your separation agreement calls for your spouse to refinance an existing mortgage in their own name, make sure that is done so you are not still . One wrong answer could have devastating consequences. First things first get a certified copy of your divorce decree. How to Live Alone After Divorce and Not Be Lonely, How to Combat Your Exs Sneaky Divorce Tactics, Co-Parenting: How to Communicate Better with Your Kids After a Divorce. A divorce is a hard process to get through. Obtain a certified copy of your decree. You're going to need this to complete several of these steps. Changing your name after a divorce can be the symbol of a new start for many women - whether you decide to revert . Each downloadable Divorce and Financial Checklist is designed to help you collect and organize the important data that you will be needed to complete your legal documents, negotiate your case, and eventually finalize your divorce. Texas courts do not favor mothers over fathers. Ensure that all documents related to the division of property are filed with the Court, including a qualified domestic relations order or special warranty deed. You may also need to change the deed to your house. 6. Now that the terms of your agreement are finalized, take a close look at your expenses and develop a post-divorce budget. 1. This makes things easier to keep organized and lessens your chance of being compromised by your spouse. Scan and copy family photos in your possession and give a copy to your former spouse. No need to go overboard on this, but it does make sense to . Your decree contains the terms of your divorce regarding child custody and visitation, child support, division of marital property, and more. Its a good idea to get a credit report a couple of months after finalizing your divorce to verify no joint accounts remain open. by Mary E. Ramos | The Ramos Law Group, PLLC is committed to the practice of divorce and family law in Houston and the surrounding areas including but not limited to the cities of Angleton, Conroe, Clear Lake, Galveston, League City, Pearland, Sugar Land and The Woodlands. Request all your files from your attorney. If you were previously receiving health insurance through your spouse, ensure that you have continued coverage through COBRA or obtain health insurance through other means. Do you want your ex to inherit your assets if something happens to you? If you had a living trust, work with your estate lawyer to create a new trust. While you may have a signed judgment and decree in hand, your divorce may require follow up work to tie up loose ends and complete the process. Shawn Garrison. Advanced planning helps you in making sound decisions, start preparing for post-divorce life, and avoid many post-divorce pitfalls. You must 30 days prior to applying for another marriage license in Texas. That will keep you out of court if things go sideways. The result would be indirectly leaving the proceeds to your estranged spouse as their parent. The divorce process is daunting. Analyze your financial situation post-divorce so you know how much you should be saving for retirement, what your budget should look like, and how to make the most of your new financial situation. Go to the DMV and change your driver's license. . Not so. Mainly administrative items. If you and your former spouse owned real estate together, it is important to ensure all necessary deeds (often Special Warranty Deeds and Deeds of Trust to Secure Assumption) are executed and filed with the county clerks office. Make sure all insurance (health, auto, life) is in the correct name and address Modify any wills that are in place Make any name changes that are necessary are made Keep a record of any child support payments and visitation schedules Contact Our Atlanta Family Law Attorneys Today In order to divide pensions and most retirement plans (except IRAs), youll need a Qualified Domestic Relations Order (QDRO). This way you can rest assured that the policy wont lapse. A divorce decree is unfortunately not the last step in your divorce process. If theres a balance on an account that you cant pay off immediately (credit-card charges, for example), instruct the bank or credit-card company that you want to suspend the account and not allow any future charges. If not, you have work to do. I developed this checklist to ensure nothing slips through the cracks post-divorce. Not Dealing With Critical Parenting Issues Before Your Divorce -- There is more to a parenting plan than a time schedule. Since you both know everything is being documented, it can keep the messages from getting out of hand. Stay Organized And On Task With Paperwork 2.4 4. All Rights Reserved. Hopefully, your agreement includes language about what happens if you and your ex dont agree on certain details. The last step in the post-divorce checklist is often an involved and lengthy one; however, divorce attorneys recommend at least getting started as soon as possible. Divorce Checklist Item: Make sure that all of the money that is supposed to be transferred to you actually gets transferred. Now is a good idea to add any important dates and deadlines to your calendar. Unfortunately, not everyone can get along with their ex. This program was developed with his Family Law experience in mind having seen the negative effects of lack of follow through. Hire Therapist For Children If Needed 2.5 5. During and after a divorce, you should check your credit score. It is commonly believed that once a settlement is reached in a divorce case and the divorce decree is issued that the divorce case is finalized. So grab a cup of coffee or tea and let's get started. Robert Pagliarini (CDFA, CFP, EA, MS, MA) is the president of Pacifica Wealth Advisors (www.pacificawealth.com), a wealth-management firm that works with sudden-wealth recipients. Update contact information with schools, daycare, medical providers, and organizations Make sure all your communications on the subject go to this email address alone. Still, that doesn't mean you shouldn't include them on your checklist. 1. Once you've completed this list, you should have financial peace of mind. While youre at it, designate legal guardians for your children. If you have a new living trust, ask your estate lawyer who should be listed as primary and contingent beneficiaries on your accounts. If you have a Parenting Plan, you will need to refer back to it often to remember the timesharing schedules and other important details. For each asset, ask yourself who holds title (registered owner) and does that in line with how the asset was divided in your divorce decree? This includes less time spent with your children and adjusting to new parenting time schedules. Life insurance can replace the support payments that stop when the payor dies. 16. That way it won't be so apparent to merchants and others that it's a brand new account. You can certainly save some money by using an online QDRO company. Starting the next chapter of your life after a divorce can be both scary and exciting. If you havent already done so, cancel and close all joint accounts you have with your ex-spouse immediately. The divorce decree may contain a list of items you and your ex-spouse need to do in the aftermath of . The. Resist the temptation to use employer-provided life insurance coverage as security for support. The owner of this site is using Wordfence to manage access to their site. The implementation checklist should list all the follow-up items that need to be completed. Remember to transfer any automatic payments that youre responsible for to your new credit card. And its not just new credit cards you need to open: youll also need to open new bank accounts, investment accounts, etc. Next, get a life insurance policy on the support payor. at 423-476-2251. How Can a DUI Conviction Affect My Child Custody Case? Once youve completed this list, you should have financial peace of mind. To help you focus on moving forward, below is a post-divorce checklist to guide you in your post-divorce endeavors. Have those reasons changed? If you haven't already done so, cancel and close all joint accounts you have with your ex-spouse immediately. The judgment has been entered. Revoke all powers of attorney that you may have granted to your spouse in writing. In some cases, schools may request a copy of your divorce decree. Sometimes. After your divorce, its more important than ever to have a cash safety net. Post Divorce Checklist. Not all the items on the list . But dont be penny wise and pound foolish here. Some might not apply to your situation, so use this as a guide. (find out what you need to bring ahead of time.) Know Your Rights And Keep Track Of Child Support Payments 3.2 2. Use this checklist to help gather and save the documents you'll need as you work through your divorce. Access from your area has been temporarily limited for security reasons. If you change your name after a divorce, you must update your information with the government. It is important to pay attention to the list of assets you have in your homeowners policy, such as jewelry, collectibles,artwork, and other valuables your spouse may have received in the divorce settlement. If you get along well with your ex, the easiest way to manage and coordinate kids schedules is with a shared google calendar. Scan and copy family photos in your possession and give a copy to your former spouse. Go over your Marital Settlement Agreement in detail. If you shared a computer with your ex-spouse but are not taking it with you, use a program such as Eraser or Permanent Eraser (for Mac) to destroy personal files and be sure to delete personal information from Internet browsers. If you have children, you may need to update your will but even if you dont have children, there are many estate-planning issues to consider. If you dont update your estate plan and beneficiary designations, thats exactly what will happen. If your ex was listed as an emergency contact, you may want to update this information. Our attorneys are available to assist you in the following counties: Contact us today. This study examined the literature on children's overall adjustment to divorce. This eliminates the need to remember to cut a check each month. Subjects (N=102) were recruited from 15 elementary, middle, and public . October 07, 2014 (0) Comments Categories: Divorce Financial Planning and Investment, Financial Issues, Tax and Divorce. In addition to the steps required by the settlement agreement or judgment of divorce, your post divorce checklist should include a number of steps to take automatically when you divorce. and have them recorded at the county recorder or DMV. Canadians should contact Service Canada: www.ServiceCanada.gc.ca/eng/sin/apply/how.shtml. The Carlson Law Firm has been representing and protecting clients in Texas and across the nation since 1976. 5. But opting out of some of these cookies may have an effect on your browsing experience. His practice includes a comprehensive post divorce financial planning program for clients dedicated to preparing for financial independence and long term success during the post divorce transition. Open new credit cards in your name if you havent already done so. Name Change Checklist After Divorce. That's why we hope this post divorce checklist can help give you some guidance as you move on to the next chapter of your life. Posted in Divorce, Estate Planning. What happens when your spouse switches jobs? Close all joint accounts, including mortgage, line of credit, checking, savings, investments, rental agreements, and any online accounts. If child support is ordered, begin making payments directly to the San Antonio Disbursement Unit until the wage withholding order has been processed and money begins coming directly out of your paycheck. Just because you have a court order doesnt mean your name change has taken effect. Scores 4.78 with 422 votes 68 tasks family, relationship , , , Personal Information to be Gathered Each spouse's name, date of birth, and Social Security number Names and birth dates of children Date and place of marriage and length of time in present state Information about prior marriages and children Create a new budget based on your change in income and expenses. Debra Whitson's Post Debra Whitson A family law thought leader, entrepreneur, mediator and attorney with a passion for empowerment and gender equality