After months, even years of wading through the divorce process, you have finally obtained your Final Judgment and Decree of Divorce. Now what? There are likely several task that your divorce decree mandates that you do, like pay child support or abide by your co-parenting arrangement with your ex-spouse. However, for your financial well-being, we have listed a brief financial to-do list that we hope will help you re-establish some normalcy in your life post-divorce.
- Obtain a copy of your certified divorce decree, and keep it in a safe place so that you will be able to readily provide it when needed to show proof of your divorce.
- Close joint credit accounts.
- Close joint bank accounts.
- Remove your spouse’s name, and change your name and/or address of all accounts that remain open post-divorce, like bank, brokerage and investment accounts and
credit accounts. Additionally, if necessary change your name and/or address on your driver’s license, car title, vehicle registration and insurance policies employment records IRS records, life, health, homeowner’s and disability insurance policies, social security card, utility bills, and title to any real property that you retain.
- Research your health insurance options and obtain information concerning COBRA, if applicable.
- If your divorce decree states that a Qualified Domestic Relations Order (QDRO) is necessary to divide retirement funds, provide the QDRO to appropriate banks, pension plan advisor, or plan administrators to ensure its acceptance.
- Ensure that all quitclaim or warranty deeds have been executed and properly recorded to effectuate any transfers of property.
- Update your will, trusts and other estate documents. Additionally, be sure to update the beneficiaries on your life insurance policy as well.
- Open new bank accounts and credit accounts if necessary.
- Check your credit report and credit score.