Your Post-Divorce Checklist

Your Post-Divorce Checklist

Posted By R. Gregory Colvin LLC || 30-Oct-2018

Since the divorce has been finalized, you can now take a deep breath and appreciate the fact that it is time to start a new chapter in life. However, there are certain things you still need to address to fulfill the obligations of the divorce decree and ensure you are financially on the right track.

The following is a post-divorce checklist you must complete before you can finally move on:

  • Review your divorce agreement – Read your divorce decree, then read it once again to make sure you didn’t miss any obligations you still need to complete. Create a list of the items you and your spouse still need to accomplish. It is best to complete your list within a month.
  • Plan for alimony and child support – If you’re responsible for paying alimony or child support, consider these payments your new expenses. Keep in mind, child support ends once your child reaches adulthood and alimony doesn’t last the rest of your life. If you will receive alimony or child support, you still need to take into account the possibility of your ex-spouse failing to make payments and figure out how you can stay financially afloat.
  • Cancel and close joint accounts – If the joint accounts you share with your ex remain open, it is possible that he/she could overdraft or run up charges on credit cards. Cancel and close all joint accounts that both of you share. If there is a balance on an account which still needs to be paid off, you can request the bank or credit card company to temporarily suspend the account to prevent any charges in the future.
  • Open new accounts – You need to open new bank accounts, credit cards, and investment accounts under your own name. If the divorce has caused your finances to take a significant hit, a credit card can provide temporary financial assistance to help you get back on your feet. Additionally, you can open a credit card to start rebuilding your credit score.
  • Change deeds and titles – If your divorce decree requires the execution of a quitclaim deed to transfer the interest in a property or change the titles to your motor vehicles, have these documents ready.
  • Change insurance policies – Whether you and your ex-spouse share auto insurance, health insurance, and/or life insurance, you need to contact your insurance adjuster, change the beneficiaries, and update your personal coverage.
  • Create a new estate plan – Now that your ex-spouse is out of the picture, you must update your will, living trust, power of attorney for finances and health care, and other estate-related documents.
  • Review your retirement accounts – Ensure the Qualified Domestic Relations Order (QDRO) is entered and in effect to ensure the transfer has been made. You may also need to reassess your retirement goals to make sure you’re still on the right track.
  • Change your name – Change your name with social security in order to obtain a new driver’s license and other new documents. You must also notify all of your creditors of the name change.

Once you completed everything on your post-divorce checklist, you avoid suffering any legal and financial headaches in the future. Now you are able to focus on the healing process. If there is anything you need to address, you can contact our Orlando divorce attorney at R. Gregory Colvin today.

Categories: Divorce

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