Post Divorce Checklist

Post Divorce Checklist

Here are a few financial and legal steps you should consider doing immediately after your divorce is final.

Your Accounts & Credit Time Frame

Change your name on all your financial documents, bank statements, etc.

Close and change names on all joint accounts. Make sure all credit card bills and loans are paid promptly and closed by you or your spouse if responsible.

Open a checking/savings account in your name.

Establish your own credit history. Open a credit card in your name.

Set up a liquid account with up to 3 to 6 months of cost-of-living expenses in a money market fund or a Certificate of Deposit (CD).

Check investment accounts to see ownership of stocks, bonds and mutual funds are properly listed.

Your Identification

Change your name with Social Security. Once you receive final decree Change your name on your driver’s license.

Your Property Change title on your automobiles if necessary.

Change over your automobile insurance.

Have your spouses name taken off the mortgage for the house or apartment.

Make sure you transfer ownership of all deeds for your homes or automobiles, boats, etc. and that they are recorded at the appropriate county recorder’s office.

Your Insurance & Finances

Change your beneficiaries on all Life Insurance policies, etc.

Change beneficiaries on all Retirement & Pension accounts.

Health insurance – Be sure to revise coverage for spouse and/or dependents depending on divorce decree.

If you have a QDRO (Qualified Domestic Relations Order) make sure it’s done.

Execute a new will or trust. Designate guardians for your children if necessary. Be sure to update your health care proxy and your power of attorney documents.

Go over your settlement agreement – go over every detail with your attorney or your financial advisor to make sure everything is completed. Have your custodian (Schwab, Fidelity etc.) or financial advisor divide accounts according to decree.

Review your tax withholding allowances with your tax advisor or CPA. If the house or other real estate will be sold now or in the future, get estimate of tax implications.

ROBERTSON STEPHENS®

Post Divorce Documents Checklist

Here are a few documents you must have at hand to assist you in smoothly getting through your transition.

Documents to keep handy:

Location Birth & death certificates; marriage license; divorce-related agreements; citizenship papers; deeds; car titles, mortgage agreements; inventory and photos of household property. Safe deposit box

Tax returns, including documentation for prior 6 years; insurance policies; bank, brokerage & mutual fund statements; mortgage statements; employment benefit documents, including booklets on group insurance & retirement plans, employment agreements, deferred compensation agreements, stock option plans, Keogh & IRA documents & current benefit statements; business documents, such as partnership agreements, tax returns, stock redemption/buy-sell agreements & financial statements.

Trust documents (if created by you or for the benefit of you, your spouse, or your children).

Will; power of attorney; living will; health-care of attorney.

Keep all payments and receipts for alimony and child support as well as any credit cards or loans paid off by you or your spouse. Make copies of all checks you send or receive. Keep a log of all checks with dates and amounts.

Make a copy of your final judgement and settlement agreement. Keep the original in a safe or safe deposit box.

Keep all of your children’s documents together in a separate file. All birth certificates, social security cards, Immunization records for school, names of new and old doctors with address and telephone numbers.

Provided by Pam Friedman, Managing Director and Principal at Robertson Stephens: https://www.divorcenetworkpro.com/professionals/pam-friedman