Post Divorce Checklist

Did you get divorced recently? Once all the dust has settled, here is a checklist of items to help you separate your financial affairs.

Bank and Investment Accounts
Open individual checking and savings accounts and be sure to close any remaining joint accounts, other than any designated children’s expense accounts
If assets are being transferred from a joint account to a separate account, be sure the company handles them as in-kind transfers when needed to avoid any unexpected tax consequences.

Property
Transfer ownership on all real estate deeds and be sure they are recorded at the appropriate county recorder office.

Complete any refinancing or mortgage assumptions necessary.
Transfer ownership and registration for any automobiles, boats, etc. and be sure they are recorded with the appropriate DMV office.
Be sure any auto loans, etc. are refinanced as needed.
 

Retirement Accounts
Review and update the beneficiary designations on all of your retirement and pension accounts. If there are retirement accounts to be transferred, provide the custodian with a copy of the settlement in order to get them processed. And if a QDRO is required to split a qualified retirement account, confirm that the plan administrator has accepted it and that it has been filed with the court.

Debts
Open individual credit card accounts.
If necessary, transfer any credit card/loan balances into your own name and then close joint accounts.

Insurance
If health insurance plans will change, obtain COBRA coverage or start a new individual policy.
Update any homeowners, umbrella, auto, etc., insurance policies.
If appropriate, obtain a life and/or disability insurance policy on the payor of child or spousal support to protect income should the payor die.  The recipient of support should be both owner and beneficiary, and should control payment of premiums.
 

Estate Planning
Review and update your will and/or trust, and be sure to designate guardians for your children if necessary.
Update any health care proxy and power of attorney documents.

Taxes
If in your settlement, complete IRS form 8332 in order to transfer child dependency exemptions to the non-custodial parent.
Review your tax withholding allowances and determine if any estimated quarterly payments might be necessary.

You can contact me at Amanda@gordonfamilylaw.com for more information.