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. Post-divorce, it is important to update insurances, manage financial accounts, update your name and address, renew your estate plan, and create a new financial plan.
During a divorce, you are prohibited from removing the other party from insurance policies. After a divorce is finalized, it is time to update or remove the other party from your policies. It is a good idea to contact your insurance broker to discuss your coverage as a single person.
Manage Financial Accounts
Post-divorce, you will want to cancel joint accounts and open new financial accounts. This may include bank accounts, savings account, and credit cards. It is important to do this soon after the divorce to remove yourself as a liable party on the accounts.
Update Your Name and Address
If you changed your name or recently moved, it is important to remember to update all necessary institution and forms. This may include:
- Social Security Administration
- Department of Motor Vehicles (DMV)
- Post Office (USPS)
- Voter Registration
- Insurance Companies
- Health Clubs or Memberships
- Retirement or Investment Accounts
Once divorced, your estate plan will need to be updated. You will want to ensure your ex-spouse has been removed as your beneficiary, power of attorney, and heath care agent. Once completed, your ex-spouse will not be able to make financial or health decision for you should you become incapacitated.
Create a New Financial Plan
Finally, your finances may look different after a divorce. Creating a new financial plan and budget is a good idea to help you regain your footing. Tracking your income and expenses will help you develop a budget and savings goals. This may also be the time to investigate different financial resources such as an accountant or financial advisor.
If you have questions about divorce or post-divorce work, contact our office today. Our experienced divorce lawyers are ready to assist. To schedule a consultation, contact our office at (763) 323-6555 or submit an online contact inquiry through our website.