By Sarah Stewart Legal Group
Divorces are seldom simple and neat. Complex and contentious divorces can take years to resolve. As if the Court process itself weren’t enough, when your divorce is finally complete, outside of basic items, such as changing your name and address, there are several financial issues you will need to take care of as well.
(1) Credit Issues
Be sure to cancel all joint accounts you held with your now-ex-spouse. You will need to set up separate accounts in your name only.
(2) Take Your Spouse’s Name Off Accounts As Beneficiary
You need to update your estate planning documents and contact your financial planner and banker to take your ex-spouse’s name off any beneficiary designations. You don’t want your ex benefiting from your death. Check all life insurance policies, retirement, pensions, annuities, and stocks to ensure you have disinherited your ex-spouse.
(3) Divide Retirement Accounts By Court Order (QDRO)
A Qualified Domestic Relations Order from your Court will be necessary to split retirement assets obtained through the marriage. Have a professional help you work this out with your ex.
(4) Make Sure You Get Your Awarded Child and Spousal Support
In Oklahoma, the Department of Human Services provides a service where they will automatically withdraw your child support from your ex-spouse’s account for a minimal fee. They will also keep track of your ex-spouse if they change jobs and enforce your child support orders and collect back child support. If your ex is unreliable, this is a great option!
For spousal support, can you arrange an automatic withdrawal in your Court order? Make collection as easy as possible for both of you.
(5) Refinance or Sell Real Estate
If the Court ordered that you could keep certain real estate, make sure it is re-titled in your name only and refinance the property into your name as well. If the court ordered a sell, get the property on the market.
(6) Get Health Insurance
If your ex covered you under their policy, you will need to get individual insurance to cover yourself.
Your income is likely to take a dip since you will be living on one income instead of two. Be sure to put pen to paper and come up with a reasonable budget for your new situation.
(8) Avengers Assemble
Pick a strong team of professionals to help you organize and plan your financial future. You will need attorneys, financial planners, tax professionals, and other skilled professionals to help your journey. Assemble that team of avenging superheroes now!
Speak to your divorce attorney about preparing your Order so that your ex will not shirk his or her responsibilities to you, such as signing documents to transfer property to you.
The best Defense is a strong Offense. You know the points where your ex may be weak or unreliable. Think those weaknesses through strategically and plan for them in your Court order to save yourself future headaches and stress!