Top Ten Things To Do After Your Divorce

You have been through the wringer.  Your divorce is final at last and your are emotionally exhausted.  All you want to do is to settle into your new life in peace and begin to pick up the pieces, right?  Well, my job often makes me the bearer of bad news.  And the bad news here is that the end of your divorce is only the end of the beginning.  If you want to get off on the right foot in your new life, there is much yet to be done to ensure that you are on the best legal and financial footing.


Here are the top ten things you need to do after you leave the courtroom.


1.  Review your financial goals.
No matter what the outcome of your case, your income and expenses have certainly changed.  It is time to have a look at your cash flow.  Review your divorce decree and write down those items that will regularly affect your budget.  Consider all your new or changed sources of income (including child support or alimony if you are to receive that) and all your new or changed expenses (including child support or alimony if you have to pay that).  
2.  Change your bank accounts.
If you have any joint financial accounts make sure you go to your institution and make the necessary changes to take your former spouse off the accounts you have been awarded in the decree- or safer still, close the old accounts and open new once if that is convenient.  It may also save you time to call ahead and speak with the bank to make an appointment and ask what you need to bring.  A certified copy of your divorce decree will almost certainly be needed.

3.  Update your IDs.
If you were granted a name change in the divorce, get a new Driver's License, Social Security Card, passport, credit cards, etc.  It will take a lot longer than you think to go through all this bureaucracy, so start early.

4.  Transfer Titles.
Get the legal title put in your for the assets you were awarded in the divorce such as the house, your car, boat, etc.  Your decree should order your former spouse to cooperate in signing off on these things- if he or she hasn't already.  Do this now while it is fresh in everyone's mind.  You don't want to have to track down your Ex years from now to get their signature when you are trying to sell the asset.

5.  Get Retirement Accounts Transferred.
If you were awarded any part of your ex-spouse's retirement, pension, 401(k), or other benefit, you have to actually get the funds transferred to your account.  This is often a complicated process involving a thing called a Qualified Domestic Relations Order ("QDRO").  This can take upwards of a year in some instances and you will definitely need the assistance of your lawyer or financial adviser for this one- so get the process started early.


6.  Ensure you are Insured.
For health insurance, get COBRA or private health insurance.  For life insurance, if you have to pay child support or alimony or any other payout, make sure you buy at least enough to cover that amount.  Also, make sure you update the beneficiaries on your policies.


7.  Secure your Social Security.
If you were married 10 or more years to someone who earned much more than you, you should consult with your attorney or financial professional.  You may be entitled to up to 50% of your ex-spouses Social Security Retirement Benefit if that would be more than 100% of your own benefit.  Don't wait until you are 62 to ask about this- you might forget.


8.  Refinance that Mortgage.
If you got the house, you may have to refinance the mortgage and take your spouses name off of it.  This is a good time to shop around for better rates and terms.


9.  Plan for The END.
You absolutely should update your Will and any Trusts you have.  If you never had a will, now is the time.  Everyone should have at least a simple will, especially if you have children.  If you have minor children, you should consider setting up Trusts for them, and if applicable, think about your guardianship choices should you pass before they grow up.  Your attorney should be able to steer you in the right direction on how to get these things done.


10.  Take Stock.
Now that the fury of the divorce is over, you will finally have a moment to really THINK and PLAN.  Run off to some exotic location for some serious alone time.  I recommend getting out of your normal settings so you can see the world with a fresher perspective. It is time to navigate a new course for yourself.  Think of possibilities.  Even if you didn't want the divorce, it can be a new beginning for you.  Rebuild your life.  Make it a Better One.


Your divorce has been punishing and exhausting. But there are many things yet left to do.  Like a Marathon runner in the last mile, you have got to dig deep and find the strength to finish..and if you do, you will finish as a winner. 


For more information about this or any other topic related to divorce and family law, you can visit our website at www.mydivorcefirm.com.  

---