Four Things to Do After Your Divorce Settlement
Once a judge signs off on your divorce settlement, you still have a few things you need to do. Some will require the help of a family law attorney. In many cases your divorce attorney offers these services, so be sure to ask before looking for someone new.
Verify Title Documents Are in the Proper Name
If you and your former spouse owned a home, boat, or cars together, chances are that you originally titled them together. Your divorce settlement gave them to one of you. With the home, if you are refinancing it, the bank will handle this. However, if it is paid off, you or your spouse will want to quitclaim the deed to the rightful owner. This can also be done with boats and cars.
Follow Up on Your Qualified Domestic Relations Order (QDRO)
In cases where a judge equalized the retirement plans between you and your former spouse, the QDRO must be filed prior to their retiring or dying in order for you to receive the funds. Verify with the plan administrator that they have the order and that what they see is what was agreed upon in the divorce settlement.
Rework Your Estate Plan
As a newly single person, you likely do not want your belongings going to your former spouse in the event of your demise. Now is the best time to work with your family law attorney and update your estate plan. If you and your spouse have minor children together, you should have worked out custody in the event of one of your deaths. If you did not, you may want to address that in another legal document. Also check your life insurance beneficiaries to ensure those changes have been made.
Verify All Joint Accounts Are Closed
Your divorce settlement agreement may have assigned certain debts to one spouse. In cases where both parties are on the debt, the responsible party will need to open a new account. They can then transfer the balance to the new account. If both parties are equally responsible, both will need to open new accounts and transfer their portion of the balance. You can use information from the credit reporting agencies to find out if you have any open accounts you are not aware of having.
We Handle Divorces & Estate Planning
If you are looking for a family law attorney in Clearwater who can help you with a divorce, or if you already have a divorce settlement and need to update your estate plan, Wagstaff & Pitelis is ready to help. Our team of compassionate and knowledgeable attorneys will help you through and beyond your divorce. Call us today at (727) 584-8182 or fill out our contact form to schedule your consultation.