When a marriage ends the paperwork that bound you two together ends as well. By that I mean it needs updated to reflect your new life.
Some of the important documents that need your attention:
Your Power or Attorney
The Life Insurance policy. (Especially if your ex is paying you child and spousal support) Insurance beneficiaries, update them.
Credit rating, start building your own CR
Credit cards, pay off any joint accounts and cancel them. You should have nothing in joint name.
Any joint accounts, same as above. Netflix, utilities, Verizon, etc.
Retirement plan beneficiaries, update your beneficiaries.
Estate plans (Wills, trusts) Both of you should re-do your wills. This goes for your parents too, just in case they listed their “son-daughter in law” in their wills.
Social Security, call them and see if you need to do anything. Check what your benefits and options are now that you are divorced.
Taxes and your CPA (Child exemption, head of household filing status, etc)
Titles and deeds (cars, house, etc)
Changing your last name?
Driver’s license (address change)
Email accounts, Social media status
Friends and relatives update
This is a good start. Your attorney will probably give you a similar list (I hope) and leave it up to you to follow through. If you need some help in executing that QDRO or updating your life insurance or splitting your investment account call me. That’s part of what a CDFA® (Certified Divorce Financial Analyst.) does. Well at least the good ones.
This article was contributed by Donald Morris, CDFA® and financial advisor. Donald is currently serving as president of winwindivorce.org.