-
Make sure that you know what your
spending plan is and that you monitor your income and
expenses against it monthly.
-
If there has been a division
of a pension, 401k or IRA, you need to make sure that a
Qualified Domestic Relations Order has been prepared, agreed
by the Court, submitted to the fund administrator, and
implemented correctly. If you are the recipient of the
funds, you need to make sure that you have a suitable
account to which the funds can be transferred.
-
Change titles on assets, such
as cars and houses. Record changes with mortgage
company.
-
Prepare new wills and trust
documents.
-
Update your estate
plan/financial plan.
-
Make sure all joint credit
card accounts have been closed.
-
Change the name on the
utility bills to reflect who is now responsible.
-
Obtain personal auto
insurance.
-
Change beneficiaries on life
insurance, 401k, pensions, IRA accounts.
-
Update your mailing address
with credit card companies, banks, motor vehicle department
and insurance companies.
-
If you changed your name as a
result of the divorce, get a new Social Security Card,
driver's license, passport, and credit cards. Notify
your bank, stockbroker and children's school of your change
of name.
-
Close joint safety deposit or
post office boxes, and open new ones if needed.
-
Keep your attorney and other
advisors informed of your contact details, as changes in the
law may affect your case.
-
Obtain a certified copy of
your final decree.
-
Obtain a new copy of your
credit report to make sure that the accounts you closed were
really closed and that the credit agency file has been
updated.
-
Make sure you are covered by
health insurance, whether that is through Cobra benefits
from your former spouse's employer, through your own
employer, or through a self-employed scheme. For
information on options in Colorado,
click
here.
-
If you were married for at
least 10 years, you are entitled to make a claim against
your former spouse's Social Security. At the time you
are eligible for Social Security, you can receive either
100% of your benefit entitlement, or 50% of your former
spouse's entitlement. See
www.ssa.gov.
-
Keep records of payment or
receipt of alimony/maintenance, child support and other
support payments made to, or received from your former
spouse.
-
Keep records of your
children's medical costs, including insurance claims, copays,
etc.
-
If co-parenting is an issue,
then keep records of how the visits with the other parent
went and any specific problems that may have arisen.
-
Make sure you have the
Social
Security numbers of your former spouse and your children.
You may need them for tax returns.
-
You may need your former
spouse to sign an IRS Form 8225 to indicate what your
agreement is regarding claiming the children as exemptions.
-
Update the children's schools
about contact information of you and former spouse,
emergency contacts, school pick-ups/drop-offs, etc.
