A common quote repeated many times by the famous baseball legend Yogi Berra, states “Its not over till its over.” With the end of a marriage, comes a list of things that must be done. Some of the most common things on the “to do list” are:
1.Update wills: Even in cases where you want your ex-wife to inherit, she is now your ex, and probably referred to incorrectly in your old will as your “Wife.”
2. Change beneficiaries of your life insurance, as required by your agreement.
3. Transfer all titles to the rightful owner as reflected in your Separation Agreement, including:
• Car titles
• Motor vehicle insurance
• Bank accounts
• Stocks, bonds and other securities
4. Don’t forget Debts- make sure each creditor has the address of the person paying the debt. And if you’re not responsible for a debt, make sure the creditor has removed your name so -it no longer appears as a joint debt.
5. Retirement- Often, couples often are dividing 401K’s and they often need QDRO’s (Qualified Domestic Relations Order), signed by a judge to divide the retirement plan. It is important to make certain that the signed QDRO is – forget to submitted to the plan administrator, so that and one party never gets their share of the pension
6. Change your name- Send copies of the final judgment to anyone that may need official proof of your new name- i.e. social security, motor vehicles, etc.
7. Change your address- and agree with your ex spouse how to handle miscellaneous items- i.e.- joint magazine subscriptions, holiday cards, etc.—
With a little planning ahead, the final steps of your divorce can bring a quick, and anticipated end to the process.