Just because the ink has dried on the Marital Settlement Agreement (“MSA”), doesn’t mean everything is settled and you can freely move on to the next phase of your life. There are many things that need to be handled once your divorce is finalized. While the list below is not comprehensive, it is a good starting point and may also enable you to think about additional items that may need to be addressed.
- Transfer assets in accordance with the provisions of the MSA
- After you finish all divorce-related transfers of retirement accounts, annuity contracts and mutual funds, make sure to update your beneficiary designations on all accounts.
- If you change your name post-divorce:
- Update all pertinent documents including social security cards, passports, driver’s license, credit cards, bank accounts, investments, vehicles, insurance, etc.Change your name and marital status on social media, and if applicable, company website with profile
- Change your payable on death on your checking, savings, retirement accounts, all insurance, 401K, etc.
- Update your credit cards or open new credit cards and close out old accounts.
- Notify your child’s(children’s) school(s) and update both parents contact information for notifications, update emergency contacts, provide the Parental Agreement, if necessary.
- Notify your employer of your change in marital status and work with your HR representative to make changes to benefits, beneficiaries, emergency contact information, etc.
- Update insurance policies and beneficiaries
- Estate planning – update your will
- Update your Power of Attorney, if applicable.
- Transfer assets or adhere to provisions of MSA
- Maintain a Schedule of MSA deadlines.
- Follow-up on issues relating to QDRO (Qualified Domestic Relations Order), if applicable.