It can be tempting to think that once a divorce settlement has been reached, the entire process of ending the marriage has concluded. This, however, is not always true. Because divorce can impact so many aspects of your daily life, there are often many problems to solve even after a settlement is reached. The following reviews some of the things that you will likely need to do after reaching a settlement.
Even though a settlement might request the transfer of a certain amount of assets, this does not mean that it will automatically occur. Instead, it is often necessary to arrange with a bank or financial institute for these transfers. It is also helpful to confirm that transfers occur in an approved manner.
Update Estate Plans
Divorce can impact a person’s estate plan, but it is still necessary to review the terms of all estate planning documents and update them to make sure that they adequately express your wishes for how your estate should be handled after your death. In some circumstances in which the divorce has proceeded smoothly and you were able to maintain a healthy relationship, you might even wish to leave something to your former spouse in your will.
Appoint New Beneficiaries
Similar to the previous suggestions, it is a wise idea to review insurance policies, pensions, retirement plans, and other documents that require you to name beneficiaries. In most cases, you will need to update these documents to remove your former spouse and included a new beneficiary instead. It is important to avoid waiting to name a person to act as a beneficiary because otherwise, your estate might pass through intestacy and be distributed in a pre-established manner by a court of law.
Create a Separate Bank Account
Many people decide to open new bank accounts or lines of credit after a divorce settlement has been reached. You should follow through and make sure that automatic payments are placed into the correct account. These errors are much more difficult to remedy after they have been made, which is why it is a much better idea to take care of them in advance.
Change Your Name
Many people decide to return to their former names after a divorce settlement has been reached. This is particularly true for people who lost their maiden names during a marriage. If you do decide to change your name, you will be required to make several updates to your financial accounts and documentation to reflect these changes. Some of the documents that frequently need to be updated include bank accounts, driver’s licenses, insurance policies. passports, retirement plans, social security registration, and voter registration.
Speak with an Experienced Divorce Lawyer
If you need help finishing your divorce or are uncertain about how to resolve issues that linger after a settlement, an experienced family law attorney can help. Contact Vayman & Teitelbaum, P.C. today to schedule a free initial consultation.