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- Change beneficiary designations on IRA accounts, employer sponsored retirement plans and life insurance contracts.
- Update your estate plan: (Wills, Durable Powers of Attorney and Trust documents (remember to re-title assets that were owned by the original Trust)).
- Review and update your financial plan, keeping in mind that investment objectives, retirement dates, and cash flow issues have likely changed since the divorce.
- If your ex-spouse is required to obtain life insurance to secure spousal and/or child support, verify that this has been completed.
- Obtain necessary signatures and submit all forms needed to change account registrations (i.e. changing the registration on your bank account from joint to single).
- Obtain necessary signatures and submit all transfer paperwork for investment accounts and non-qualified tax deferred accounts that are being divided.
- Make sure that any necessary Quit Claim deeds are property executed.
- If applicable, verify your ex-spouse has re-financed the mortgage and removed your name from the old loan.
- Make sure that COBRA is set up within the required time frame for continued coverage.
- Transfer Title on any vehicles, if necessary. Make sure that your ex-spouse has transferred Titles, if applicable.
- If you are changing your name, complete necessary paperwork with the Social Security Administration.
- If you are receiving spousal support payments, meet with an accountant to set up a schedule for quarterly estimated tax payments, in order to avoid paying penalties.
- Request from your spouse (or accountant/investment advisor) cost basis records on any assets that were acquired during the marriage, which you received in settlement.
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