DIVORCE: Tying Up The Loose Ends

In a good deal of cases, the day someone receives a Divorce Decree represents closure to a significant period of their life.   Some people are sad, and some are happy to be receiving a fresh start.  The problem is, all too often once a recently divorced person is too quick to put the matter behind them and to turn the page without completing some important final steps.        

We have identified areas of interest that a recently divorced person may overlook once the Divorce matter is concluded.   The following are important tips to remember:

• Even if you currently have a Will, have a new Will drafted that reflects your new status.  Any provisions made for your former spouse in a Will drafted prior to your divorce may still be valid even though the final result might not reflect your true desire.
• Consistent with the terms of your divorce, c ontact each of your insurance companies or their agents, including, but not limited to, life, household, automobile, fire, casualty or liability insurance, to make sure that coverage and beneficiaries are appropriate. Consistent with the terms of your divorce, r emove your former spouse's name from any jointly held assets or debts such as bank accounts and credit cards.
• Check with your employer and/or accountant to determine any appropriate changes to your income tax withholding given your new status.  
• Consistent with the terms of your divorce, c heck the beneficiary designation on any retirement account you may have.  A divorce may not automatically change a beneficiary designation on a retirement account.  The best thing to do is to check the beneficiary designations on assets such as these and make the appropriate changes.  
• The same caution applies to any life insurance polices that you have.  Consistent with the terms of your divorce, check the beneficiary designations to be sure they reflect your desires.