When it finally happens and the Judge says your divorce is final. But wait, you are not done. There are important changes that must be executed to protect your assets and accounts. You must update personal records and documents after your divorce is finalized.
- Read your judgement so that you know what you are required to do.
- Update your beneficiaries and/or dependents for health and life insurance policies. Remember to execute a change of beneficiary form for any work-related death benefit. This includes IRAs, 401k and similar retirement plans.
- Revise and update your estate plan. More likely than not, after your divorce, your choice of beneficiaries, such as your former spouse, has to be changed. Contact an estate planning attorney to effectuate such change, as well as updating your power of attorney, advance directive, health advocate and other similar documents.
- Close any joint accounts with your former spouse and distribute the assets in accordancewith your judgment.Check to see if you own any accounts that have a transfer upon deathprovision and change the ownership of such.Open an account in your name so that you are ableto create financial independence.
- Close all joint credit cards, and update any online banking accounts like ApplePay, GooglePay, PayPal, etc. Remember to check all Google linked accounts on your computer and smartphone.
- Change all passwords on computer accessible accounts, apps and clouds.
- Be sure that any real property titled in joint name is retitled in accordance with the terms of your judgment. Most likely, the property will be sold or one spouse will buy out the other spouse’s interest. In the event of a buy-out, make sure that this happens in a timely manner and that a new deed in your name alone is recorded at the appropriate Register of Deeds.
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