“To avoid post-divorce financial trouble, I recommend that you and your ex, through your attorneys, create an action plan setting forth what steps you will each take, and by when, to enact your settlement agreement.”
Negotiating a divorce settlement can be a real chore. In addition, with a contentious, financially-complex divorce, the process can take months or even years.
Forbes recently published an article, “A Checklist To Help You Manage Post-Divorce Finances.” According to the article, many women are disappointed to learn that all their divorce-related financial troubles aren’t neatly resolved, when their ex signs the settlement documents.
It is true that your agreement will say exactly what must be divided and how much goes to whom. However, you’ll need to work through the practical details of how the agreement is implemented.
Some of the post-divorce financial matters you’ll face, like changing your name, address, and emergency contact, are simple enough. You only need a copy of your divorce decree. However, two key issues can be more complex and serious (and often overlooked causing unintended results).
Should you disinherit your ex? See an estate planning attorney to make revisions to legal documents or create new ones. If you don’t want your ex to inherit your assets, it is up to you to do the proper legal planning to accomplish your objectives.
Should changes be made to beneficiary designations on your insurance policies, retirement accounts, pensions, trusts, and annuities? Often, a spouse is named as the primary beneficiary on such accounts. If you no longer desire for your ex to be the beneficiary you need to properly change the beneficiary.
If these issues are not addressed, assets may end up in the hands of unintended people.
We are here to assist you. Contact a Thousand Oaks estate planning attorney at Family Security Law Group, APC for a complimentary consultation.
Reference: Forbes (February 12, 2018) “A Checklist To Help You Manage Post-Divorce Finances”