Securing one’s financial future is often one of the primary goals individuals have while navigating a divorce. They take time to understand their goals and prepare a strategy beforehand to protect their property. Then, they implement it throughout the process of the divorce.
Getting the divorce finalized can feel like a relief, but that is not the end. There are still steps that individuals must take to protect their assets and their post-divorce future.
The process continues: Three post-divorce tasks to complete
After getting a divorce, individuals enter a new chapter in their lives. To begin this chapter smoothly, there are a few more critical steps individuals must take, including:
- Scrutinizing their estate plan: Estate planning is often the last thing on anyone’s mind – especially after a divorce. However, individuals in Maryland should check and revise their estate plan and make sure it conforms to their new goals and circumstances. It is particularly important to adjust beneficiary designations and the representative who has the power to make financial decisions on their behalf.
- Changing the names on accounts: Many women change their names after a divorce. In these cases, it is critical to make sure this change reflects across all of their accounts and investments. For example, they often must inform their bank as well as the Social Security Administration about the name change, so they can still access their finances and benefits. It is also necessary to confirm name changes when re-titling assets, such as if one spouse is keeping the family home.
- Check that everything is in order: Are spouses dividing assets according to the property division agreement? Do they have a Qualified Domestic Relations Order (QDRO) properly in place to divide retirement accounts without financial penalties? Spouses establish these arrangements throughout the divorce process, but it is critical to make sure they are carried out correctly.
Most people want to put the divorce behind them as soon as possible, but these steps are essential.