A Bergen County Family Law Attorney’s Divorce Finance Checklist Review

If you ask many of the best Bergen County divorce lawyers about the top post-divorce finance to-do’s their answers are likely to differ. We recently read a great article in Forbes magazine by Jeff Landers titled “A Checklist To Help You Manage Post-Divorce Finances” and we thought that it would be great to share. Here is a recap of what Jeff Landers had to say in the article..

Negotiating a divorce settlement can be a tumultuous process. Furthermore, in financially-complex divorces, the process can take months, or even years. Notwithstanding, countless people are disheartened to learn that all their divorce-related financial problems do not precisely resolve when their ex-spouse endorses the settlement papers. To avoid this, your divorce arrangement should state precisely what must be distributed, however, it’s likely that you will need to keep your best lawyer and top divorce financial advisor close to work through the plausible details of how the arrangement is executed.

Here are some actions that you may need to take:

  • Watch your credit: Eliminate any joint credit cards that prevail. If you haven’t stabilized credit in your name only, serve to do that quickly.
  • Disinherit your ex-spouse: With your divorce behind you, you likely don’t want your ex to inherit from after you die. Seek professional help to adjust your will and additional estate planning records respectively.
  • Switch beneficiary designations: Renew and edit insurance policies, retirement accounts, pensions, trusts, annuities, and anywhere else you may have listed your ex-spouse.
  • Split retirement arrangements according to the specifics of your divorce settlement arrangement: If the details of this phase of your settlement have not yet been determined, you will need master administration. While several distribution plans may look fair, their managing costs and tax outcomes could vary broadly.
  • Exert steps to secure that you receive your spousal and/or child support: Your arrangement may say what you’re supposed to get, but many ex-spouse often don’t honor these commitments. To you ensure that you receive the money due and owing to you, you can arrange automated transfers from their bank account.
  • Market or refinance the matrimonial home: If your arrangement is for the home to be sold and the profits distributed between you, then execute it. If you are holding the house, you may be able to refinance the mortgage in your name only.
  • Investigate your health insurance choices and apply for COBRA, if needed: Stay in thought that COBRA coverage is temporary, and you will eventually require your own plan.
  • Create a spending outline for your life as a single person: Your economic conditions have likely changed as a consequence of your divorce. Take steps to guarantee that your settlement lasts as long as entirely plausible.
  • Gather your post-divorce team: Going ahead, you may still need legal and financial counsel. Be sure you have proficient help with estate planning, retirement savings, investments, taxes, etc. Ask lawyers and other professionals who work specifically with divorced people. To circumvent post-divorce financial crisis, through your lawyer, design an action plan setting forth what steps you will each take, and by when, to enact your settlement agreement. The arrangement states who gets what; the action plan will describe how. Placing the logistics in the record can limit uncertainty or misinterpretations down the way. If your ex faults on his commitments to you, an execution plan would show precisely what is supposed to have been done. If your ex doesn’t comply, your divorce attorney can file to have them held in contempt of court. If a judge determines that they failed to comply with a valid court order (your settlement arrangement) of which they were informed and had the ability to meet, then your ex may be commanded to make the payments.

To learn more, ask questions and seek advice about divorce law from a Bergen County, New Jersey divorce and family lawyer Sheena Burke Williams Esq. a call at (201) 497-8700.

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