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Post divorce financial health comes with planning

On Behalf of | Feb 20, 2018 | Divorce

For Minnesota spouses headed toward divorce, the final court date in which everyone signs the dotted line can seem like the long-awaited end of a marathon. While the finalization of terms is an important milestone, there will still be work to complete in order to actually get across the divorce finish line.

A divorce decree is essentially a set of instructions to be carried out by the parties and their respective legal teams. For example, if property is to be listed for sale, someone has to actually do the legwork of meeting a realtor. If titles to vehicles are to be transferred, fees must be paid and paperwork filed. Joint credit accounts should be canceled and the proceeds divided. Having an action plan in place to designate responsibility can be quite helpful for those looking to facilitate a smooth split.

While coordination between former spouses is necessary for some aspects of the transition, others require just individual effort. Name changes as well as new passports, driver’s licenses and Social Security cards require a trip to government offices with a copy of the divorce decree. Therefore, keeping a certified copy on hand can streamline things. In addition, estate planning documents and life insurance policies should be reviewed to update changed circumstances and property holdings. If assets have been jointly managed, a new team of individual advisors for taxes and investments may need to be assembled.

The list of details to be addressed in transitioning to post-divorce life varies between individuals. A qualified family law attorney can assist in formulating plans that can make the shift to single life as easy as possible.

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