The Divorce is Over: Now What?
When the divorce is finally over, it is natural to want to move on and put it all behind you. However, there are crucial next steps that you must remember to take to ensure a smooth transition into your new life. Let’s explore some of these important actions that should be completed.
1. Real Estate Transfer: If you and your former spouse own property together, and one of you bought out the other, it is essential to change the deed to reflect the new ownership. Update the property records and ensure that the property is now solely in your name or the name of the new owner.
2. Estate Planning: If you had estate planning documents, such as a will or trust, in place during your marriage, these need to be revisited. With the changes in your assets and circumstances, you should update your estate plan accordingly. This ensures that your wishes are accurately reflected and that your assets are distributed as desired.
3. Life Insurance Policies: Review any life insurance policies you hold and check the beneficiary designation. If your ex-spouse was listed as the beneficiary, you may want to change it to reflect your current situation. Consider your children’s needs and make appropriate decisions regarding beneficiary designations.
4. Retirement Accounts: Like your life insurance policies, if your ex-spouse was named as a beneficiary on your retirement accounts, it’s essential to revisit those designations. Update the beneficiaries to align with your current circumstances and to ensure that your retirement savings go to the intended individuals.
Failing to address these matters can have long-term consequences. There have been cases where life insurance proceeds went to an ex-spouse because the policyholder failed to update the beneficiary information after remarriage. Such situations can be distressing, especially when the current spouse is unable to challenge the outdated beneficiary designation due to legal constraints.
To avoid such complications, it is highly recommended to create a checklist of all policies, documents, and assets that require attention after the divorce. Take the time to review and meticulously update each item. This cleanup process may not be the most enjoyable part of ending the marriage, but it is necessary for your future financial well-being and peace of mind.
In conclusion, updating property deeds, revisiting estate planning documents, reviewing life insurance policies and retirement accounts, and making necessary changes are crucial steps to safeguard your interests and avoid potential complications down the road. By taking care of these matters promptly, you can start the new chapter of your life with confidence and clarity.
Lynette Kim has over 25 years of experience as a family law attorney in California. The Kim Mediation and Law Center is located at 3701 Wilshire Blvd Suite 508 in Los Angeles CA. To schedule an appointment call 213-351-1000 or online www.kimmediationandlaw.com
Compassion for my clients is important to me, and that’s why I’ve remained a family law practitioner for 30 years — and still love what I do. I’m keenly aware of the emotional toll divorce can have on you and your family. As you navigate the rough waters of transition, my team and I will help you find your balance. We’re here to support you in making the best decisions for your future. I’ve seen the positive results again and again when couples embrace meditation or collaborative divorce. I’d be honored to share these practices with you and set your family on a healthy path.
