After your divorce is finalized, you may be feeling confused as to what steps to take next. There are many relevant issues to consider after your divorce; issues regarding taxes, insurance, child support, and your assets should all be taken into account. If at all possible, you might want to consult a financial advisor before your divorce is final, or at the earliest convenience. Though it may seem overwhelming at first, taking an organized approach can help to put your mind at ease. The steps you take now can help ensure that you have a solid foundation for your new life.
One of the first things you should do after after your divorce is split up your assets and change your insurance beneficiaries. Tell your employer about the separation so that you can change your income tax withholding status, as well as the beneficiary of your employee benefits. Your employer will contact the spouse about the cost of continued health insurance. In addition, now is a good time to change your retirement account beneficiaries, and your last will and testament.
If you haven’t already, be sure to close any credit card accounts that list both you and your spouse, and reopen them in your name alone. While you’re taking care of splitting up assets, you may need to change the title of your car, if it’s determined that only one spouse will take a vehicle that you used to jointly own. To change the title, you will need to file a Notice of Transfer and Release of Liability at the Department of Motor Vehicles. The biggest asset you may need to split could be your 401K. Be sure to work with your attorney to take care of your 401K, as this is a key step to preparing for your future.
Another issue to address is the custody of your children. In California, it is possible to alter the custody, child support, or visitation terms after the divorce is finalized; alterations to these terms are among the most common made. Changes can be made at any time without a significant change in circumstances. Reasons for changes often regard and change in a parent’s work schedule, one of the parents moving, a change in the child’s preference, or one of the parents being deemed irresponsible. If you feel any of these factors apply to you and you’d like to make modifications, consult your attorney, who can help you complete the correct file for a modification.
Once you have taken care of these main issues, you might want to establish a budget. You may need to live off your divorce settlement now, or you could invest your settlement for the long term. Any additional questions regarding taxes or credit can be addressed to your attorney. Compile a list of ny matters about the next steps to take that may be troubling you and inform your attorney about them. After you’ve resolved any confusion, you can focus on starting a fresh chapter of your life.